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IEA sees U.S. oil shockwaves ousting OPEC as supply driver

The U.S. shale boom will send “shockwaves” through the global oil trade over the next five years, benefiting the nation’s refiners and displacing OPEC as the driver of supply growth, the IEA said.  More »

Gasoline rises most in three months at U.S. pumps

Retail gasoline in the U.S. rose the most since February in the past week after crude costs increased and refinery outages on the West Coast disrupted supplies.  More »

BP plans to start drilling program off Australia in 2015-2016

BP Plc (BP/), Europe’s second-largest oil company, expects to start its proposed deep-water drilling campaign off southern Australia in late 2015 or early 2016 and to obtain a drilling rig before the end of this year.  More »

Pipelines spill three times as much oil as trains

Pipelines in North America spilled three times as much crude oil as trains for comparative distances over an eight-year period, the International Energy Agency said today in a study it based on U.S. Department of Transportation data.  More »

Hess to add two Elliott directors if company slate elected

Hess Corp. will add two directors from dissident shareholder Elliott Management Corp.’s board nominees if the company’s five candidates are elected on May 16, calling it a “resolution to end” a divisive proxy contest.  More »

Ted Turner taking coal funds to create solar odd couple

They’re unlikely business partners: a billionaire environmentalist and one of the largest coal-burners in the U.S.  More »

Transocean Chairman Talbert to step down amid fight with Icahn

Transocean Ltd. (RIG), the world’s largest offshore oil rig contractor, said Chairman Michael Talbert plans to step down as the company fights board nominees from billionaire investor Carl Icahn.  More »

BNY Mellon appeals ruling on Chesapeake’s early bond call

Bank of New York Mellon Corp., the world’s biggest custody bank, is appealing a ruling allowing Chesapeake Energy Corp. (CHK) to proceed today with redeeming $1.3 billion in bonds six years early at 100 cents on the dollar.  More »

Brent pressured by US tripling crude to Canada

By Dan Murtaugh Bloomberg News U.S. oil exports are poised to reach the highest level in 28 years as deliveries to Canada more than triple, helping bring down the price of the global benchmark Brent crude relative to U.S. grades. The shipments will rise to at least 200,000 barrels a day by the end of […]  More »

Industry’s top safety offenders targeted in Democrats’ report

Oil and gas producers including Apache Corp. and Chevron Corp. that reported the most environmental and safety incidents prior to the April 2010 spill continue to have the most violations, according to the analysis by the Democratic staff on the House Natural Resources Committee.  More »

OPEC crude production rises to five-month high on Saudi increase

OPEC boosted crude output in April to the highest in five months as Saudi Arabia increased production, helping lower oil prices amid concern that global economic growth is slowing.  More »

Chevron wins suit against U.S. over California oil field

Chevron Corp. (CVX) is entitled to unspecified damages against the federal government in a contract dispute over oil deposits in California worth $37 billion, the U.S. Court of Claims ruled.  More »