WorldOil Oil closes lower, despite mounting evidence of underlying market strength Oil closed lower Thursday, yet its underlying market structure firmed, as investors assessed the challenges to a global economic recovery. Biden seeks oil and gas tax code changes to help cover $2.2T infrastructure program President Joe Biden’s plan to eliminate subsidies claimed by oil and gas companies and raise levies on corporate polluters would increase government receipts by $35 billion over the coming decade. Shale CEO lauds OPEC’s efforts to rebalance crude oil markets Occidental Petroleum Corp. praised OPEC and its allies for managing crude markets out of last year’s historic crash and said the U.S. shale industry is thankful for its efforts. Shell reports first profit from upstream operations since pandemic began Shell’s upstream unit was able to capture “the upside from the current commodity price environment” in the first quarter, according to a statement April 7th. API says cross-border infrastructure key to U.S.-Canada energy trade The American Petroleum released a new report examining how growth in cross-border petroleum trade between the United States and Canada has led to the further integration of North American energy markets, delivering economic benefits, lowering consumer energy costs and strengthening energy security on both sides of the border. Enbridge seeks Canadian tax credits to fund hydrogen and CO2 capture push North America’s biggest oil pipeline company, which for years has invested in wind and solar power projects, is also looking at gaining scale and becoming competitive in technologies such as hydrogen production using renewable electricity. Resurging virus sours India’s appetite for Saudi oil India has become a vocal critic of the kingdom’s hawkish stance on oil prices and OPEC+ output policy in recent months, with mounting tensions prompting the country to seek alternative sources of crude. Saudis cut U.S. oil prices, raise rates for key Asian buyers Saudi Arabia raised prices for oil shipments to customers in its main market of Asia, signaling the kingdom’s confidence in the region’s economic recovery. OPEC agrees to slowly increase oil production on Covid recovery bet Defying market expectations for the second time in less than a month, the group agreed to add more than 2 million barrels a day to global oil supplies from May to July. That will return about a quarter of the crude they are still withholding after making deep cuts a year ago in response to the pandemic. Exxon faces $800MM earnings hit from Texas freeze Exxon was forced to shut or reduce runs at its large refining and petrochemical plants along the Gulf Coast, but its quarterly filing showed that its oil and gas production facilities also suffered substantial reductions in earnings.