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☆ U.S. judge orders expansion of Gulf of Mexico oil lease auction
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Sept 22 (Reuters) - A federal judge in Louisiana has ordered an expansion of next week's sale of oil leases in the Gulf of Mexico, saying the Biden administration must include additional acreage, according to a court ruling issued late on Thursday. U.S. District Judge James Cain said the Interior Department must proceed with the lease sale by Sept. 30, the ruling said. Environment groups had opposed including the additional acres, citing the need for adequate safeguards for the endangered Rice's whale. The Bureau of Ocean Energy Management had no comment on the ruling, which was reported earlier by Bloomberg News. Reporting by Jarret Renshaw and Susan Heavey; Editing by Doina ChiacuOur Standards: The Thomson Reuters Trust Principles.

Persons: Biden, James Cain, Jarret Renshaw, Susan Heavey, Doina Organizations: Interior Department's, of Ocean Energy Management, District, Interior Department, Department of, American Petroleum Institute, Bloomberg News, Thomson Locations: Louisiana, Gulf of Mexico, U.S

That area was reduced to 67 acres (27 hectares) in August when Interior's Bureau of Ocean Energy Management announced final plans for the sale. Chevron, Shell Offshore, the American Petroleum Institute and the state of Louisiana sued to reverse the cut in acreage and block the inclusion of the whale-protecting measures in the lease sale provisions. They also said the changes after the initial lease sale was proposed in March violate federal law because they were adopted arbitrarily, without sufficient explanation of why they are needed. Political Cartoons View All 1173 ImagesMeanwhile, rival litigation filed by Earthjustice and other prominent environmental groups seeks to halt the lease sale. The organizations say the lease sale violates the National Environmental Policy.

Persons: Biden, James David Cain Jr, Lake Charles, BOEM, Earthjustice, ” Erik Milito, Steve Mashuda Organizations: ORLEANS, —, Interior Department, Interior's Bureau of Ocean Energy Management, District, Shell, American Petroleum Institute, Environmental, Energy, National Ocean Industries Association Locations: Gulf, Mexico, Lake, Maryland, Chevron, Louisiana, Gulf Coast

☆ Oil falls as US rate hike expectations offset tight supply outlook
▼ + stars: | 2023-09-21 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSept 21 (Reuters) - Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. U.S. West Texas Intermediate crude (WTI) fell 70 cents, or 0.78%, to $88.96, the lowest since Sept. 14. The hawkish stance also led to the U.S. dollar surging to its highest since early March, placing downside pressure on oil prices. "This tightness, along with strong refinery margins (largely a result of tightness in middle distillates) suggests that oil prices are likely to see further strength in the short term," he said.

Persons: Tatiana Meel, Brent, refiners, Warren Patterson, Laura Sanicola, Trixie Yap, Sonali Paul Organizations: . West Texas, ING, U.S . Federal Reserve, Open Market, U.S, Energy, U.S . Energy Information Administration, American Petroleum Institute, ANZ, Cushing, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Saudi Arabia

☆ Oil falls as rate hike expectations offset US stock draw
▼ + stars: | 2023-09-21 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSept 21 (Reuters) - Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. U.S. West Texas Intermediate crude (WTI) fell 71 cents, or 0.79%, to $88.95, the lowest since Sept. 14. The hawkish stance also led to the U.S. dollar surging to its highest since early March, placing downside pressure on oil prices. "This tightness, along with strong refinery margins (largely a result of tightness in middle distillates) suggests that oil prices are likely to see further strength in the short term," he said.

Persons: Tatiana Meel, Brent, refiners, Warren Patterson, Laura Sanicola, Sonali Paul Organizations: . West Texas, ING, U.S . Federal Reserve, Open Market, U.S, Energy, U.S . Energy Information Administration, American Petroleum Institute, ANZ, Cushing, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Saudi Arabia

☆ Oil falls ahead of Fed rate decision
▼ + stars: | 2023-09-20 | by ( Robert Harvey | ) www.reuters.com time to read: +3 min

REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsSummaryCompanies Federal Reserve interest rate decision due at 1800 GMTLONDON, Sept 20 (Reuters) - Oil prices fell on Wednesday ahead of the U.S. Federal Reserve's interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand. Investors are awaiting the Fed's interest rate decision at 1800 GMT on Wednesday to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates on hold, but the focus will be on its projected policy path, which is unclear. Prices fell despite U.S. crude oil stockpiles falling last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Goldman Sachs said it expects the Bank of England to keep interest rates unchanged on Thursday as a result of the fall.

