Russia pumped 43.34 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That equates to 10.249 million barrels a day, based on 7.33 barrel-per-ton conversion ratio, or 1.3% more than in February. SourceContinue Reading

Saudi Arabia raised prices for oil shipments to customers in its main market of Asia, signaling the kingdom’s confidence in the region’s economic recovery. SourceContinue Reading

One day after the U.S. energy secretary phoned Saudi Arabia on the “importance of affordable and reliable energy for consumers,” Interior Secretary Deb Haaland called the domestic fossil fuel industry “fundamentally broken,” suggesting that Biden’s oil and gas leasing moratorium will be anything but temporary. SourceContinue Reading

Pioneer Natural Resources Co. is buying DoublePoint Energy LLC in a deal valued at $6.4 billion, less than three months after completing its purchase of fellow shale driller Parsley Energy Inc. as it expands in the U.S. Permian Basin. SourceContinue Reading

Defying market expectations for the second time in less than a month, the group agreed to add more than 2 million barrels a day to global oil supplies from May to July. That will return about a quarter of the crude they are still withholding after making deep cuts a year ago in response to...Continue Reading

Optimism has also been buoyed by expectations that global crude supplies won’t grow fast enough to satisfy demand as Covid-19 vaccinations proliferate and economies that shut down for the better part of a year begin reopening. SourceContinue Reading

Even if OPEC+ decided to resume phased increases, it would review each step every month, allowing it to hit pause if oil demand growth were to disappoint, according to a delegate. SourceContinue Reading

Exxon was forced to shut or reduce runs at its large refining and petrochemical plants along the Gulf Coast, but its quarterly filing showed that its oil and gas production facilities also suffered substantial reductions in earnings. SourceContinue Reading

Many OPEC-watchers had been expecting the group to roll over its production quotas for at least one month, so any deviation from that could be bearish. It remains to be seen whether the call from U.S. Energy Secretary Jennifer Granholm to her Saudi counterpart Prince Abdulaziz bin Salman could tip the balance in the another...Continue Reading

The American Petroleum Institute’s senior vice president for policy, economic and regulatory affairs Frank Macchiarola says the White House’s $2.25 trillion infrastructure plan jeopardizes both union and non-union jobs in the U.S. energy sector. SourceContinue Reading