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.
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.
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.
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.
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.
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.
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.
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.
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.
Comments from Saudi oil minister Ali al-Naimi that OPEC would not cut production “whatever the price is,” triggered a fresh slide Monday. U.S. benchmark crude dropped 3.3 percent, or $1.87, to $55.26 a barrel on the Nymex, while in London Brent fell 2 percent to $60.11, Reuters reports.
Energy Secretary Ernest Moniz should not support legislation introduced by Sen. John Hoeven, R-N.D., to speed up approvals of LNG exports, a coalition of 114 environmental groups said in a letter Monday, The Hill reports.
For illegal waste disposal and causing a landslide that diverted streams, shale gas driller Vantage Energy Appalachia LLC has been ordered to pay a penalty of $999,900 by the Pennsylvania Department of Environmental Protection, the Pittsburgh Post-Gazette reports.
Arizona Corporation Commissioners didn’t approve, but didn’t object to plans for Arizona Public Service Co. to spend $28.5 million to put free solar on the roofs of 1,500 customers in order to test west-facing solar panels and voltage regulators, The Arizona Republic reports.
With continued mild weather and the fear of frigid cold receding, natural gas prices slumped 31 cents to the lowest level in nearly two years, at $3.144 per million British thermal units, FuelFix reports.
In Wyoming, Republican state Rep. John Patton is introducing legislation to upend a ban on using Next Generation Science Standards, the teaching of climate change science, seeking to leave the matter up to the state Board of Education to decide, National Journal reports.
The sale of Morgan Stanley’s oil trading and storage business to Russian oil giant Rosneft has been scuppered by failure to win approval from U.S. regulators, the companies announced Monday, The Wall Street Journal reports.
Joe Rodota, whose Forward Observer operation has worked environmental issues for years out in California – most recently in support of legislation banning single-use plastic bags – has had an office in Washington D.C. for the past two years, although he declined to tell E&E about his clients there.
Meteorologist Bob Simpson, who died last week aged 102, pushed for establishment of the National Hurricane Center in Miami, helped develop the Saffir-Simpson scale of hurricane intensity in use today, and also founded a Hawaiian observatory where carbon measurements were refined, among other accomplishments, The Washington Post reports.
Tokyo Electric Power Co., the operator of the ruined Fukushima Dai-ichi nuclear plant, says it has managed to remove fuel rods from the vulnerable No. 4 reactor building, and they are being placed in an undamaged storage pool, The New York Times reports.