In The News

Sunday, 06/11/2023

June 11, 2023 – Oil Price

Pioneer Sees $70-$100 Oil As Supply Growth Remains Constrained

By: Tsvetana Paraskova

Oil prices are set to rise later this year and trade in the $70-$100 range over the next three to five years as supply growth remains limited and OPEC+ continues to restrict output, according to a top executive at the largest pure-play U.S. shale producer, Pioneer Natural Resources.

Higher labor and material costs are slowing U.S. shale production growth, Pioneers's Executive Vice President Beth McDonald told Reuters at RBN...

Saturday, 06/10/2023

June 8, 2023 – Offshore

Sea Port Oil Terminal to start operations by 2027, says Enterprise official

By Offshore staff

HOUSTON – Enterprise Products Partners’ Sea Port crude oil export terminal off the coast of Texas could begin operations between the second half of 2026 and early 2027, the pipeline operator’s co-CEO said on Thursday.

According to Reuters, Enterprise Co-CEO Jim Teague disclosed the proposed Sea Port Oil Terminal’s start date at the recent RBN Energy export conference in Houston. Previous announcements had said that the Sea...

Thursday, 06/08/2023

June 8, 2023 – Reuters

Oil supply growth still limited as demand rises, US shale executive says

By Arathy Somasekhar

HOUSTON, June 8 (Reuters) - Global demand for crude oil is continuing to rise but supply growth remains limited, which will lead to higher prices later this year, said an executive at Pioneer Natural Resources (PXD.N), the third-largest producer in the top U.S. shale basin.

The U.S. oil industry's output has been capped by higher labor and materials costs that have squeezed profit margins and investor demands to limit...

Thursday, 06/08/2023

June 8, 2023 – Yahoo Finance

Enbridge's Mainline crude pipeline volumes to drop as Trans Mountain expansion

By Arathy Somasekhar

HOUSTON, June 8 (Reuters) - The coming expansion of the Canadian government-owned Trans Mountain pipeline will reduce crude oil flows on Enbridge Inc.'s Mainline oil pipeline, an Enbridge executive said on Thursday.

The expansion, which is expected to begin operations in early 2024, initially will reduce Enbridge's Mainline volumes by 200,000 to 300,000 barrels per day, Senior Vice President Phillip Anderson...

Friday, 06/02/2023

June 2, 2023 – Energy Intelligence

US Crude Exports Diversify as Europe's Share Rises

By Frans Koster

Continued growth in US crude exports is virtually guaranteed as long as production keeps rising. Experts say this dynamic is the result of shale production, which tends to yield light, sweet crude as well as condensate and natural gas liquids in abundance.

The domestic downstream’s configuration, in contrast, is geared towards heavier, higher-sulfur feedstock. “Before [shale], exports of US-sourced crude oil and petroleum products...