A Worrying Sign For Oil Markets

Market Movers - OPEC has once again revised downward its estimate for global oil demand growth for 2019. In its fourth downward revision in five months, OPEC now estimates that demand for oil will grow by 980,000 bpd - a 40,000 barrel adjustment. Its projections for 2020 remain unchanged at 1.08 million bpd. OPEC blames souring demand growth prospects ...

Source: Oilprice.com

Is This The World’s Newest Oil Benchmark?

Abu Dhabi, the oil producing member of the United Arab Emirates, has plans to take on global benchmarks Brent and West Texas Intermediate with its very own contract, Murban, Bloomberg reports. Abu Dhabi is among the largest exporters of crude in the Middle East and in its key market, Asia, it now has to compete not just with its neighbors ...

Source: Oilprice.com

PDVSA, Chevron Restart Second Major Oil Blending Facility

PDVSA and Chevron have restarted operations at the blending facility of their joint venture Petropiar, Reuters reports, citing sources who whished to remain unnamed. The news comes on the heels of a report about the restart of operations at Sinovensa, the joint venture of the Venezuelan state oil company and China’s CNPC. Like Sinovensa, the blending plant of Petropiar was ...

Source: Oilprice.com

PDVSA, Chevron Restart Second Major Oil Blending Facility

PDVSA and Chevron have restarted operations at the blending facility of their joint venture Petropiar, Reuters reports, citing sources who whished to remain unnamed. The news comes on the heels of a report about the restart of operations at Sinovensa, the joint venture of the Venezuelan state oil company and China’s CNPC. Like Sinovensa, the blending plant of Petropiar was ...

Source: Oilprice.com

Crude oil used by U.S. refineries continues to get lighter in most regions

The API gravity of crude oil input to U.S. refineries has generally increased, or gotten lighter, since 2011 because of changes in domestic production and imports. Regionally, refinery crude slates—or the mix of crude oil grades that a refinery is processing—have become lighter in the East Coast, Gulf Coast, and West Coast regions, and they have become slightly heavier in the Midwest and Rocky Mountain regions.

Source: EIA: Today in Energy

Crude oil used by U.S. refineries continues to get lighter in most regions

The API gravity of crude oil input to U.S. refineries has generally increased, or gotten lighter, since 2011 because of changes in domestic production and imports. Regionally, refinery crude slates—or the mix of crude oil grades that a refinery is processing—have become lighter in the East Coast, Gulf Coast, and West Coast regions, and they have become slightly heavier ...

Fugro completes deepwater AUV surveys for Shell in US Gulf of Mexico

Fugro has completed several high-resolution geophysical surveys in the US Gulf of Mexico for Shell International Exploration and Production Company.

The project required data collection over multiple deepwater lease blocks in the greater Perdido and Mars development areas to support clearance of potential environmental, engineering, geological and archaeological hazards ahead of planned drilling activities.

As the preferred contractor for this ...

Source: Oil and Gas Technology’s News Feed

Pacific Gas and Electric Company’s scheduled shutdowns reduce electricity loads in California

(Fri, 11 Oct 2019) Starting at midnight, Pacific Standard Time on October 9, 2019, Pacific Gas and Electric (PG&E)—a large integrated combined services company with nearly 5.5 million customers in Northern and Central California—implemented what they referred to as a Public Safety Power Shutoff. PG&E intentionally stopped delivery of electricity to its customers in certain parts of their service ...