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US oil exports, China slump hit oil market.



US oil exports, China slump hit oil market.
Nov 3rd 2014, 00:00

The current glut in global oil markets is likely to persist next year due to slack demand and may even worsen as US lawmakers look set to approve exports of the country's booming crude production, said Daniel Yergin, vice chairman of IHS Cera.The dramatic fall in global oil prices -- down around 25 per cent since June -- is a result of global oil markets adjusting to surging production in the...

US plans to study petroleum reserve.


US plans to study petroleum reserve.


US officials will examine how to boost efficiency of the Strategic Petroleum Reserve (SPR) now that domestic energy production is booming, according to a letter from a Department of Energy official."DOE believes that a broad, long-range strategic review of the SPR needs to be accomplished," Christopher Smith of the DOE Office of Fossil Energy, wrote to the Government Accountability Office. In...

Oil slump yet to hit US shale production.


Oil slump yet to hit US shale production.


The vast majority of shale oil in the US is produced at costs far below the current price of crude, the head of the west's energy watchdog said, which means US projects can withstand the market slump squeezing other producers.Brent oil stands at around $88 per barrel, down more than 23 per cent from the year's peak above $115 in June, raising concern that some shale oil projects will become...

In oil price war, Saudi's biggest rival is next door.


In oil price war, Saudi's biggest rival is next door.


Kuwait, Saudi Arabia's traditional Gulf ally, is challenging its bigger neighbour in an increasingly competitive battle for market share as it sells oil to buyers in Asia at the widest discount to a comparable Saudi grade in 10 years.Kuwait's price cut to Asia, and cuts by other Middle East producers including Saudi Arabia and Iraq, have underscored competition for oil sales to the region as a...

US oil exports, China slump hit oil market.



US oil exports, China slump hit oil market.
Nov 3rd 2014, 00:00

The current glut in global oil markets is likely to persist next year due to slack demand and may even worsen as US lawmakers look set to approve exports of the country's booming crude production, said Daniel Yergin, vice chairman of IHS Cera.The dramatic fall in global oil prices -- down around 25 per cent since June -- is a result of global oil markets adjusting to surging production in the...

US plans to study petroleum reserve.


US plans to study petroleum reserve.


US officials will examine how to boost efficiency of the Strategic Petroleum Reserve (SPR) now that domestic energy production is booming, according to a letter from a Department of Energy official."DOE believes that a broad, long-range strategic review of the SPR needs to be accomplished," Christopher Smith of the DOE Office of Fossil Energy, wrote to the Government Accountability Office. In...

Oil slump yet to hit US shale production.


Oil slump yet to hit US shale production.


The vast majority of shale oil in the US is produced at costs far below the current price of crude, the head of the west's energy watchdog said, which means US projects can withstand the market slump squeezing other producers.Brent oil stands at around $88 per barrel, down more than 23 per cent from the year's peak above $115 in June, raising concern that some shale oil projects will become...

In oil price war, Saudi's biggest rival is next door.


In oil price war, Saudi's biggest rival is next door.


Kuwait, Saudi Arabia's traditional Gulf ally, is challenging its bigger neighbour in an increasingly competitive battle for market share as it sells oil to buyers in Asia at the widest discount to a comparable Saudi grade in 10 years.Kuwait's price cut to Asia, and cuts by other Middle East producers including Saudi Arabia and Iraq, have underscored competition for oil sales to the region as a...