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Iran Prepares for Oil Market Comeback

by Bloomberg |Monday, May 17, 2021 NIOC has been priming oil fields and customer relationships so it can increase exports if an accord, officials said. (Bloomberg) Iran is preparing to ramp up global oil sales as talks to lift U.S. sanctions show signs of progress. But even if a deal is struck, the flow of additional crude into the market may be gradual. State-controlled National Iranian Oil Co. has been priming oil fields and customer relationships so it can increase exports if an accord is clinched, officials said. Under the most optimistic estimates, the country could return to pre-sanctions production of almost 4 million barrels a day in as little as three months. It could also tap a flotilla’s worth of oil that’s hoarded away in storage.

Driver Shortage Stresses Fuel Supply Chain

by Bloomberg |Monday, May 17, 2021 Pilot Corp. was offering $5,000 hiring bonuses for tanker drivers to supply its stores and said it could hire 200 people before summer. (Bloomberg) Drivers encountering fuel shortages in parts of the U.S. East and South may find it takes weeks before supply levels return to normal. Now that Colonial Pipeline Co. has resumed deliveries that were halted for nearly a week by a cyberattack, the industry is facing a new logistics problem on top of the lack of available fuel: not enough truck drivers to transport gasoline and diesel from distribution hubs to retail outlets.

Oil Futures Surge on Cusp of Strong Summer Demand Period

Oil s rally of more than 4% this month comes as even the hardest-hit parts of the oil market are showing signs of a revival. (Bloomberg) Oil climbed to the highest in two years with optimism building around the comeback of fuel demand in regions such as the U.S., even as Covid-19 flare-ups persist in parts of Asia. Futures in New York advanced 1.4% on Monday to the highest since April 2019. The U.S. and China, along with parts of Europe, are rapidly recovering from the pandemic as vaccinations increase, overshadowing concerns around weaker consumption in India. In the U.S., the number of passengers at airports jumped to the highest since the pandemic began, a sign of the domestic travel revival that’s leading the way in a jet fuel demand rebound.

Pipeline Transport Wins Praise from Unlikely Source

Chevron Pumps $20MM Into Adopt-a-Port Initiative

Chevron U.S.A. Inc is investing an additional $20 million in the Adopt-a-Port initiative with California renewable natural gas provider Clean Energy Fuels Corp. Chevron Corporation (NYSE: CVX) has announced that its wholly owned subsidiary Chevron U.S.A. Inc is investing an additional $20 million in the Adopt-a-Port initiative with California renewable natural gas (RNG) provider Clean Energy Fuels Corp (NASDAQ: CLNE). Chevron has now invested a total of $28 million in the initiative, which it says provides truck operators serving the ports of Los Angeles and Long Beach with cleaner, carbon negative RNG to reduce emissions. Chevron’s funding will allow truck operators to subsidize the cost of buying new or converting to RNG powered trucks, the company outlined. Clean Energy is managing the program.

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