The US will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs US economic recovery, Bank of America Corp. said in a report.
OPEC said on Tuesday its rivals will produce more oil than expected this year, as it continued backpedaling from its previous skepticism over the significance of a US shale boom. The views of the Organization of the Petroleum Exporting Countries show it is narrowing its differences with oil consumers on the impact of resurgent North American output.
The Brazilian government has plans to cut and simplify taxes for electricity producers and distributors as part of a strategy to reduce Brazil's high business costs and stimulate its struggling economy, reports Reuters.
Argentina's seizure of 51% of the shares of Spanish oil group Repsol's YPF unit could scare away international firms from investing in the, the International Energy Agency said on Friday.
Global oil demand will increase further next year, the International Energy Agency (IEA) has predicted. The IEA, which represents the main oil consuming nations, said the increase in crude usage would continue to be driven by emerging economies.