Oil prices tumbled 4% on Wednesday to their lowest settlements in nearly five months, weakened by another unexpected rise in U.S. crude stockpiles and by a dimming outlook for global oil demand.Add your comment!
The US will become a net oil exporter for the first time on a monthly basis in November, with crude and refined product exports exceeding imports by 220,000 b/d, the Energy Information Administration said on Tuesday.Add your comment!
Chevron Corp completed a US$ 350 million purchase of a refinery in the Houston suburb of Pasadena, Texas, from Brazil’s Petrobras, Chevron said in a statement. The sale was agreed to in January, but Chevron put the transfer of the 112,229-barrel-per-day plant’s ownership on hold on April 2, telling Petrobras it had to prove the refinery would operate as promised.
The US has imposed sanctions on Venezuela's state-owned oil firm PDVSA and urged the country's military to accept a peaceful transfer of power. National Security Adviser John Bolton said President Nicolás Maduro and his allies could no longer loot the assets of the Venezuelan people. Efforts by the opposition to unseat Mr Maduro have increased in recent days.
Oil prices rose for the fourth straight day on Monday to hit levels not seen since late 2014, boosted by the latest trouble for Venezuelan oil company PDVSA and the possibility that the United States could re-impose sanctions on Iran.
An international arbitration court has ordered Venezuela’s oil company PDVSA to pay ConocoPhillips US$ 2.04 billion for early dissolution of two joint ventures for producing oil in the OPEC-member country, the U.S. firm said.
United States shale oil output is set to surge over the next five years as drillers recover rapidly from a three-year slump, the International Energy Agency said, sharply upgrading its previous growth forecasts. A landmark deal in 2017 between OPEC and other oil producers including Russia to curb output in order to battle a global glut materially improved the outlook for other producers as oil prices rose sharply throughout the year, the IEA said.
Oil prices rose early on Monday ahead of a meeting between OPEC and U.S. shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut. Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other global oil players are set to gather in Houston as CERAWeek, the largest energy industry conference, begins on Monday.
The U.S. is one of the few areas of the world in which there is an energy investment boom underway, a development that could smooth out the uncertainties of geopolitical events around the world. At the same time, outside of the U.S., there is a deterioration of stability in many oil-producing regions, aggravating risks for both oil companies and the oil market, according to a new report.
The United States is in the midst of an energy revolution.
Oil production has risen by 5 million barrels per day (bpd) since 2010, an increase of nearly 100 percent. New technology, particularly techniques in shale oil drilling, has opened up vast new opportunities for oil and gas companies.