Supply

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Oil

Crude oil exports rise toward record

 While debate over the ban on crude oil exports gains momentum, shipments of U.S. and Canadian oil already permitted by law reached the second-highest volume since recordkeeping began in 1920, the Energy Department said Wednesday.

Exports of U.S. oil to Canada and re-exports of Canadian crude to customers overseas reached 401,000 barrels a day in July, the Energy Information Administration said in its weekly petroleum markets report.

Oil

Non-Gulf OPEC members seek production cut

Source: 
The Wall Street Journal

Officials from several OPEC members outside the Persian Gulf are calling for a reduction in production in response to falling oil prices, as Saudi Arabia and other Gulf states seek to keep the ceiling high, The Wall Street Journal reports.

Oil

Rival governments both claim control over Libya oil policy

Source: 
Reuters

Operation Dawn, a self-proclaimed government of Libyan rebels controlling Tripoli, has claimed control over oil policy, drawing a rebuke from Prime Minister Abdullah al-Thinni who says revenues belong to the displaced elected government, Reuters reports.

Oil

Falling oil prices shake up global economies

NEW YORK (AP) — A sudden plunge in the price of oil is sending economic and political shockwaves around the world. Oil exporting countries are bracing for potentially crippling budget shortfalls and importing nations are benefiting from the lowest prices in four years.

The global price of oil closed at $84.47 per barrel Thursday, down about $31, or 27 percent, from its high point for the year. Oil consumption globally is 91 million barrels per day. That means the world's oil producing countries and companies are bringing in as much as $2.8 billion less in revenue every day — and consumers, shippers and airlines are saving a comparable amount on gasoline, diesel and jet fuel.

Oil

Gulf nations to stand against production cut at OPEC meeting

Source: 
The Wall Street Journal

Officials tell The Wall Street Journal that Persian Gulf nations including Saudi Arabia and Kuwait plan to stand against cuts to OPEC oil production at next month's meeting despite tumbling prices.

Oil

Falling oil prices shake up global economies

NEW YORK (AP) — A sudden plunge in the price of oil is sending economic and political shockwaves around the world. Oil exporting countries are bracing for potentially crippling budget shortfalls and importing nations are benefiting from the lowest prices in four years.

The global price of oil is $84 per barrel, down $31, or 27 percent, from its high point for the year. Oil consumption globally is 91 million barrels per day. That means the world's oil producing countries and companies are bringing in as much as $2.8 billion less in revenue every day — and consumers, shippers and airlines are saving a comparable amount on gasoline, diesel and jet fuel.

Oil

Chemistry group pushes plastics-to-oil in report

Source: 
FuelFix

The American Chemistry Council in a report said there's enough waste plastic to power $6.6 billion in new plants and create thousands of job through plastics-to-oil conversion, though it notes industry is slow to embrace the technology, FuelFix reports.

Oil

North Dakota hits record oil, gas output in August

Source: 
Platts

North Dakota's Department of Mineral Resources said the state's oil and natural gas production hit new records in August, with oil output rising to 1.132 million barrels per day and gas output rising to 1.34 billion cubic feet per day, Platts reports.

Oil

Iran shifts position, says falling prices workable

Source: 
Reuters

Shifting from its tendency to call for production cuts amid declining oil prices, Iran joined Saudi Arabia and other Gulf OPEC members in saying the current decline in oil prices doesn't require any change in production levels, Reuters reports.

Oil

IEA oil demand growth forecast at weakest in five years

Source: 
The Wall Street Journal

The International Energy Agency slashed its 2014 forecasts for oil demand growth to 700,000 barrels a day, a cut of 200,000 barrels a day, making it the weakest projection in five years, The Wall Street Journal reports.

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