Persons: Pedro Nunes, Edward Moya, Tamas Varga, Brent, Goldman Sachs, Robert Harvey, Yuka Obayashi, Emily Chow, Kim Coghill, Jason Neely, Louise Heavens Organizations: REUTERS, U.S, Brent, . U.S . West Texas, American Petroleum Institute, bbl, Bank of England, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, ., London, Tokyo, Singapore

☆ Oil falls $1 ahead of Fed rate decision
▼ + stars: | 2023-09-20 | by ( Emily Chow | ) www.reuters.com time to read: +4 min

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Global benchmark Brent crude futures were last down 88 cents, or 0.9%, at $93.46 a barrel by 0650 GMT. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous that the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Goldman Sachs, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Anantharaman, Kim Coghill Organizations: REUTERS, Rights, U.S, Brent, . West Texas, American Petroleum Institute, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, Rights SINGAPORE, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." The Fed is widely expected to keep interest rates on hold, but the focus will be on its policy path, which is unclear. U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Hiroyuki Kikukawa, WTI, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Organizations: REUTERS, Rights, U.S, Brent, . West Texas, U.S . Federal Reserve, American Petroleum Institute, NS, Nissan Securities, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

A person uses a petrol pump, as the price of petrol rises, in Lisbon, Portugal, March 7, 2022. The October WTI contract expires on Wednesday and the more active November contract was up 9 cents, or 0.1%, at $90.57 a barrel. Industry data on Tuesday showed U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures. "A large drop in U.S. oil inventories and slow U.S. shale output have added to supply concerns coming from extended production curbs by Saudi Arabia and Russia," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. "There will be some short-term adjustments in oil prices because of the recent spike, but expectations of reaching $100 a barrel on both Brent and WTI later this year will remain unchanged," he said.

Persons: Pedro Nunes, Hiroyuki Kikukawa, Brent, WTI, Yuka Obayashi, Sonali Paul Organizations: REUTERS, Companies Exxon Mobil Corp Follow, Brent, . West Texas, American Petroleum Institute, NS, Nissan Securities, Reuters, Exxon Mobil Corp, Investors, U.S . Federal Reserve, Thomson Locations: Lisbon, Portugal, ., Saudi Arabia, Russia, Nigeria, Europe, Asia

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. Earlier, it hit a session peak of $95.96 a barrel, their highest since November. U.S. West Texas Intermediate crude futures dropped 28 cents to $91.20 after earlier reaching $93.74 a barrel, also the highest since November. After Brent topped $95 a barrel on Tuesday, investment bank UBS said in a note it started taking profits. Industry data on Tuesday showed U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Nick Oxford, Brent, Analysts, Amin Nasser, Prince Abdulaziz bin Salman, Stephanie Kelly, Andrew Hayley, Paul Carsten, Kirsten Donovan, Jason Neely, David Goodman, David Gregorio, Jan Harvey Organizations: Midland , Texas U.S, REUTERS, Brent, . West Texas, UBS, Reuters, U.S . Energy, Administration, American Petroleum Institute, Nasdaq, U.S, Thomson Locations: Midland , Texas, U.S, Saudi Arabia, Russia, Saudi Aramco, Saudi, OPEC, Britain, Japan, Sweden, Switzerland, Norway, U.S . Federal, New York, Beijing

☆ California sues Chevron, Exxon, Shell, others for public deception on climate change
▼ + stars: | 2023-09-18 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +5 min

The state of California on Friday filed one of the most significant cases against major oil companies for their role in perpetuating climate change. The oil companies named as defendants are BP , Chevron , ConocoPhillips , Exxon Mobil , and Shell . The state is seeking an abatement fund paid for by the defendants that will finance recovery efforts for the future damage of human-caused climate change. It also asks that the oil companies and their trade group pay a share of the damages from extreme weather disasters worsened by climate change. Shell, based in the U.K., maintained that its position on climate change "has been a matter of public record for decades."

