Gibson Energy plans to conduct dredging at its Gateway Terminal (GT) in Corpus Christi, Texas, that will enable users to load 10% more volume directly onto Very Large Crude Carriers (VLCC) and Suezmax ships.

The eight OPEC+ countries—Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—previously announced voluntary crude oil production cuts in April and November 2023.

The EIA reported total U.S. propane/propylene inventories had a withdrawal of 662 MMbbl for the week ended November 29, which was below industry expectations for a decrease of 2.25 MMbbl and below the average draw for the week of 1 MMbbl (see top graph).  Total U.S.

MEG Energy has received board approval to proceed with a project to raise the production capacity for its Christina Lake oil-sands site (see map below) in northeast Alberta by 25 Mb/d to 135 Mb/d.

OPEC and its allies have pushed back to this Thursday (December 5) a virtual meeting to review their ongoing production curbs, from its original schedule of December 1. The delay was tied to conflicts with the 45th Gulf Summit in Kuwait that was held on December 1.