Equilon Enterprises LLC d/b/a Shell Oil Products US (Shell), a subsidiary of Royal Dutch Shell plc announced today that it has formally closed on the sale of Shell’s Martinez Refinery in California to PBF Holding Company LLC (PBF), a subsidiary of PBF Energy, Inc., in exchange for $1.2 billion which includes the refinery and inventory.

U.S. Rig Count is down 4 rigs from last week to 790, Canada Rig Count is up 3 rig from last week at 247

Brent were 68 cents higher at $58.97 a barrel, WTI were up by 70 cents to $52.84 a barrel

«Если говорить об общих задачах, в этом году мы должны принять Стратегию развития энергетики до 2035 года. Также ставим перед собой задачу принятия стратегий и схем развития газовой, нефтяной отраслей и программу развития угольной отрасли до 2035 года – эти документы у нас на повестке дня», – сообщил Министр.

In the AEO2020 Reference case, U.S. crude oil production reaches 14.0 million barrels per day (b/d) by 2022 and remains near this level through 2045 as tight oil development moves into less productive areas and well productivity declines.

The big annual boost in Saudi shipments followed a new marketing strategy by state-run Aramco, which signed at least two new supply pacts with private refiners in China that came into the market from late 2018. Previously, Saudi Aramco had only dealt with China’s state refiners in long-term contracts.

The potential that the waivers would lapse has raised concerns since 2019 that state-owned Russian nuclear company Rosatom, which does work for Iran's civilian nuclear program but also supplies a fifth of US enriched uranium, could be sanctioned, disrupting the supply of nuclear fuel to US utilities.

Following the Jan. 28, 2019 ban on U.S. firms importing Venezuelan crude, the United States has not followed through on threats to extend the sanctions to any foreign company doing business with PDVSA, as it seeks to oust socialist Maduro.

U.S. electricity generation from renewable sources such as wind and solar to surpass nuclear and coal by 2021 and to surpass natural gas in 2045.

CAPP forecasts overall spending for 2020 to rise to C$37 billion from C$35.1 billion. Conventional oil and gas spending is expected to reach C$25.4 billion, up C$1 billion, while spending in the oil sands may climb to C$11.6 billion from C$10.7 billion, CAPP said.