Persons: Rob Bonta, Korey Silverman, Columbia University's, Silverman, Newsom, API's, Ryan Meyers, Roati Organizations: Exxon, American Petroleum Institute, Chevron, ConocoPhillips, Exxon Mobil, Shell, Columbia, Climate Change, California Gov Locations: San Francisco , California, California, San Francisco, Chevron, Texas

☆ Big oil lawsuits are riskier than quitting tobacco
▼ + stars: | 2023-09-18 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

Active pumpjacks from oil wells are pictured at the Inglewood Oil Field, the largest urban oil field in the United States, from the Baldwin Hills Scenic Overlook in Culver City, California, U.S., March 10, 2022. REUTERS/Bing Guan Acquire Licensing RightsNEW YORK, Sept 18 (Reuters Breakingviews) - California has been a guidepost to America’s future, and the United States is litigious. Oil companies have thus far stalled litigation by seeking to move cases to federal courts, where national regulations on emissions provide some cover. In April, however, the Supreme Court turned down five appeals by oil companies and others to move cases out of the states. That’s too simple given climate’s differing hit to regions, but it indicates the magnitude of the potential problem in the United States alone.

Persons: Bing Guan, Jonathan Guilford, Sharon Lam Organizations: Inglewood Oil Field, Baldwin, REUTERS, Reuters, Exxon Mobil, Chevron, State, Shell, BP, ConocoPhillips, American Petroleum Institute, Thomson Locations: Inglewood, United States, Culver City , California, U.S, California, Saudi Arabia, San Francisco

☆ Tens of thousands march to demand end to fossil fuels ahead of UN climate summit
▼ + stars: | 2023-09-17 | by ( ) www.cnbc.com time to read: +5 min

"If you want to win in 2024, if you do not want the blood of my generation to be on your hands, end fossil fuels." The March to End Fossil Fuels featured such politicians as Rep. Alexandria Ocasio-Cortez and actors Susan Sarandon, Ethan Hawke, Edward Norton, Kyra Sedgewick and Kevin Bacon. "If you don't stop fossil fuels our blood is on your hands." And the march, unlike others, was more clearly focused on fossil fuels. Signs included "Fossil fuels are killing us" and "I want a fossil free future" and "keep it in the ground."

Persons: Spencer Platt, it's, Joe Biden, Emma Buretta, Alexandria Ocasio, Cortez, Susan Sarandon, Ethan Hawke, Edward Norton, Kyra Sedgewick, Kevin Bacon, Antonio Guterres, Athena Wilson, Maleah, Athena, Alexandria Gordon, Biden, Sharon Lavigne, Jean Su, Eve Ensler, Anna Fels, Vanessa Nakate, Megan Bloomgren Organizations: United Nations, Ambition, UN, Assembly, Getty, Sunday, U.S, Broadway, U.N, Boca, Center for Biological Diversity, New Yorker, American Petroleum Institute Locations: New York, New York City, Brooklyn, Alexandria, Sunday's, Boca Raton , Florida, Florida, Houston, Louisiana, U.S, United States, China, New, Vietnam

“If you want to win in 2024, if you do not want the blood of my generation to be on your hands, end fossil fuels.”The March to End Fossil Fuels featured such politicians as Rep. Alexandria Ocasio-Cortez and actors Susan Sarandon, Ethan Hawke, Edward Norton, Kyra Sedgewick and Kevin Bacon. “It is frustrating.”Protest organizers emphasized how let down they felt that Biden, who many of them supported in 2020, has overseen increased drilling for oil and fossil fuels. "You need to phase out fossil fuels to survive our planet,” said Jean Su, a march organizer and energy justice director for the Center for Biological Diversity. And the march, unlike others, was more clearly focused on fossil fuels. “The elephant is that fossil fuels are responsible for the crisis.

Persons: it's, Joe Biden, ”, Emma Buretta, Alexandria Ocasio, Cortez, Susan Sarandon, Ethan Hawke, Edward Norton, Kyra Sedgewick, Kevin Bacon, Antonio Guterres, Athena Wilson, Maleah, ” Athena, “, Alexandria Gordon, Biden, Sharon Lavigne, Jean Su, Eve Ensler, Anna Fels, That's, Vanessa Nakate, Megan Bloomgren, Seth Borenstein Organizations: Sunday, U.S, Broadway, United Nations, U.N, Boca, “, Center for Biological Diversity, New Yorker, American Petroleum Institute, Twitter, AP Locations: Brooklyn, Alexandria, Sunday's, Boca Raton , Florida, Florida, Houston, Louisiana, U.S, United States, China, New, Vietnam

☆ California sues oil giants for downplaying risks posed by fossil fuels
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +2 min

A general view of oil drilling equipment on federal land near Fellows, California, U.S., April 15, 2023. The American Petroleum Institute, an industry trade group, has also been listed as a defendant in the case, according to the filing. California has sought the creation of an abatement fund to pay for future damages caused by climate-related disasters in the state, the filing showed. Sharing a similar sentiment, Shell said in an emailed statement, "We do not believe the courtroom is the right venue to address climate change." California Governor Gavin Newsom, said in a post on X, formerly known as Twitter, "California is taking action to hold big polluters accountable."

