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Oil Pipeline

Russia tightens restrictions on Black Sea oil export ports

Russia, the second largest oil exporter in the world, imposed new restrictions on a major oil export route on Wednesday. The suspension of a mooring from the Black Sea port Novorossiisk came only one day after the restriction on loadings through a Caspian pipeline. Russia produces around 9 million barrels per day or just over a tenth of the global oil production. The ports of Russia also receive oil from Kazakhstan. Transneft, the Russian oil pipeline monopoly, said that it had suspended an mooring in the Black Sea port of Novorossiisk after a quick inspection by a transportation watchdog. The...

Oil Pipeline

What is the issue in US discussions with Ukraine and Russia

U.S. officials will meet with negotiators in Saudi Arabia from Ukraine and Russia to discuss details of the proposed 30-day ceasefire for strikes on energy infrastructure as well as an overall peace agreement. Negotiators from Russia and Ukraine will not be present in the same meeting room. On Sunday night, officials from Kyiv will meet with the U.S. delegation in Riyadh. Then, on Monday, the Russian and U.S. negotiators will meet. Last week, U.S. president Donald Trump met with Russian President Vladimir Putin as well as Ukrainian President Volodymyr Zelenskiy in order to promote his efforts to end the three...

Transportation

Kazakhstan's daily oil production reached a record high in March according to industry sources

Kazakhstan's oil production has reached a new record this month, thanks to the expansion of oilfields. This is a further increase over OPEC+ production quotas. Saudi Arabia and Russia, the two leaders of OPEC+, have pressed for a reduction in output after repeatedly exceeding their quotas. It is difficult for the government to convince U.S. major oil companies such as Exxon Mobil and Chevron to reduce production from Kazakhstan's largest fields, after these companies invested tens or hundreds of millions of dollars in expanding their projects. After a series of difficult discussions about OPEC+ compliance, the Energy Minister of the...

Transportation

BP sells Apollo a $1 billion stake in the firm that invested in TANAP Gas Pipeline

BP and Apollo Global Management announced on Friday that they had agreed to sell a $1 billion stake in a company invested in the TANAP pipeline connecting Azerbaijan with Turkey. Murray Auchincloss, BP's CEO, is leading a $20 billion waste disposal programme that will run through 2027. BP wants to reduce its spending on renewables and increase expenditure on oil and natural gas. BP aims at reducing net debt from the current level of around $23 billion to between $14 and $18 billion. The TANAP pipe is part of a system that transports gas from the Shah Deniz field in...

Oil Pipeline

Exxon challenges Colonial Pipeline over proposed changes to fuel shipment terms

ExxonMobil, the top U.S. oil company, asked regulators to stop changes proposed by Colonial Pipeline in its fuel shipping conditions, citing possible harm to shippers, consumers and the Federal Energy Regulatory Commission. The Colonial Pipeline is a 5,500-mile (8.851 km), key artery that carries fuel from the U.S. Gulf Coast up to the East Coast. This month, the Colonial Pipeline requested approval from FERC in order to stop shipping multiple grades of gasoline simultaneously and reduce the number of grades on the pipeline. Colonial claims that the changes will allow it to ship more fuel, by streamlining its operations and...

Oil Pipeline

Exxon challenges Colonial Pipeline over proposed changes to fuel shipment terms

ExxonMobil, in a Wednesday filing, requested that regulators block Colonial Pipeline’s proposed changes to fuel shipping terms. The company cited potential harm for shippers and consumers. The Colonial Pipeline, which runs from the U.S. Gulf Coast up to the East Coast of the country, is the best way to meet the regional demand for fuel. Refining capacity in the region has decreased and the pipeline shipments have become the most cost effective solution. Colonial has asked the Federal Energy Regulatory Commission to approve its request to stop shipping gasoline in different grades simultaneously and to stop shipments of Grade 5...

Transportation

Canadian Natural Resources' quarterly profits fall due to weak oil prices

Canadian Natural Resources, an oil and gas company, reported a decline in its fourth-quarter profits on Thursday as lower commodity prices overshadowed the rise in production. Mark Stainthorpe, finance director at the company, will also be stepping down as part of the ongoing management succession on April 30, 2019. He will be succeeded by an insider, Victor Darel. The average Brent crude futures dropped 3% in 2024, as the economy of China, the largest consumer, weakened. Meanwhile, the OPEC+ producer's group delayed planned supply increases, and in a sign that demand was muted, extended deep production cuts until the end...

