Supply

Oil

Libya’s oil chief tries to calm Western fears

Source: 
The Wall Street Journal

The chairman of Libya’s National Oil Co., Mustafa Sanallah, has told The Wall Street Journal that the company continues to operate independently and transparently despite the ongoing conflict in the country.

Oil

Canada exports kept room open in Gulf storage hubs

Source: 
The Wall Street Journal

Data compiled by Genscap shows Gulf Coast storage hubs would have been filled to capacity this year if it weren’t for the nearly 19 million barrels of crude shipped to Canada, The Wall Street Journal reports.

Oil

Rig retirement hitting U.S. shale production, EIA says

Source: 
FuelFix

The impact of oil producers pulling some 940 rigs since October is starting to be felt in U.S. shale production, with the Energy Information Administration predicting shale output will drop 1.5 percent to 5.56 million barrels a day in June, FuelFix reports.

EnergyGuardian Photo

Murkowski to move on crude exports, energy reform

The Republican chair of the Senate Energy and Natural Resources Committee is prepared to charge forward on a broad energy reform package, while separately launching an effort to end the 40-year-old ban on crude oil exports.

Speaking at a briefing with reporters Thursday, Sen. Lisa Murkowski, R-Alaska, said her bill to end the export ban, a policy she has decried as “domestic sanctions” on U.S. oil producers, would be introduced on Tuesday.

Oil

Alberta election prompts market warnings against oil sands, coal

Source: 
Bloomberg

Portfolio managers and analysts are advising investors to avoid putting stake in Alberta's oil sands and coal following the victory of the New Democratic Party that campaigned to cut coal power, raise corporate taxes and reconsider energy royalties, Bloomberg reports.

Oil

Indonesia may return to OPEC as observer

Source: 
The Wall Street Journal

Hoping to have have an "interaction with the market," Indonesia's Minister of Energy and Mineral Resources Sudirman Said said the country is weighing rejoining OPEC as an observer nation after leaving the cartel in 2009, The Wall Street Journal reports.

House Energy and Commerce Committee
Oil

DOE’s Smith sees 'points of agreement' with Congress on strategic oil reserves

A top Energy Department official says the nation's emergency supply of crude oil needs reforms and new investment, and there are "points of agreement" inside Congress to make necessary changes once his agency completes a review of the system.

Speaking at the Center for Strategic and International Studies on Wednesday, DOE Assistant Secretary for Fossil Energy Christopher Smith said much has changed since the Strategic Petroleum Reserve was created in 1975, and there’s necessary action to keep it viable amid surging U.S. energy production.

Oil

Stocks drop, oil up but off intraday highs

NEW YORK (AP) — U.S. stocks fell across industries on Wednesday as investors worried over stock valuations, economic growth and rising interest rates.

The price of oil rose on an unexpected drop in crude oil supplies in the U.S. Benchmark U.S. crude rose 53 cents to close at $60.93 a barrel in New York after having reached as high as $62.58 during the day.

Office of Rep. Henry Cuellar.
Oil

Texas Rep. Cuellar confident more Democrats to support oil exports

The lone Democrat backing a House Republican effort to lift the 40-year-old export ban on crude oil said he is confident that the legislation will gather more bipartisan momentum as it moves closer to a vote.

Rep. Henry Cuellar, D-Texas, signed onto Rep Joe Barton’s bill to end the long-standing Commerce Department policy last week, and said at a press conference Thursday that he’s working to court other Democrats to support the legislation.

Oil

OPEC production isn't letting up

Source: 
Bloomberg

Low prices didn't stop OPEC from producing, in April, at levels near a two and a half year high, Bloomberg reports.

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