Persons: Nichola, Shell, Gavin Newsom, ConocoPhillips didn't, Kanjyik Ghosh, Lavanya, Nate Raymond, Mark Potter, Diane Craft Organizations: REUTERS, Rights, Chevron Corp, Conocophillips, Exxon Mobil Corp, Shell PLC, BP, ConocoPhillips, American Petroleum Institute, Reuters, Chevron, Exxon Mobil, Thomson Locations: Fellows , California, U.S, California, San Francisco, United States, Bangalore, Boston

☆ California sues oil giants for downplaying risks posed by fossil fuels - NYT
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +2 min

A general view of oil drilling equipment on federal land near Fellows, California, U.S., April 15, 2023. REUTERS/Nichola Groom/File Photo Acquire Licensing RightsCompanies Bp Plc FollowChevron Corp FollowConocophillips Follow Show more companiesSept 16 (Reuters) - The state of California has sued major oil companies including Exxon Mobil Corp (XOM.N), Shell PLC (SHEL.L), and Chevron Corp (CVX.N), accusing them of playing down the risks posed by fossil fuels, the New York Times reported on Friday. The American Petroleum Institute, an industry trade group, has also been listed as a defendant in the case, the report said, adding that California has sought the creation of an abatement fund to pay for future damages caused by climate related disasters in the state. The legal action follows dozens of lawsuits filed in recent years against the fossil fuel industry by states and municipalities across the United States broadly alleging harms from climate impacts including extreme weather. Reporting by Kanjyik Ghosh in Bangalore; additional reporting by Lavanya Ahire; editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Nichola, Kanjyik Ghosh, Lavanya, Mark Potter Organizations: REUTERS, Rights, Chevron Corp, Conocophillips, Exxon Mobil Corp, Shell PLC, New York Times, BP, ConocoPhillips, American Petroleum Institute, Congress, Shell, Exxon Mobil, Thomson Locations: Fellows , California, U.S, California, San Francisco, United States, Chevron, Bangalore

☆ California Sues Giant Oil Companies, Citing Decades of Deception
▼ + stars: | 2023-09-15 | by ( David Gelles | More About David Gelles | ) www.nytimes.com time to read: +1 min

The state of California sued several of the world’s biggest oil companies on Friday, claiming their actions have caused tens of billions of dollars in damage and that they deceived the public by downplaying the risks posed by fossil fuels. The civil case, filed in superior court in San Francisco, is the latest and most significant lawsuit to target oil, gas and coal companies over their role in causing climate change. It seeks creation of an abatement fund to pay for the future damages caused by climate related disasters in the state. The lawsuit targets five companies: Exxon Mobil, Shell, BP, ConocoPhillips, and Chevron, which is headquartered in San Ramon, Calif. But the California lawsuit immediately becomes one of the most significant legal challenges facing the fossil fuel industry.

Organizations: Exxon Mobil, Shell, BP, ConocoPhillips, Chevron, Calif, American Petroleum Institute Locations: California, San Francisco, San Ramon, Washington

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSept 13 (Reuters) - Oil rose on Wednesday, firming its ground near a 10-month peak reached during trading a day earlier, as the market balanced supply concerns over Libya output and OPEC+ cuts with global macroeconomic headwinds. But U.S. crude oil, distillate and gasoline stockpiles rose last week, according to market sources citing American Petroleum Institute (API) figures on Wednesday. Crude stocks rose by about 1.2 million barrels in the week ended Sept. 8, against analysts estimate of a draw of about 1.9 million barrels. Gasoline inventories rose by about 4.2 million barrels, while distillate inventories rose by about 2.6 million barrels.