LNG Transportation

New Fortress Energy reports quarterly loss amid lower LNG prices

New Fortress Energy, a U.S. LNG company, posted a loss for the fourth quarter of 2014 on Monday. This was due to deteriorating performance from its terminals and infrastructure as well as ships. LNG exports to the U.S. reached near-record levels by December 2024. Lower LNG export prices coupled with higher costs squeezed the margins of companies like New Fortress. Data from the Energy Information Administration shows that LNG export prices were $6.26 per 1,000 cubic feet (Mcf), down 18% on 2023. The operating margin at NFE's Terminals and Infrastructure unit fell 44.8%, to $206.1 millions during the quarter. The...

Oil Pipeline

New Fortress Energy reports quarterly loss amid lower LNG prices

New Fortress Energy, a U.S. LNG company, posted a loss for the fourth quarter of 2009 on Monday. This was due to deteriorating performance from its terminals, ships and infrastructure segments. LNG exports to the U.S. reached near-record levels by December 2024. Lower LNG export prices coupled with higher costs squeezed the margins of companies like New Fortress. Data from the Energy Information Administration shows that LNG export prices were $6.26 per 1,000 cubic feet (Mcf), down 18% on 2023. The operating margin at NFE's Terminals and Infrastructure unit fell 44.8%, to $206.1 millions during the quarter. The operating margin...

Natural Gas Pipeline

ONEOK's fourth-quarter profits rise on increased demand and higher earnings in 2025

ONEOK, a pipeline operator, forecasted an annual income increase of around 11%. It reported a 34.2% growth in the fourth quarter profit on Monday. This was aided by increased demand and accretive contribution from EnLink's acquisition. In November, it announced that it would purchase the remaining shares in EnLink Midstream, after acquiring a 43% control interest from Global Infrastructure Partners, for approximately $3.3 billion. The company reported an increase of 4% in crude oil shipped and a growth of 3% in raw feed volumes for natural gas liquids in the Rocky Mountain Region. Last year, ONEOK purchased an NGL pipeline...

Oil Pipeline

Putin says Western involvement in Ukrainian attack against CPC oil infrastructure

On Wednesday, Russian President Vladimir Putin said that the drone attack by Ukraine on a pumping station of the Caspian Pipeline Consortium in southern Russia may have been coordinated with Western allies. Putin stated that he believes Ukraine could not have organized such an attack by itself and likely received Western intelligence. "Attacks like this are impossible without space surveillance." Putin stated that Ukraine only receives precise data about its targets from its Western allies. On Monday, a drone attack hit a pumping facility on an oil pipeline in Russia. This reduced the flow of oil from Kazakhstan into world...

Oil Pipeline

Enbridge reports higher fourth-quarter adjusted profit

Enbridge, the pipeline operator, reported on Friday a higher adjusted profit for its fourth quarter. This was due to higher Mainline tolls as well as lower power costs. The company reported a profit adjusted of C$5.13 (US$3.62 billion) in the quarter ending December 31. This is up from C$4.1billion a year ago. The U.S. Energy Information Administration reported in January that crude oil production in the United States fell marginally from its monthly record of 13,436 million barrels a day in October. This resulted in a boost in crude flow through pipelines. Mainline is the largest crude oil pipeline in...

Europe

Transportation

Kremlin restricts Caspian oil pipeline export infrastructure after Ukrainian drone attack

The Kremlin announced on Wednesday that Russian restrictions have been imposed on Black Sea oil export infrastructure via the Caspian Pipeline (CPC) as a result of Ukrainian drone attacks against the pipeline's Infrastructure. After a quick inspection by Russia's Transport Watchdog, the Black Sea Terminal that handles Kazakhstan's oil exported by U.S. majors Chevron & Exxon Mobil was ordered to close two of its moorings this week. Moscow accuses Ukraine of attacking a CPC Kropotkinskaya oil depot and pumping station in southern Russia. Transneft, the Russian pipeline monopoly, said on Wednesday it had suspended a berth for oil at the...

