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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.

AP Photo/Gregory Bull
Oil

Iran nuclear deal fuels new calls for allowing U.S. crude exports

The nuclear agreement with Iran, with its provision to lift sanctions against the country's oil exports, drove new calls Tuesday for an end to the long-standing ban on U.S. crude exports, to give domestic producers more power in the reshaped international market.

Under the deal, nuclear-related sanctions on Iran would be lifted once world powers verify that Tehran is moving on its commitments. According to the Energy Information Administration, that would allow for as many as one million additional barrels of Iranian crude to enter global markets each day. (See the story and Q&A below with specifics on the impact of the deal on prices and the oil supply.)

Oil

EIA raises crude production estimate for 2015

Source: 
FuelFix

Despite the slowdown that started in the spring, the U.S. remains on track to produce more oil this year than it has since 1970 – an average of 9.5 million barrels per day, FuelFix reports.

Oil

Crude oil tumbles 8 percent, points to low gasoline prices this fall

NEW YORK (AP) — A slew of global economic and geopolitical factors are working to pummel the price of oil and set up U.S. drivers for very low gasoline prices later this year.

The price of U.S. crude dropped 7.7 percent Monday to close at $52.53 a barrel and is now down nearly 15 percent from the high for the year set on June 10.

Oil

European crude hub hits two-year high

Source: 
The Wall Street Journal

A key European oil trading hub was storing 60.6 million barrels of crude oil in June, a two-year high and a sign that the oil glut is not abating, The Wall Street Journal reports.

Oil

Condensate exports double in May from start of 2015, traders say

Source: 
Reuters

U.S. condensate exports have more than doubled since the beginning of 2015, as May volumes hit between 120,000 and 140,000 barrels per day, traders tell Reuters.

Oil

Oil tanker demand and prices increase, but few places to ship

Source: 
The Wall Street Journal

Oil tankers are fetching 25 percent higher lease rates this month, the highest level since January 2014, but analysts say the glut of crude oil and few places to ship it are turning the ships into storage vessels, The Wall Street Journal reports.

Oil

US oil production grows but Bakken flat, Eagle Ford slipping

Source: 
FuelFix

U.S. crude production increased in May by 870,000 barrels a day, according to the Platts forecasting unit Bentek Energy, which added that output in the Eagle Ford Shale declined but remained 21 percent higher than the year-ago period, FuelFix reports.

Photo by Ruhrfisch

Hearing highlights lingering doubts on ending export ban

Lifting the long-standing ban on crude oil exports will lead to higher domestic crude prices and could stress the country's transportation infrastructure, hurting farmers, witnesses and lawmakers said at a House Small Business Committee hearing Wednesday.

While the effort to lift the ban appears to be gaining momentum, with bills set to get committee consideration in both chambers this year, the hearing highlighted that some lawmakers, including Republicans, still need some convincing.

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