Shell Nigeria Declares Force Majeure on Forcados Oil Exports

IBADAN, Nigeria--Royal Dutch Shell PLC's (RDSA, RDSA.LN) Nigerian unit said Tuesday it has declared force majeure on the shipping of the Forcados oil blend from Nigeria after it shut an export pipeline due to a leak.

Crude above $101 a barrel on higher than expected US GDP; supply worries

The price of oil advanced past US$101 a barrel Thursday following an upward revision to U.S. growth figures and ongoing concerns about tight supplies.
Benchmark West Texas Intermediate crude for May delivery rose $1.02 to close at US$101.28 on the New York Mercantile Exchange. That is the highest closing price in three weeks. On Wednesday, oil jumped $1.07 to close at US$100.26.

Chevron Is Said to Seek Buyers for $1 Billion in U.S. Assets

Chevron Corp. (CVX) is seeking to sell pipeline and storage operations in Texas and Louisiana that together may fetch more than $1 billion, people familiar with the matter said.

Chevron is working with Jefferies Group LLC to find buyers for at least four natural gas and crude oil pipeline operations, said two of the people, who asked not to be named because the process is private. The San Ramon, California-based company began sending out offering materials this week, the people said.

Ezekwesili Challenges Okonjo-Iweala to Account for 'Missing' U.S.$10.8 Billion' Oil Money - PREMIUM TIMES

Former Vice President of the World Bank, Oby Ezekwesili, has taken the Minister of Finance, Ngozi Okonjo-Iweala, and the Nigerian National Petroleum Corporation (NNPC) to task over the sloppy manner the government has handled the issue of the 'missing' $49.8billion oil money.  The Governor of the Central Bank of Nigeria, Lamido Sanusi, had, in a memo to President Goodluck Jonathan accused the NNPC of diverting huge oil revenue that should be paid to the federation account.

Could the U.S. Export Crude Oil? It's Time to Rethink the Unthinkable

The four-decade ban on domestic crude exports was originally codified because the U.S. wanted greater energy security during the 1973 Arab oil embargo. The ban was unquestioned until recently, when lawmakers started to consider the unthinkable: that the U.S. may repeal the export ban on crude oil.

BRENT CRUDE OIL FUTURES RISE BY MORE THAN $1 PER BARREL

BRENT CRUDE OIL FUTURES RISE BY MORE THAN $1 PER BARREL

Crude oil thieves are being sponsored by the Federal Government, the Speaker of the House of Representatives

Crude oil thieves are being sponsored by the Federal Government, the Speaker of the House of Representatives, Aminu Tambuwal, has said, insisting that the crime is not being perpetrated by ordinary criminals, but by those who enjoy the backing of government.
Tambuwal, said this at the inauguration of the House Ad-hoc Committee on Crude Oil Theft in Nigeria in Abuja, noting that the only way to fight the crime is for the Economic and Financial Crimes Commission (EFCC) to arrest and prosecute suspected crude  oil thieves in the country.

End of the year take on the energy sector

Energy has become, increasingly, a major focus of the British Columbia economy with billions of dollars of proposed projects. Those include Enbridge's controversial $6.5-billion Northern Gateway and Kinder Morgan's $5.4-billion Trans Mountain pipeline expansion. There are also billions in liquefied natural gas projects being considered by global energy heavyweights such as Exxon Mobil, Shell and the BG Group. The Vancouver Sun talked with Canadian Association of Petroleum Producers president David Collyer for a year-end take on these major projects.

Crude Oil boosted by products demand

Crude oil futures ended higher on Thursday, boosted by demand for refined products after industry data earlier this week showed a steep decline in gasoline and distillate inventories. 
US gasoline and ultra low-sulfur diesel (ULSD), more commonly known as heating oil, futures both rose to more than three-month highs in intraday trading as large French refineries remained offline due to strikes.

While US crude stocks unexpectedly rose last week, refineries boosted output and distillate and gasoline stockpiles fell, a report from industry group the American Petroleum Institute said late on Tuesday, indicating strong demand for oil products, including exports, Reuters reported.

Crude oil held steady near $99

NEW YORK, Dec. 26 (UPI) -- Crude oil prices held steady at a lot more than $99 per barrel on the New York Mercantile Exchange Thursday.West Texas Intermediate crude oil added 10 cents to $99.65 per barrel.
Reformulated gasoline blendstock for January was up 1.05 cents at $2.8247 a gallon.
January heating oil added 2.55 cents to $3.1038 a quart while natural gas rose 2.1 cents to $4.437 per million British thermal units.
The national average price of unleaded regular gasoline rose at the pump, climbing to $3.268 a quart from Wednesday's $3.264, the AAA Daily Fuel Gauge Report said.