Russia is unlikely to agree to a further extension on the output cut alliance it has with OPEC and other producing countries if oil prices are higher than $65 a barrel, according to Eurasia-Russia consulting firm Macro-Advisory.
The Energy Information Administration forecasts the price difference between West Texas Intermediate (WTI) crude oil and global crude oil price benchmark Brent, to remain at $6 per barrel (Bbl) through the first quarter of 2018.
Cenovus Energy has agreed to sell its majority interest in the Weyburn carbon dioxide enhanced oil recovery operation in Saskatchewan for $940 million in cash, The buyer is Calgary-based Whitecap Resources.
Crude oil/natural gas logistics company NGL Energy Partners said Thursday it’s signed a deal with a BlackRock affiliate, in partnership with Navigator Energy Services, to sell its 50% interest in Glass Mountain Pipeline LLC for $300 million.
Saudi Aramco said Thursday it will invest close to $4.5 billion in contracts for oil and gas megaprojects aimed at enhancing the company’s energy sustainability, expanding gas production, localizing domestic content and diversifying the Saudi economy, Kallanish Energy reports.
Canadian pipeline giant Enbridge is looking at becoming a shipper should the owners of the U.S.’s largest crude oil line, the Capline Pipeline, decide to reverse the line to flow crude from Patoka, Ill., south to eastern Gulf Coast refineries.