U.S. crude oil production rose to a new high of 11.9 million barrels per day (MMbbl/d) in November, up 345,000 bbl/d from the previous month, the U.S. Energy Information Administration said in a monthly report on Jan. 31.
The Tulsa-based company plans to pursue a lower-cost project to meet shipper needs in an effort to be more capital efficient, its CEO told investors on a conference call.
Enterprise Products Partners has begun the process of converting an NGL pipeline in the Permian Basin to carry crude oil to the U.S. Gulf Coast.
Magellan Midstream Partners, L.P. (NYSE: MMP) and Navigator Energy Services announced on Jan. 31 an extension of the open season to solicit commitments from shippers for the potential new Voyager pipeline to transport various grades of light crude oil and condensate from Cushing, Oklahoma to Houston.
The Canadian province of Alberta will ease oil curtailments in February and March, earlier than expected, saying on Jan. 30 that its rare step to limit production had eased a glut of crude.
The International Energy Agency (IEA) has yet to assess the impact of the latest U.S. sanctions on Venezuelan oil supplies, its executive director said on Jan. 30.
An EIA report shows U.S. crude oil stockpiles rose less than expected last week due to a drop in imports, which helped offset the impact of a substantial drop in refining activity.
A joint venture between Exxon Mobil, Plains All American and Lotus Midstream has agreed to build a new crude pipeline to connect the Permian Basin in West Texas to the Texas Gulf Coast.