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Oil

Saudi oil chief: No conspiracy behind oil prices

ABU DHABI, United Arab Emirates (AP) — Saudi Arabia's oil chief on Sunday dismissed allegations that his kingdom conspired to bring down oil prices in order to harm other countries and told a summit of Arab energy leaders that he was confident the market would stabilize.

The kingdom, which is dependent on oil revenues, is able to weather lower oil prices due to large reserves built up over the years. Non-OPEC member Russia and other nations like Iraq, Iran and Venezuela need prices substantially above present levels to meet budget goals and want to drive prices up.

Oil

Qatar energy minister: OPEC monitoring oil's slide

DOHA, Qatar (AP) — Qatar's energy minister says OPEC is monitoring the drop in oil prices closely following a months-long slide that has left crude trading at its lowest point in more than five years.

Energy and Industry Minister Mohammed bin Saleh al-Sada told reporters in Doha on Tuesday that OPEC is "watching the market closely," but he gave no indication the bloc would change course on current output.

Oil

Libya: Fighting closes largest oil export terminal

TRIPOLI, Libya (AP) — The minister of oil in Libya's Tripoli-based government says the country's largest oil shipping terminal has been shut down due to clashes between rival militias.

Mashallah al-Zawi said foreign workers in the Sidra terminal have been evacuated to the eastern town of Ajdabiya. He also said the National Oil Corporation has declared a force majeure in Sidra and another port to the east, Ras Lanuf, because of the clashes. Both are controlled by eastern militias loyal to Libya's rival elected government, based in the eastern city of Tobruk.

Oil

Oil prices fall further after IEA cuts forecast

LONDON (AP) — Oil prices fell further Friday after the International Energy Agency lowered its forecast for global oil demand next year.

In its monthly oil report, the agency said global oil demand in 2015 will grow by 900,000 barrels a day — 230,000 less than previously forecast — to 93.3 million.

Isaac Wedin photo

Analysis: Crude exports pitch gets tepid response

The hearing Thursday in the House Energy and Commerce Committee's energy panel could be seen seen as a major advance for oil companies seeking to repeal the U.S. crude export ban.

They got House Republians to at least take testimony on the ban. But the unease displayed by GOP lawmakers and energy-state Democrats, worried that lifting the ban might be seen by the public as a move that could also raise gasoline prices, was evident.

If oil producers are to win a repeal, they'll be in the unusual position of having to win over their traditional Republican allies and having to overcome qualms by some refiners. The industry has acknowledged there won't be a quick victory on the issue, and that was confirmed on Thursday.

House Energy and Commerce Committee
Oil

Crude exports will get a closer look next year: Whitfield

The chairman of the House Energy and Commerce Committee's energy panel Thursday promised to hold followup hearings next year on the issues surrounding the ban on crude exports, but would not say when a repeal bill might get a vote.

Rep. Ed Whitfield, R-Ky., said he first wants comment from consumer groups -- among other stakeholders -- and a closer look at the Jones Act, which requires goods to be moved between U.S. ports by domestic ships.

"We'll be having some more hearings about it, because as I said, we want to be very thorough before we make a decision to go one way or the other," Whitfield said at the beginning of Thursday's hearing on the ban, the first by his Energy and Power Subcommittee.

Adam Sieminski/EnergyGuardian Photo
Oil

More to come from EIA on crude export ban: Sieminski

The Energy Information Administration will start publishing monthly data on the movement of oil by rail in the coming weeks, and domestic production numbers directly from producers instead of states, to inform the debate over the ban on crude oil exports, Administrator Adam Sieminski is telling Congress.

In prepared remarks for a hearing on the ban Thursday, Sieminski highlighted EIA's crude oil market analyses this year in response to congressional requests for data related to the ban, and says more is to come.

Oil

Oil takes another dive on OPEC report, US supplies

NEW YORK (AP) — The price of oil took another dive Wednesday, plunging to five-year lows amid mounting evidence that global supplies are far outstripping demand.

The U.S. Energy Department reported a surprise increase in domestic oil inventories and OPEC projected that demand for its crude would sink next year to levels not seen in more than a decade.

Benchmark U.S. crude slumped 4.5 percent, or $2.88, to close at $60.94 a barrel on Wednesday. Prices have not been that low since July of 2009. U.S crude prices have fallen 17 percent in two weeks and are now 43 percent below the $107.26 that a barrel fetched at its peak this year.

Oil

OPEC slashes 2015 forecast

Source: 
Bloomberg

Accounting for a drop in demand for its crude alongside strong production from elsewhere, OPEC has cut its 2015 projections, predicting it will need to produce 28.9 million barrels a day next year, the lowest level in a dozen years and a drop of 300,000 barrels from its last forecast, Bloomberg reports.

Oil

Exxon sees abundant oil, gas far into future

NEW YORK (AP) — North America, once a sponge that sucked in a significant portion of the world's oil, will instead be supplying the world with oil and other liquid hydrocarbons by the end of this decade, according to ExxonMobil's annual long-term energy forecast.

And the "almost unspeakable" amount of natural gas found in recent years in the U.S. and elsewhere in North America will be enough to make the region one of the world's biggest exporters of that fuel by 2025, even as domestic demand for it increases, according to Bill Colton, Exxon's chief strategist.

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