Supply

Associated Press
Oil

Obama administration to extend Keystone XL interagency review

WASHINGTON (AP) — AP Sources: Obama administration extending agency review of Keystone XL oil pipeline.

Oil

US says oil reserves highest since 1976

Crude oil reserves in the U.S. grew for the fourth straight year, reaching the highest level since 1976, according to an Energy Department report released Thursday.

The report says reserves grew 4.5 billion barrels, or 15 percent, to 33 billion barrels in 2012. It was the biggest one-year jump since 1970.

The U.S. consumed 6.9 billion barrels of crude-based fuels last year.

Oil

Gulf Coast crude supplies at record level: EIA

Source: 
Bloomberg

Oil movement out of the Gulf Coast is failing to keep pace with the amounts of crude flowing in, according to figures by the Energy Information Administration, which found that stockpiles in the region for the week ending April 4 hit record levels, Bloomberg reports.

EnergyGuardian
Oil

Shale oil boom has potential to eliminate imports: EIA

The shale oil boom will account for most of the growth in U.S. domestic oil output through 2020 and could effectively eliminate imports of foreign crude if production remains strong in the following decades, the Energy Information Administration said Monday.

EIA, the statistics arm of the Energy Department, said its 2014 energy outlook projects so-called tight oil development will generate 81 percent of the rise in production over the next few years, to an expected 9.6 million barrels a day by 2020.

Oil

Popular oil reserve measure may overstate shale potential

Source: 
Bloomberg

A University of Houston engineering professor voiced concerns that using a popular oil reserve estimate formula developed in 1945 may not be applicable to oil drawn from shale, causing some companies to overestimate the potential at some sites, Bloomberg reports.

Oil

Report: 2014 Bakken oil output 1.1M barrels a day

WILLISTON, N.D. (AP) — Oil production in North Dakota and Montana's Bakken and Three Forks formations will average 1.1 million barrels per day this year, according to estimates announced Wednesday by a research firm.

Wood Mackenzie anticipates that oil production in the North Dakota and Montana sections of the Bakken and Three Forks formations will grow to 1.7 million barrels per day in 2020.

"We're very confident on the future of the Bakken," said Jonathan Garrett, an analyst at Wood Mackenzie. He added that the expected lifetime of a Bakken well is 25 years to 30 years.

Oil

Refiner takes on API over crude export ban

Source: 
FuelFix

Dallas-based refiner HollyFrontier Corp. is standing against the American Petroleum Institute's push for an end to the nation's 39-year-old crude oil export ban, saying lifting it would cause a spike in domestic gasoline prices, FuelFix reports.

Oil

OPEC hits production targets, most Iraqi production for 35 years: IEA

Source: 
Bloomberg

For the first time in five months, OPEC produced more oil in February than it had targeted, boosted by Iraqi output that hit a 35-year high of more than 3.6 million barrels a day, according to the International Energy Agency, Bloomberg reports.

Oil

US testing strategic reserve by releasing 5M barrels of crude: DOE

Source: 
FuelFix

The U.S. will release 5 million barrels of sour crude from its strategic reserve, in a move the Department of Energy describes as a test of the country's ability to respond to supply disruptions in a crisis, FuelFix reports.

Oil

Officials: Canadian oil won't hurt ND production

BISMARCK, N.D. (AP) — The proposed but controversial multibillion-dollar pipelines that would bring a flood of Canadian tar sands oil to the U.S. likely won't hinder North Dakota's soaring crude production, state and industry officials say.

More than 1 million total barrels of tar sand oil from Canada's Alberta province would move through the pair of pipelines, destined for different U.S. refineries than North Dakota's crude, according to Justin Kringstad, director of the North Dakota Pipeline Authority, and Ron Ness, president of the North Dakota Petroleum Council.

The heavy sour crude from Canada is of lower value and more difficult to refine than North Dakota's light sweet crude.

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