Transportation

Transneft, Russia's oil company, says its net profit for 2024 will be down 5% due to tax increases

Transneft, the Russian oil pipeline monopoly, said Friday that its net profit fell by around 5% to 287.7 roubles (about $3 billion) last year due to rising costs and taxes. In an effort to reduce its budget deficit, the Russian government increased taxes on corporate profit. Transneft has increased its tax rate from 20% to 40% for the years 2025-2030. Transneft operates Russia's 42,000 mile (67,000 km) long oil pipeline network. It has stated that it could run out of cash in 2026, and it may have to suspend large investment projects because of the tax increase. The company reported...

Oil Pipeline

Sources say that Russia's oil exports to its western ports are set to increase by 5% in April.

Calculations based on three sources show that Russia's daily oil output from its western ports is set to increase by 100,000 barrels a day in April compared to March, as seasonal refinery maintenance will outweigh the production cuts under an OPEC+ deal. Exports and transits of Urals, Kazakh KEBCO, and Siberian Light Oil from Primorsk and Novorossiisk, as well as Ust-Luga, will rise by 5% this April in comparison to March. Sources said that the improved weather conditions and increased availability of tankers will both contribute to the increase in shipments. The United States placed sanctions in January on 183...

North Asia

Transport Infrastructure

Kazakh oil exports cut by Russian order amid OPEC+ dispute

Russia has ordered Kazakhstan’s main oil terminal to shut down two of its three moorings. The terminal handles crude pumped from the U.S. by majors Chevron, Exxon Mobil and others. This comes amid a standoff with OPEC+ and Kazakhstan over excessive production. The operator of the Caspian Pipeline Consortium, which exports about 1% of the global oil supply through the Russian Black Sea Terminal, announced late on Monday that two moorings had been halted after a quick inspection by Russia's transportation watchdog. Trading sources said that if the stoppage lasts more than one week, it could more than half CPC...

Transportation

Caspian Pipeline Consortium even more downgrades 2024 oil exports tally

The Caspian Pipeline Consortium (CPC), which exports Kazakhstan's oil via the Black Sea, was seen pumping 64.4 million metric lots of oil in 2024 in a most current estimate, further downgrading its exporting prospects, according to an investor. It had initially prepared to export more than 70 million heaps (1.5 million barrels per day) of oil in 2024, up from a. record high of 63.5 million loads in 2023. However, the consortium stated in May it expected its oil. exports to fall 7% except an initial target owing to lower. loadings from Tengiz, a crucial field. The plans might have...

Oil Pipeline

US problems fresh sanctions associated with Nord Stream 2 pipeline

The United States released fresh sanctions on Wednesday on several Russiabased entities over their involvement in the Nord Stream 2 gas pipeline, the State Department said, consisting of brand-new measures versus the operator of the project. The U.S. State Department said in a declaration it was re-imposing sanctions on a variety of entities associated with the building of the pipeline that were already designated, as well as several brand-new owners of vessels already under sanctions. Among those targeted on Wednesday were Russia-based marine services and water transport entities, the state-owned maritime rescue service and over a lots vessels, the State...

Transportation

Wall Street Journal - Nov. 22

The following are the top stories in the Wall Street Journal. Reuters has actually not confirmed these stories and does not vouch for their precision. - U.S. satellite television service provider DirecTV said on Thursday it had ended its contract to acquire Echostar's. satellite tv service, which includes rival Dish TV,. over a stopped working debt-exchange offer. - U.S. President-elect Donald Trump is considering picking Kevin. Warsh as his Treasury secretary with the understanding that he. could later on be chosen to lead the Federal Reserve when Jerome. Powell's term as chair ends in 2026. - U.S. President-elect Donald Trump...

Transportation

Russian parliamentary committee authorizes Transneft tax walking, striking shares

The budget plan committee of Russia's parliament on Thursday approved to increase to 40% from 20% the tax on earnings of stateowned oil pipeline monopoly Transneft starting from 2025. Transneft's shares in Moscow fell by more than 10% after tax rise was authorized throughout a live-streamed committee meeting. Russia is seeking to raise taxes as it needs to fund its military project in Ukraine. A major tax reform is anticipated to create additional profits worth 1.7% of GDP in 2025. Financial experts argue this will not be enough. Deputy financing minister Alexei Sazanov told the committee that the taxes are...

