In its appearance at EIA’s annual Energy Conference last week, Wood Mackenzie gave a presentation on crude oil exports, saying that U.S. crude oil exports rose in tandem with U.S. oil production following the repeal of the U.S.’s 40-year crude oil export ban in December, 2015. Oil from North Dakota, Texas moves to users in Asia and Europe According to
As production cuts fail to raise prices further, Saudi Arabia looks to influence U.S. data to strengthen commodity prices Crude oil prices hit a five-week low Wednesday as OPEC production rose and U.S. inventories showed smaller than expected draws. OPEC has been trying to bolster oil prices with a production cut deal, but increased output from Libya and Nigeria, both
Larger quotas expected later in 2017 China will cut its export quotas to the country’s oil majors by 40% in the first round of licenses for 2017, reports Reuters, even as traders expect allowances for overseas sales to meet or exceed this year’s record levels. The Ministry of Commerce and the General Administration of Customs said the four state majors
Crude oil imports in India reach 4.47 MMBOPD Demand for crude oil in India remains a bright spot in the markets as imports continue to grow month-over-month. Imports of crude oil grew to a record high 4.47 MMBOPD in September, according to Reuters, 17.7% higher than this time last year. The increased imports lent some support to oil prices today,
China’s crude oil imports at a four-month high as the country halts high-cost production Crude oil production from the world’s largest energy consumer hit a six-year low in August, according to information released by the National Bureau of Statistics Tuesday. Production in China fell 9.9% from a year ago to about 3.9 MMBOPD, the lowest since December 2009, according to
Crude oil plays an important role in both energy and politics, and sometimes policy can have a significant impact on the development of the oil and gas industry. In order to help companies navigate the obstacles of federal regulation, Former Chairman of the Texas Railroad Commission Elizabeth Ames Coleman now works as an advocate for the industry in her current
Imports of Russian crude to China are up 52.4% from last year For the second time this year, Russia supplied more crude oil to China than Saudi Arabia. Crude imports from Russia increased 53.4% year-over-year in April to reach 1.17 MMBOPD, topping the previous record of 1.13 MMBOPD in December, Reuters reported. April imports from Saudi Arabia fell 21.8% from
Chinese production continues to fall due to aging assets as demand grows Demand for crude oil at Chinese refineries continues to grow as the country’s aging oil properties slow production. Chinese production fell the most month-over-month since November 2011 in April, reports Bloomberg, down 3.2% from March. Meanwhile, the country’s refiners processed a record 10.93 MMBOPD of oil. The production
Wildfires burning out of control in Fort McMurray Fort McMurray, the heart of much of Canada’s heavy oil sands production, has been evacuated due to a wildfire burning out of control in and around the city. The evacuations have forced the oil sands operations in the surrounding area to lower production as works and their families flee to safety. Operators
While overall U.S. crude oil imports decline, the U.S. continues to increase imports of Canadian crude oil The total amount of crude oil imported into the U.S. has steadily declined since a peak in 2005 when imports averaged 10.1 MMBOPD, but trade of Canadian crude into the U.S. continues to grow. Canadian crude oil accounted for 43% of gross crude
U.S. posts trade surpluses with OPEC in 10 of the last 12 months as oil prices remain low; a U.S. surplus with OPEC has only happened three times in past 30 years Data released from the U.S. Census Bureau showed a record-setting trade surplus with OPEC for the month of February. Cheap oil, a strong dollar and slow growth abroad
With so much oil being produced in the U.S. and nowhere to store it, why are we still importing? Crude oil stocks continued to build last week to levels well above the five-year average as global oversupply persists. Production in both OPEC and non-OPEC countries is beginning to decline, according to information from the IEA, but demand still has not
