Light, sweet crude oil prices toppled more than $1/bbl on the New York market on Mar. 7 after the US Energy Information Administration’s weekly inventory report showed crude supplies rose 2.4 million bbl.   Source: News

Industry faces many political uncertainties including time-consuming permitting requirements, which can be costly for pipeline companies, Greg Armstrong, chairman and chief executive officer of Plains All American Pipeline LP, said during CERAWeek by IHS Markit on Mar. 5 in Houston. Source: News

Woodside Petroleum Ltd., Perth, has withdrawn from its Grassy Point LNG project on the northwest coast of British Columbia. Source: News

China Petrochemical Corp. and joint-venture partner Kuwait Petroleum Corp. have let an additional contract to Kaji Technology Corp. of Japan to supply equipment for the long-planned Sino-Kuwait integrated refining and petrochemical complex now under construction on Donghai Island of Zhanjiang City in China’s Guangdong Province.  Source: News

Hindustan Petroleum Corp. Ltd. let a contract to Bharat Heavy Electricals Ltd. to set up a gas turbine-based captive power plant to be added as part of HPCL’s previously announced program to expand and modernize its 8.3 million-tonne/year Vishakhapatnam (Visakh) refinery in Andhra Pradesh on India’s southeastern coast.  Source: News