Oil Pipeline

Kazakhstan's largest oilfield has cut production by five percent since October 26, according to sources

Three industry sources said that Kazakhstan's largest oil field Tengiz operated by U.S. giant Chevron has reduced its oil production by about 21% in average since October 26. This is equivalent to 496,200 barrels of oil per day. As a member OPEC+ (an alliance between OPEC, other top producers, and Russia), the Central Asian nation is bound by output targets. The decline in production may allow Kazakhstan to meet its output quota as part of an agreement with OPEC+. According to one source, the maintenance on the field has led to a decline in production. Tengiz's operator did not respond...

Transport Infrastructure

Sources say that Novatek, a Russian condensate producer, has installed a new unit at the Ust-Luga Complex.

Two market sources said that Novatek, a Russian energy company, launched its new gas condensate processing unit in the Baltic Sea Port of Ust-Luga at the end of August. The new refinery unit can process 3 million tons of gas condensate per year. This liquid feedstock is similar to crude oil. It is then processed into jet fuel, gasoil, heavy naphtha and fuel oil. Novatek didn't immediately respond to an inquiry for comment. Novatek opened the Ust-Luga Complex in 2013, with two refinery units, to process gas produced by its Arctic fields. It also ships oil products and gas condensate...

Oil Pipeline

Russia might hold back oil export cuts in October, sources state

Russia may hold back oil export cuts for its western ports in October or even increase loadings, regardless of set up rise of readily available primary oil refining capability at regional oil plants which makes it possible for Moscow to increase crude runs, market sources stated. I expect a little rise in Russia's oil exports in October - by several hundred thousand (metric) tons. I question that all the repair work will be completed on time, while the circumstance with oil plants in Russia's south is unclear yet, an industry source said. Russia's primary oil refining capacity is expected to...

Transportation

Russia's Tatneft increases oil exports to Slovakia and Hungary, Kommersant says

Russian business, primarily Tatneft, have actually boosted oil exports to Slovakia and Hungary to replace materials lost after Ukraine sanctions halted exports from Moscowbased Lukoil, Kommersant paper stated on Thursday. Lukoil was prohibited by Kyiv from utilizing the part of the Druzhba, or Friendship, pipeline that goes through Ukrainian territory, partially providing Hungarian and Slovakian refineries. The two landlocked nations alerted of possible fuel lacks from September unless an option was found. Hungarian energy company MOL has still not received required oil volumes, including for the Slovnaft refinery in Bratislava, Kommersant reported, mentioning unnamed sources. Tatneft did not respond immediately...

Transportation

Slovakia, Hungary rebuff EU contact us to change lost Russian oil via Croatia

Slovakia and Hungary on Friday rebuffed a European Commission recommendation that they might replace lost Russian oil supplies via an alternative path through Croatia saying it was too expensive. Products from Russia's biggest oil exporter Lukoil through Ukraine were stopped in July following a ban by Ukrainian authorities on Lukoil utilizing the Druzhba pipeline, which connects Russia to eastern Europe. Hungary and Slovakia earlier this month asked the European Commission to step in and moderate as the threatened their security of supply. But they are declining the European Commission's proposition to usage spare capability on the JANAF Adriatic pipeline in...

Transportation

Slovakia, Hungary threaten Ukraine with court fight over blocked oil

Hungary and Slovakia have threatened to take Ukraine to court for blocking materials of oil by Russian manufacturer Lukoil through the Sovietbuilt Druzhba (Relationship) pipeline, the last remaining path for Russian crude to Europe. The following sets out the relevant realities. RUSSIA'S REMAINING OIL LINK TO EUROPE After Moscow's invasion of Ukraine in 2022, the European Union (EU), which used to purchase up to a third of its fuel from Russia, enforced sanctions and stopped buying Russian oil. Nevertheless, it offered 3 member states - Hungary, Slovakia and the Czech Republic - exemptions from sanctions because of their dependence on...

Oil Pipeline

Kremlin: Interruptions in Russian oil transit through Ukraine a 'crisis' for purchasers

Kremlin spokesman Dmitry Peskov on Friday called interruptions in Russian oil transit via Ukraine a crisis for the affected oil buyers, but said there was little scope for talks with the Ukrainian transit companies due to the fact that the choice had actually been political. Slovakia and Hungary have actually said they stopped getting oil from a key supplier, Russian business Lukoil, after Ukraine last month prohibited the transit of resources from the Russian energy company by means of its territory. Russia continues to supply gas and oil to Europe by means of Ukraine regardless of the war in Ukraine,...