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US crude stocks, gasoline inventories fall: EIA

US crude stocks, gasoline inventories fall: EIA

US crude stocks down by 2.5 million barrels in week ending June 16 Data from the US Energy Information Administration showed US crude stocks and gasoline inventories fell last week, surprising analysts with a larger-than-anticipated draw. Crude stocks fell 2.5 million barrels in the week ending June 16.  Analysts had expected inventories to fall by […]

Opinion: Oil traders hunt for shale pain threshold

Opinion: Oil traders hunt for shale pain threshold

Most shale producers need $45-$50/barrel oil to break even By John Kemp LONDON, June 21 (Reuters) – Crude prices are likely to remain under pressure until there are signs the number of rigs drilling for oil in the United States is stabilising or reversing lower. U.S. exploration and production firms have hired 530 extra drilling […]

Opinion: Saudi Arabia eases austerity just as oil prices decline

Opinion: Saudi Arabia eases austerity just as oil prices decline

  In 2016 Saudi Arabia earned less than half from petroleum exports than in 2013 By John Kemp LONDON, June 21 Saudi Arabia’s decision to reverse some of last year’s austerity measures coincides with a renewed decline in oil prices and complicates the financial and economic outlook for the kingdom. All allowances, bonuses and financial […]

Growing octane needs widen price difference between premium, regular gasoline

Growing octane needs widen price difference between premium, regular gasoline

  Energy policy reforms in recent years promoted widespread use of ethanol as source of octane in gasoline The difference between U.S. average retail prices for premium and regular gasoline reached 50 cents per gallon in late 2016, and it has remained near that level so far in 2017, according to the U.S. Energy Information […]

OPEC supply cut participants reach 106 per cent compliance in May

OPEC supply cut participants reach 106 per cent compliance in May

OPEC supply cut deal undercut by increased US, Libyan, Nigerian production Participants in the OPEC supply cut pact reached 106 per cent compliance with their pledges, according to Reuters’ sources familiar with the matter. OPEC members taking part in the agreement complied 108 per cent with their commitments while non-OPEC participants’ compliance was at 100 […]

OPEC should heed lessons from Achnacarry Agreement

OPEC should heed lessons from Achnacarry Agreement

The Achnacarry Agreement was an early attempt to restrict petroleum production By John Kemp Preamble from the Achnacarry Agreement LONDON, June 20 (Reuters) – OPEC members are struggling to protect their revenues in the face of renewed competition from U.S. shale producers and other suppliers outside the organisation. OPEC’s revenues from petroleum exports have fallen […]

Exxon, BP support carbon tax plan by elder Republican statesmen

Exxon, BP support carbon tax plan by elder Republican statesmen

Carbon tax plan calls for $40/tonne of CO2 produced Global oil companies including Exxon Mobil and BP Plc are throwing their support behind a carbon tax plan put together by a group of Republican statesmen, according to an advertisement in the Wall Street Journal on Tuesday. The carbon tax plan calls for a $40 tax […]

U.S. refineries are running at record-high levels

U.S. refineries are running at record-high levels

Petroleum product inventories, product supplied, and exports higher than previous 5-year averages Gross inputs to U.S. petroleum refineries, also referred to as refinery runs, averaged a record high 17.7 million barrels per day (b/d) for the week ending May 26, according to the U.S. Energy Information Administration. This, before dropping slightly to 17.5 million b/d […]

EQT buys up Rice Energy for $6.7 billion in company’s biggest ever deal

EQT buys up Rice Energy for $6.7 billion in company’s biggest ever deal

EQT deal makes company largest US natgas producer EQT Corp said on Monday it is buying Rice Energy for $6.7 billion, in a deal that would make EQT the biggest natural gas producer in the United States. The Pittsburgh-based oil and gas company says this deal is the firm’s largest as it looks to expand […]

Mexico oil blocks auction surpasses last week’s estimates

Mexico oil blocks auction surpasses last week’s estimates

Mexico oil blocks auction could mean $8.2 billion in investments On Monday, Mexico auctioned 10 of 15 available shallow water oil and gas blocks that were up for grabs as the government opens up the Mexico oil industry to foreign investment. The shallow water oil and gas blocks were located in the southern coastal waters […]