Total U.S. hydrocarbon production continued to grow even as prices remained low The United States remained the largest hydrocarbon producer in the world for the third consecutive year in 2015. Despite low crude oil prices, and a 60% drop in the number of operating oil and natural gas rigs, U.S. petroleum and natural gas hydrocarbon production increased roughly 2.0 MMBOEPD
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
Iran made a statement when the country issued official selling prices for June contracts of heavy crude oil sold to Asia. The most recent pricing information unveiled by Iran is the largest discount to Saudi and Iraqi oil since 2007. The Iranian announcement was just a few days after Saudi Arabia announced a price increase for their June contracts to
Saudi stockpiles reach an 18-month low in March Saudi Arabia’s oil production remained unchanged in the final month of the first quarter, according to reports from OPEC, but as demand for the kingdom’s oil continues to grow, OPEC’s largest producer is increasingly depleting its stockpiles. The kingdom’s crude oil stockpiles fell to 296.7 MMBO in March, down 3% from 305.6
From The Hill The upper chamber approved the Justice Against Sponsors of Terrorism Act by unanimous consent. “This bill is very near and dear to my heart as a New Yorker because it would allow the victims of 9/11 to pursue some small measure of justice,” Schumer said. “[This is] another example of the [John] Cornyn-Schumer collaboration, which works pretty
After two decades, Ali al-Naimi is replaced in government shake-up as Saudi Arabia tries to appease its young populus As part of a sweeping reform through the government of Saudi Arabia, long-time oil minister Ali al-Naimi has been replaced. The monarchy announced the reorganization of several major institutions, including the oil ministry and the central bank, as the kingdom works
In Return Saudi Arabia Threatens to Sell $750 Billion in U.S. Assets Saudi Arabia has threatened to sell three quarters of a trillion dollars in U.S. securities assets in response to proposed new legislation that would leave it vulnerable to being sued by U.S. citizens for any role the kingdom may have played in the 9/11 terrorist attacks on New
Freeze agreement falls apart without Iran Discussion between key OPEC and non-OPEC producers about freezing production at January levels has pushed oil prices up from below $30 per barrel to more than $40 ahead of yesterday’s fruitless meeting in Doha, Qatar. Back in January, U.S. crude oil benchmark WTI fell to a 2016 low of $26.55 per barrel while international
Iran selling Forozan Blend to Asia at a $2.43 discount Iran is increasing pressure on fellow OPEC members as its attempts to retake lost market share in major markets like Asia. The Islamic Republic is now undercutting the price of Saudi crude oil in Asia after holding its own crude at a premium to Saudi Arabia’s light crude for almost
Countries agreeing to freeze have little capacity to add Oil prices have recovered over the past weeks as news about a coordinated production freeze between OPEC and non-OPEC members has given the commodity a more stable footing in the market. Both U.S. and international crude benchmarks WTI and Brent are up over $40 per barrel as markets hope that cooperation
Saudi Arabia and Russia vie for market share in China Monthly oil imports to China in February were 20% higher in 2016 than the year before. The increased level of imports in February were the highest ever on a daily basis as the country takes advantage of low oil prices to increase stockpiles, reports Reuters. Saudi Arabia made up the
Brent crude oil broke $40 per barrel for the first time in 2016 Both U.S. and international crude benchmarks are up over 5% today as rumors of a potential OPEC price floor give new hope of a “fair price for producers and consumers” – a phrase once favored by OPEC. WTI is up nearly $2 at $37.84 per barrel today,
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