The Energy Information Administration projects that U.S. imports of oil will fall from 49 percent of current supply to 36 percent by 2035 as consumption drops and domestic projection rises. And it predicts the U.S. will rapidly export more natural gas as a result of the shale boom.
Fears that Iran oil sanctions will ignite a price increase have been eased by falling oil prices, prompting the European Union to ratifyan embargo against Iranian oil beginning July 1, The Wall Street Journal reports.
Brazilian state oil monopoly Petrobras isn't seeking outside partners in the construction of a northeastern Brazil refinery, hoping its current partner, the Venezuelan oil company Petroleo, will resolve its financial difficulties, The Wall Street Journal reports.
SINGAPORE (AP) — Oil fell to near $79 a barrel Monday in Asia as Europe's economic woes offset a supply disruption from a storm that shut down about a quarter of crude output in the Gulf of Mexico.
Benchmark oil for August delivery was down 38 cents at $79.38 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.56 to settle at $79.76 in New York on Friday.
In London, Brent crude for August delivery was down 60 cents at $90.38 per barrel on the ICE Futures exchange.
Liberal watchdog group Checks and Balances Project said the State Department inspector general is investigating potential conflicts of interests in the department's environmental review of the Keystone XL pipeline, The Hill reports.