Persons: Agustin Marcarian, Satoru Yoshida, Yoshida, Izvestia, Nikolai Shulginov, Brent, Yuka Obayashi, Muyu Xu, Stephen Coates, Jamie Freed, Miral Organizations: REUTERS, Brent, U.S, West Texas, OPEC, U.S . Energy, Rakuten Securities, Libya, of, Petroleum, Energy, American Petroleum Institute, Federal Reserves, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Libya, China, Saudi Arabia, Russia, OPEC

☆ Oil prices hover near 10-month high on supply concerns
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: +2 min

Oil prices are expected to increase in the second half of 2023, according to the International Energy Forum. Oil prices edged higher on Wednesday, hovering at a new 10-month high hit the previous day, as expectations of tighter global supply and fears of supply disruption in Libya outweighed concerns of slower demand in some countries such as China. The news of OPEC member Libya shutting four of its eastern oil export terminals due to a deadly storm also lent support to oil prices, he added. The EIA, meanwhile, said global oil inventories were expected to decline by almost a half million bpd in the second half of 2023, causing oil prices to rise with Brent averaging $93 per barrel in the fourth quarter. But U.S. crude oil, distillate and gasoline stockpiles rose last week, according to market sources citing American Petroleum Institute figures on Wednesday.

Persons: LCOc1, Satoru Yoshida, Yoshida, Brent Organizations: International Energy, Brent, U.S, West Texas, OPEC, U.S . Energy, Rakuten Securities, Libya, of, Petroleum, American Petroleum Institute Locations: Libya, China, Saudi Arabia, Russia, OPEC

☆ Oil falls as concerns about China outweigh extended cuts
▼ + stars: | 2023-09-07 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. Both benchmarks had spiked earlier in the week after Saudi Arabia and Russia, the world's top two oil exporters, extended voluntary supply cuts to the year-end. But crude imports surged 30.9%. "The wind has been taken out of the bulls' sail overnight by rising Chinese product exports last month albeit crude oil imports rose," PVM Oil analyst Tamas Varga said. Concerns about rising oil output from Iran and Venezuela, which could balance out a portion on cuts from Saudi and Russia, kept a lid on the market as well.

Persons: Agustin Marcarian, Brent, Tamas Varga, Leon Li, Trixie Yap, Jason Neely Organizations: REUTERS, U.S, West Texas, Markets, American Petroleum Institute, U.S . Energy, Administration, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, China, Saudi Arabia, Russia, Iran, Venezuela, Saudi, Shanghai, Singapore

☆ Oil falls on concerns about China, winter demand
▼ + stars: | 2023-09-07 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. Brent crude futures fell 36 cents to $90.24 a barrel by 0645 GMT, after a nine-session winning streak. U.S. West Texas Intermediate crude (WTI) futures fell 37 cents to $87.17 a barrel after seven sessions of gains. Concerns about rising oil output from Iran and Venezuela, which could balance out a portion on cuts from Saudi and Russia, kept a lid on the market as well. Helping support prices, U.S. crude oil inventories were projected to have fallen by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures.

Persons: Agustin Marcarian, Brent, Leon Li, Li, Trixie Yap, Stephanie Kelly, Jacqueline Wong, Muralikumar Anantharaman, Edwina Gibbs Organizations: REUTERS, . West Texas, Markets, U.S, American Petroleum Institute, U.S . Energy, Administration, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, SINGAPORE, China, Saudi Arabia, Russia, Shanghai, Iran, Venezuela, Saudi, OPEC, Caracas, Singapore, New York

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. U.S. crude oil inventories were projected to fall by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures released after market settlement. Brent crude futures edged up 12 cents to $90.72 a barrel by 0019 GMT, while U.S. West Texas Intermediate crude (WTI) futures gained 11 cents to $87.65. Prices spiked on Tuesday after Saudi Arabia and Russia extended voluntary oil supply cuts to the year-end. The Saudi cuts were by 1 million barrels per day (bpd) while Russia has cut 300,000 bpd.

Persons: Agustin Marcarian, Stephanie Kelly, Jacqueline Wong Organizations: REUTERS, American Petroleum Institute, U.S . Energy, Administration, Brent, U.S, West Texas, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, New York

☆ Oil prices edge up on anticipated U.S. crude stock draw
▼ + stars: | 2023-09-07 | by ( ) www.cnbc.com time to read: +1 min

The crude oil tanker Searuby arrives at Teesport on September 02, 2023 in Redcar, United Kingdom. Oil prices edged higher on Thursday, after industry data showed U.S. crude oil inventories were expected to have fallen last week, signaling tightening supplies on top of extended production cuts in Saudi Arabia and Russia. U.S. crude oil inventories were projected to fall by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures released after market settlement. Prices spiked on Tuesday after Saudi Arabia and Russia extended voluntary oil supply cuts to the year-end. The Saudi cuts were by 1 million barrels per day, or bpd, while Russia has cut 300,000 bpd.

