Oil

DNO ASA has welcomed reports of agreements to restart crude exports through the Iraq-Türkiye Pipeline, while stressing the need for payment guarantees to cover arrears and future shipments.

A new global outlook projects 549 oil and gas pipelines will start operations by 2030, including 402 gas lines, 73 oil pipelines, 53 product pipelines, and 21 NGL pipelines.

Iraq’s cabinet has given preliminary approval to restart pipeline oil exports from Kurdistan to Turkey, potentially adding 230,000 barrels per day of supply.

Pembina Pipeline secured Canada Energy Regulator approval for a 10-year tolling settlement on the Alliance Pipeline, ensuring long-term certainty for shippers.

Plains All American has flagged crude quality issues on its Permian pipelines to Corpus Christi, citing elevated sulfur compounds.

Kuwait Petroleum Corp is studying a pipeline lease-leaseback plan to raise funds for its $410 billion investment strategy, echoing similar midstream infrastructure deals by Saudi Aramco and ADNOC.

The BTC carried nearly 75% of Azerbaijan’s total oil transit, including reduced volumes from Kazakhstan and Turkmenistan.

California Resources Corporation will acquire Berry Corporation in a $717 million all-stock deal, creating a larger California-focused energy producer. The merger, expected to close in early 2026, adds Uinta Basin assets and $80–90 million in projected annual synergies.

Russian ESPO Blend crude prices held steady for October cargoes as strong Chinese demand offset pressure from new Western sanctions, including a lower price cap and expanded EU restrictions.

China is studying the conversion of existing oil and gas pipelines to transport CO₂, a move researchers say could cut costs by 25% and accelerate carbon capture projects. Experts highlight both the risks and global examples that show the approach’s potential.

Plains All American will acquire a 55% stake in the 800-mile EPIC Crude Pipeline for $1.57 billion, expanding its Permian and Eagle Ford network to Corpus Christi and boosting its Gulf Coast export position.

Hungary’s foreign minister said the country will finish its 118-mile section of a new oil pipeline to Serbia by the end of 2027. The MOL-led project aims to secure crude supplies for Serbia, while Hungary’s gas imports via Turkstream are on track for a record high this year.

Phillips 66 will begin shutting down its 139,000 bpd Los Angeles refinery in September, with most employees expected to be laid off by December. The closure, along with Valero’s planned exit, will remove about 20% of California’s gasoline supply.

U.S. crude oil output reached a record 13.58 million bpd in June, with strong gains from Texas, New Mexico, and the Gulf of Mexico, according to the EIA. Demand for gasoline and jet fuel also hit multi-year highs, while U.S. natural gas production set a new record.

North Dakota oil output is expected to rise in August as operators restore curtailed production following a recovery in U.S. crude prices. State regulators said output has been consistent with July levels, supported by stable rig activity and more frac crews.