International

The Russian government is considering lowering the oil price level above which it sends the proceeds to its wealth fund as the Kremlin’s oil and gas revenues are plummeting with widening discounts and key buyers like India pulling out of the spot market. Under the so-called budget rule, Russia had …

Texas-based EnCap Flatrock Midstream is considering a sale of gas pipeline operator Momentum Midstream in a deal that could fetch $5 billion. According to a Bloomberg report citing unnamed sources, the venture capital firm is currently talking with financial advisers to find a buyer. The sources noted that talks are …

Russia’s pipeline operator Transneft has cut crude intake into its system by roughly 250,000 barrels per day after damage at the Kaleykino pumping station in Tatarstan, according to Reuters sources. Kaleykino is a key blending and dispatch hub that can pump about 1 million bpd and feeds crude into the …

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 11.4 million barrels in the week ending February 20, after falling by 609,000 barrels in the week prior. Analysts had expected a smaller build of 1.85 million barrels. Inventories in the US Strategic Petroleum …

State-held Kuwait Petroleum Corporation (KPC) is considering following in the footsteps of its Saudi and Abu Dhabi peers by tapping major international infrastructure investors to buy a stake in its crude oil pipeline network in a deal that could be valued at about $7 billion, sources with knowledge of the …

The European Commission has called on President Trump to stick to a trade deal the two sealed last summer, which features a commitment on the part of the EU to buy $250 billion worth of U.S. energy annually for a period of three years. Separately, the European Parliament is considering …

If there was any lingering doubt about what’s keeping Big Oil executives up at night, the fourth-quarter results cleared it up. It’s not slogans. It’s not transition optics. It’s whether they have enough high-quality barrels to avoid production decline in the 2030s. The majors are refocusing hard on upstream portfolio …

A jump in China’s crude oil imports from Russia is more than compensating the withdrawal of the Indian refiners from spot Russian purchases, according to tanker-tracking data compiled by Bloomberg. So far in February, deliveries of Russia-origin cargoes at Chinese ports have averaged 2.09 million barrels per day (bpd), up …

Turkey on Thursday slammed Greece’s “unilateral activities” in signing lease agreements with a Chevron-led consortium for exploration offshore southern Crete. “Greece’s unilateral activities with international companies in hydrocarbon fields south of Crete do not directly affect our country’s maritime jurisdiction areas, but they constitute a violation of international law and …

India should increase the amount of crude oil and coking coal it imports from the United States as a way to diversify its supply under the interim trade deal between New Delhi and Washington, according to the country’s commerce and industry minister. India is especially keen on importing more high-quality …