Oil producers are exploring their options on how to handle continuing eruptions from Alaskan volcano Mount Redoubt. Ten platforms have gone offline since the eruptions began nearly three weeks ago. Officials say production could be hampered for months because of the shutdown of the Cook Inlet terminal, which stores the crude.
Alaska's Oil and Gas Conservation Commission turned down ExxonMobil's request to spur development by uniting leases from different companies in the Point Thomson field. The decision follows a move by Alaska's Department of Natural Resources to disband the unit.
The International Energy Agency reports that worldwide oil consumption could fall by 3% this year to a total of 83.4 million barrels per day. The agency said the revision is based on a new forecast for the global economy that calls for a 1.4% drop in activity this year.
Suncor announced it will offer Shell-branded gasoline at its retail stations in Colorado under a marketing agreement. The Shell brand gradually will replace Phillips 66, which Suncor currently ships to more than 180 outlets throughout the state.
Russia's Gazprom has signed a deal with Royal Dutch Shell that says the two companies will provide 1 million tons of liquefied natural gas per year. The 19-year contract will utilize supplies from Russia's recently developed Sakhalin Island gas field.