PG&E Convicted Of Safety Violations. A federal jury in San Francisco ruled that Pacific Gas & Electric violated multiple pipeline safety law violations in a fatal pipeline explosion in San Bruno, CA in 2010.
An Update From OPEC. High fuel inventories and a global glut doesn’t necessarily mean doom and gloom for the rest of the year as OPEC’s monthly report says with the summer driving season coming to a close, gasoline could see a “seasonal downward correction.”
Saudia Arabia Reports Record Oil Output on Summer Demand. Saudi officials reportedly pumped 10.67 million barrels of oil a day in July, setting a record that was previously broken a year ago. [Bloomberg]
Refinery Profit Margins Down 70 Percent. Another signal that the oil industry is pumping too much fuel for the market comes from Singapore this week, as the latest reports show Singaporean oil refining profits dropped to two-year lows amidst the worldwide oil glut.
Libyan Oil Has Other Nations Worried. The French foreign ministry released a statement on behalf of six western countries to support the U.N.-backed Government of National Accord (GNA) in finding a peaceful solution to the disruptions affecting energy exports in Libya.
World’s Biggest LNG Importer Plans 42 Percent Cut In Long-Term Contracts. Japan’s Jera Co. is looking to cut its long-term contracts as LNG consumption might become limited by nuclear power plant restarts and other power sources.
Inter Pipeline To Buy Williams Pipeline Assets. Calgary-based Inter Pipeline will spend $1.35 billion to buy the Canadian oil and gas assets of the Oklahoma-based Williams pipeline companies, including a 261 mile pipeline connecting two plants. [BNN]
Maersk Hotel Rig Nearing Completion. A 147-room complete hotel module will be lifted on board the Maersk Guardian on Wednesday to finalize a major conversion of the upcoming hotel rig.
ExxonMobil Climate Issue Fight Continues In Court. New York, Massachusetts, and a dozen other states urged U.S. District Judge Ed Kinkeade in Texas to throw out ExxonMobil’s lawsuit against Massachusetts Attorney General Maura Healy which seeks to block a subpoena regarding the oil giant’s use of climate change data.
Bass Strait ExxonMobil Employees Face Pay Cuts. Hundreds of employees are refusing to accept ExxonMobil’s demands for 14 days on, 14 days off rostering for offshore workers and the conflict between union officials and company representatives continues to escalate. [The Sydney Morning Herald]
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