Organizations: American Petroleum Institute, U.S . Energy, Administration, Brent, U.S, West Texas, Saudi Locations: Teesport, Redcar, United Kingdom, Saudi Arabia, Russia

NEW YORK, Sept 6 (Reuters) - Oil prices settled higher on Wednesday, reversing early declines as traders anticipated further draws on U.S. crude oil inventory following extended production cuts in Saudi Arabia and Russia. Brent crude futures settled up 56 cents to $90.60 a barrel while U.S. West Texas Intermediate crude (WTI) futures settled up 85 cents to $87.54. "We have pretty low crude supplies in the U.S., with several weeks of big crude oil draws pushing prices up," said Bob Yawger, director of energy futures also at Mizuho. On Tuesday, Saudi Arabia and Russia extended voluntary oil supply cuts to year end. Oil prices were down early on rate-hike concerns and investor worries about the economy after data showed the ISM non-manufacturing Purchasing Managers' Index (PMI) came in at 54.5, compared with expectations of 52.5.

Persons: Brent, Bob Yawger, Paul Carsten, Mohi Narayan, Arathy, David Evans, Jason Neely, Nick Zieminski, Nick Macfie, David Gregorio Our Organizations: West Texas, Mizuho, American Petroleum Institute, U.S . Energy, Administration, Labor, Saudi, REUTERS, Brent, PMI, IIR Energy, Thomson Locations: Saudi Arabia, Russia, U.S, Volgograd, Iran, Venezuela, Libya, London, New Delhi, Houston

The decision by EPA Administrator Michael Regan means that one of the agency's most important air quality regulations will not be updated until well after the 2024 presidential election. Political Cartoons View All 1145 ImagesThe delay marks the second time in 12 years that a Democratic administration has put off a new ozone standard prior to an election year. Former President Barack Obama shut down plans to tighten ozone standards in 2011, leading to four-year delay before the standards were updated in 2015. "Unfortunately we’ve seen the process for updating the ozone standards repeatedly swept up in political games that risk lives,'' the lawmakers said in an Aug. 7 letter to EPA. Lianne Sheppard, a University of Washington biostatistics professor who chairs the scientific advisory panel, said Regan's decision was “his alone” to make.

Persons: Michael Regan, “, Regan, ”, Barack Obama, Paul Billings, Raul Garcia, ” Garcia, Sen, Sheldon Whitehouse, we’ve, Conor Bernstein, EPA’s, Donald Trump, Bernstein, Andrea Woods, —, Lianne Sheppard, Richard Moore, Peggy Shepard, Moore, Sheppard, Tomas Carbonell, Carbonell Organizations: WASHINGTON, Environmental Protection Agency, Republicans, Democratic, American Lung Association, National Mining Association, American Petroleum Institute, Scientific Advisory, White, Environmental, EPA, University of Washington, E, White House, Los Jardines Institute, WE ACT, Environmental Justice, Air Locations: Billings, Albuquerque , New Mexico, New York City

Analysts polled by Reuters prior to the data had estimated on average a draw of 3.3 million barrels. The offshore Gulf of Mexico accounts for about 15% of U.S. oil output and about 5% of natural gas production, according to the Energy Information Administration (EIA). Oil major Chevron Corp CVX.N evacuated some staff from the region, but production was continuing at the sites its operates in the Gulf of Mexico. Oil supply is expected to remain tight as analysts expect Saudi Arabia, the world's biggest oil exporter, will extend its voluntary output cut into October. However, worries about fuel demand and the mixed economic situation in China, the world's biggest oil importer, kept a lid on prices.

Persons: Lucy Nicholson, Toshitaka Tazawa, Yuka Obayashi, Trixie Yap, Christian Schmollinger, Kim Coghill Organizations: REUTERS, Brent, . West Texas, U.S, American Petroleum Institute, Reuters, Fujitomi Securities Co, Hurricane, Energy Information Administration, . Oil, Chevron Corp CVX.N, Capital, Thomson Locations: Bakersfield , California, SINGAPORE, U.S, Gulf, Mexico, Gulf of Mexico, Saudi Arabia, Asia, Gabon, China, Tokyo, Singapore

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