Tag: Crude Oil
Crude oil prices increased in 2017, and Brent-WTI spread widened
US crude oil production increased in 2017 by 384,000 b/d, more growth forecast to 2030 Crude oil prices ended 2017 at the highest levels since 2013 and West Texas Intermediate (WTI) crude oil prices averaged $51/b in 2017, up $7/b from the 2016 average, and ended the year at $60/b, $6/b higher than at the […]
Canada is United States’ largest partner for energy trade ‘by far’ – US EIA
Canada by far the largest source of US crude oil imports (41% of total in 2016) Canada is the largest energy trading partner of the United States. Based on the latest annual data from the U.S. Census Bureau, energy accounted for about 5 per cent of the value of all U.S. exports to Canada and more […]
Global oil and gas discoveries fall again in 2017, will impact supply in the 2020s
Global exploration expenditures fell by over 60% from 2014 to 2017 2017 was another low year for the discovery of conventional volumes of oil and gas, with less than seven billion barrels of oil equivalent (boe) found year to date, according to consultancy Rystad Energy. “We haven’t seen anything like this since the 1940s,” says senior analyst […]
Production from offshore pre-salt oil deposits has increased Brazil’s oil production
Pre-salt oil deposits are under deep, thick layers of rock and salt and require substantial investment to extract Brazil has produced 3.3 million barrels per day (b/d) of petroleum and other liquids so far in 2017, according to U.S. Energy Information Administration data through Aug., up from 3.2 million b/d in 2016 – making it […]
United States, Canada, and Mexico launch North American Energy information website
Canada is largest source of US natural gas and oil imports At the North American Energy Ministerial on Nov. 14 in Houston, Texas, United States Secretary of Energy Rick Perry, Canada’s Minister of Natural Resources James Carr, and Mexico’s Secretary of Energy Pedro Joaquin Coldwell launched the North American Cooperation on Energy Information (NACEI) website, according […]
Natural gas production in Bakken region increases at faster rate than oil production
New targets set in 2014 to limit flaring to 10% by Oct. 1, 2020 In North Dakota’s Bakken region, the ratio of natural gas production relative to crude oil, known as the gas-oil ratio, has been gradually increasing since 2008 and has increased at a faster rate since 2014, according to the U.S. Energy Information Administration. […]
Canadian fossil fuel use peaks in 2019, but not in Alberta until 2037 – NEB study
Alberta fossil fuel use driven by 2.1MM b/d jump in crude oil output from 2016 to 2040, high economic growth The National Energy Board recently released its Energy Future 2017 report (EF2017) that forecasts Canadian fossil-fuel demand could peak in 2019, then plateau until 2040. A follow up study shows that the trend looks quite different across […]
The intellectual bankruptcy of supply-side environmentalism
Is it time to switch to demand-side environmentalism, focus more on developing technologies to displace oil? Thanks, TransCanada. A 5,000 barrel leak of crude oil in South Dakota has the usual outrage machine – the Bill McKibbens and Greenpeaces of the world – demanding the project be scrapped. Which raises an interesting question: has pipeline […]
Transportation constraints, export costs widen Brent-WTI crude oil price spread
China is second-largest destination for U.S. crude oil exports In its Nov. Short-Term Energy Outlook (STEO), EIA forecasts the price difference between West Texas Intermediate (WTI) crude oil priced at Cushing, Oklahoma, and Brent, the global crude oil price benchmark, to remain at $6 per barrel (b) through the first quarter of 2018 before narrowing to $4/b […]
Russia exports most of its crude oil production, mainly to Europe
Russia also exported 1.3 million b/d of fuel oil, 990,000 b/d of diesel, and 120,000 b/d of gasoline in 2016 Russia exported more than 5.2 million b/d of crude oil and condensate and more than 2.4 million b/d of petroleum products in 2016, mostly to countries in Europe, according to the U.S. Energy Information Administration. […]
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