Industry Insights

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, gained 10.4 million bbl during the week ended Feb. 26 compared the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report. Source: News

Light, sweet crude oil prices on the New York market gained modestly to settle above $34/bbl on Mar. 1, and Russia state news agency TASS reported Russia’s Energy Minister Alexander Novak said a “critical mass” of oil-producing countries had agreed to freeze oil production. Source: News

The oil and gas industry needs to maintain a competent, well-trained workforce and emphasize safety to keep up the quality of current operations during the oil-price downturn, various speakers told the IADC/SPE Drilling Conference in Fort Worth on Mar. 1. Source: News

The US Pipeline & Hazardous Materials Safety Administration expects to issue natural gas pipeline safety rules in the next few weeks now that its proposals have completed a White House Office of Management and Budget review, PHMSA Administrator Marie Therese Dominguez told a US House Energy and Commerce Committee subcommittee. Source: News

Husky Energy Inc., Calgary, has started steam operations at the 10,000-b/d Edam East heavy oil thermal project in Saskatchewan. Production is expected to begin early in the second quarter. Source: News