Supply

Oil

Shell president: 'Oil will be required for a long time'

ANCHORAGE, Alaska (AP) — The president of Shell Oil Co. said exploratory drilling off Alaska's northwest coast is going well despite stormy weather last week that caused the company to halt operations for a few days.

And in an interview Tuesday with The Associated Press Marvin Odum said he expects further protests against the company's plans for Arctic drilling like the ones in Seattle and Portland where activists in kayaks tried to block Shell vessels.

Oil

US crude closes under $40 a barrel to breach long-time low

NEW YORK (AP) — The price of U.S. oil closed under $40 a barrel on Monday for the first time since the days of the global economic crisis on fears of a slowdown in the world economy.

Already trading at six-year lows on a prolonged slump, U.S. crude fell $2.21 to finish at $38.24 per barrel. Oil hadn't closed below $40 since February 2009, although it briefly traded below that level on Friday. Monday's closing price was the lowest since Feb. 18, 2009.

Oil

Oil steadies but still pressured by oversupply

The price of U.S oil rose slightly Friday, but still ended the week sharply lower as rising supplies continue to outpace global demand growth.

U.S. crude rose 27 cents Friday to close at $42.50, but finished the week down 3 percent after hitting a six-year low on Thursday, and another intraday low of $41.35 a barrel in early morning electronic trading.

AP Photo/Gregory Bull

Commerce backs limited crude swaps with Mexico, as oil allies push for more

The Commerce Department is moving to approve certain swaps of crude oil with Mexico, a senior administration official said Friday, but while the oil industry and its supporters called it a “positive step,” they urged swifter action to end the long-standing ban on crude oil exports.

The official, who wouldn't speak by name, said that while the Bureau of Industry and Security is rejecting proposed swaps with other countries, it will approve certain barrel-for-barrel trades with Mexico.

Oil

US eases crude oil export ban; allows trading with Mexico

EDGARTOWN, Mass. (AP) — The U.S. is easing its longstanding ban on crude oil exports by allowing limited trade with Mexico.

That's according to a senior Obama administration official who wasn't authorized to comment by name and requested anonymity.

Mexico's state-run oil company Petroleos Mexicanos, or Pemex, has sought to import about 100,000 barrels of light U.S. crude a day. Last year it proposed a deal in which the U.S. would trade the light crude for heavier Mexican crude.

The official says the Commerce Department is approving some license applications for the exchange of similar amount of U.S. and Mexican crude.

Congress has pressed the Obama administration to lift the crude oil ban, with Republicans arguing it would make the U.S. an energy superpower. The ban has been in place for four decades.

Oil

Oil price slumps to lowest level in more than 6 years

The price of U.S. crude oil has tumbled to its lowest level in more than six years.

The latest slide on Tuesday came as OPEC said its production rose to a three-year high. China also devalued its currency, suggesting economic growth there was softer and could cause lower crude demand.

Oil

OPEC sees U.S. crude production increasing

Source: 
Reuters

Offshore project start-ups will boost U.S. crude production through the end of the year, according to OPEC’s latest monthly forecast, which increased its projection for demand growth slightly, Reuters reports.

Oil

Oil prices slide as worries about global supply glut mount

The slump in oil prices deepened Monday, pulling down the price of U.S. crude to the lowest level in more than four months.

The move came as traders braced for softer demand amid an increase in the number of active rigs and signs of weakness in U.S. construction spending and manufacturing.

Oil

OPEC chief expects oil prices to stabilize

MOSCOW (AP) — OPEC and Russia say they expect the global oil market to become more balanced and stable next year after the recent sharp drops.

OPEC'S secretary general, Abdullah al-Badri, said after talks Thursday with Russian Energy Minister Alexander Novak that he didn't anticipate a further drop in prices.

Union chief to defend ‘industrial policy’ of crude export ban

The long-standing crude export ban has created an “industrial policy” supporting a strong U.S. refining sector, and lifting it would squander those benefits and pass them along to China and India, the leader of the United Steelworkers plans to tell Congress on Tuesday.

The argument stands in stark contrast to several other witnesses who plan to testify that opening the spigot for crude oil exports would offer the U.S. geopolitical benefits and more sway over global energy markets.

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