Oil gains after cyberattack shuts down US fuel pipelines
Colonial Pipeline’s main fuel lines remained offline after attack that shut the system
Reuters
May 10, 2021
LONDON:
Oil rose on Monday after a cyberattack forced the shutdown of major fuel pipelines in the United States and raised concerns about supply disruption, outweighing rising coronavirus cases in Asia.
Colonial Pipeline said on Sunday its main fuel lines remained offline after the attack that shut the system on Friday, but some smaller lines between terminals and delivery points were now operational.
“The bullish developments in the US are hiding a worrying Covid-19 trend in Asia,” said Louise Dickson, analyst at Rystad Energy.
Middle EastOil settles higher as key U.S. fuel pipeline plans restart
Jessica Resnick-ault
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Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford
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Oil prices settled higher on Monday after a major U.S. fuel pipeline said it could largely restart within the week after a cyberattack forced its shutdown.
Potential U.S. demand growth boosted crude prices, offsetting fears that a resurgent coronavirus pandemic in India would cut demand in Asia.
Colonial Pipeline (COLPI.UL), the largest fuel pipeline in the United States, said on Monday it expects to substantially restore operational service by the end of the week. read more
EnergyEXCLUSIVE Iraq formally asks to buy $350 mln Exxon oilfield share
Reuters
3 minute read
A policeman walks at West Qurna-1 oil field, which is operated by ExxonMobil, in Basra, Iraq, January 9, 2020. REUTERS/Essam al-Sudani/File Photo
Iraq has formally asked to buy U.S. energy giant ExxonMobil s (XOM.N) share in one of Iraq s biggest oilfields, West Qurna 1, the head of the state-run oil operating company said on Monday.
Iraq said last month that Exxon was seeking to sell its 32.7% stake in West Qurna 1, and that the oil ministry had started discussions over a possible purchase. read more A decision has been made and we sent a formal letter to ExxonMobil asking to buy its share, Basra Oil Company director Khalid Hamza told Reuters in an interview, adding the oil and finance ministries will follow up with procedures to secure the finance.
Iraq formally asks to buy $350m Exxon oilfield share
Exxon logo at a petrol station in the US [Brian Katt / Wikimedia] May 10, 2021 at 10:39 pm
Iraq has formally asked to buy US energy giant ExxonMobil s share in one of Iraq s biggest oilfields, West Qurna 1, the head of the state-run oil operating company said on Monday,
Reuters reported.
Iraq said last month that Exxon was seeking to sell its 32.7% stake in West Qurna 1, and that the oil ministry had started discussions over a possible purchase. A decision has been made and we sent a formal letter to ExxonMobil asking to buy its share, Basra Oil Company director Khalid Hamza told Reuters in an interview, adding the oil and finance ministries will follow up with procedures to secure the finance.