Read the Latest News Affecting the Tank and Terminal Industry
Now that Half of Oklahoma Is Officially Indian Land, Oil Industry Could Face New Costs and Environmental Hurdles
Washington Post, July 17, 2020
In a landmark decision, the Supreme Court on July 9 declared nearly half of eastern Oklahoma to now be considered Native American tribal land, a move that means oil producers will have to negotiate with tribal councils as well as government representatives moving forward.
US Energy Secretary Signs Initial Agreement with India on Emergency Oil Reserves
Reuters, July 17, 2020
In an ongoing effort to fill the U.S. Strategic Petroleum Reserve (SPR), the U.S. and India have tentatively agreed to jointly create emergency crude oil reserves, a move that would include India storing oil in the SPR caverns of Louisiana and Texas.
Chevron to Buy Noble for $5 Billion in Stock, Biggest Oil Deal Since Price Crash
Reuters, July 20, 2020
Chevron announced on July 20 the acquisition of Noble Energy Inc. for $5 billion in stock. The move comes on the heels of Chevron withdrawing its $33 billion bid for Anadarko last year and makes Chevron the first major oil producer to operate in Israel.
North Dakota Oil Production Hits Seven-Year Low After COVID-19 Upends Petroleum Demand
Star Tribune, July 17, 2020
Hitting a low not seen in more than seven years, North Dakota oil production slipped by more than 30% in May, and though production has risen since, industry experts said it would take more than a year to return to pre-COVID-19 levels.
Oil Demand Will Rebound Sharply in 2021, Surpassing Pre-virus Levels, OPEC Says
Markets Insider, July 14, 2020
OPEC's July Oil Market Report estimates that coalition-sourced crude would rebound 25% in 2021—roughly 29.8 million bpd, and revised upward its demand projections for 2020.
Dakota Access Pipeline Can Keep Flowing for Now After New Court Ruling
Seeking Alpha, July 14, 2020
Energy Transfer has received a temporary administrative stay that sets aside a judge's order to shut down the Dakota Access Pipeline on August 5. The temporary stay allows the oil to continue to flow while the Court considers the company's appeal.
Chinese Oil Imports Surged In H1 2020 Despite COVID-19
OilPrice.com, July 14, 2020
In spite of months of lockdowns in the first half of 2020, Chinese oil imports rose nearly 10% over the same period in 2019. Moreover, most of that growth was registered in the past three months.
US Refiners Ramp Up Crude Imports from Mexico to 8-year High
Reuters, July 8, 2020
The U.S. boosted its crude imports from Mexico by more than 834,000 bpd in the first week of July as vast inventories and a major refinery fire forced Mexican producers to increase their crude exports.
TWIC Cards Can Now Be Used for TSA Precheck
The Waterways Journal, July 24, 2020
In an effort to reduce administrative costs for applicant vetting, the Transportation Security Administration announced that certain holders of the Transportation Worker Identification Credential will be eligible for the TSA PreCheck expedited security check at airports, but only if they meet all requirements for the PreCheck clearance.
US Energy Secretary Sees Rising Oil Prices, Economic Recovery by 2021
S&P Global, July 28, 2020
U.S. Secretary of Energy Dan Brouillette said on July 28, that the Energy Information Administration is forecasting rising oil pricing in the coming months, which could signal a very strong economic recovery. EIA forcasts Brent averaging $51/b and WTI at $47/b by Q3 2021.
Tristar Breaks Ground on Construction of Storage Tanks for JAFZA Chemical Terminal
al Khaleej Today, July 26, 2020
Tristar Group announced July 26 that it would begin construction of 10 new storage tanks for its chemical terminal at the Jebel Ali Free Zone (JAFZA), a move that would increase the storage capacity at JAFZA to 25,000 CMB.