Despite slumping investment in the oil sands region, Canada will be able to produce 1.41 million b/d more crude oil in 2035 than it did last year if pipeline capacity expands, says the Canadian Association of Petroleum Producers. Most of the production increase will come from oil sands projects. 

US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased 4.1 million bbl for the week ended June 8, according to US Energy Information Administration data. The latest estimate is 432.4 million bbl, putting oil in storage in the lower half of the average range for this time of year, the Weekly Petroleum Status Report indicated. 

Members of the US Federal Energy Regulatory Commission and of the US Senate Energy and Natural Resources Committee criticized ongoing Trump administration efforts to bail out coal-fired power plants that are increasingly unable to compete economically with facilities that use natural gas.

ExxonMobil Corp. and Plains All American Pipeline LP (PAA) have signed a letter of intent to build a common-carrier pipeline to transport more than 1 million b/d of crude oil and condensate from multiple locations in the Permian basin to the Texas Gulf Coast. 

Privately held Evergreen Natural Resources has signed an agreement to acquire all of the assets held by Pioneer Natural Resources in the Raton basin in southeastern Colorado, including producing gas wells and associated infrastructure, for $79 million.