All publications by tag «OIL»
"They [big OPEC and Middle Eastern producers] cannot be too ambitious [on their oil price targets]...there's not much [upside] room for them to hope for," Sadamori said. "Once the oil price goes to certain levels, this will stimulate new drilling and investments in North America," he added.
The S&P/ASX 200 Energy index added 0.7 per cent, with Beach Energy – the recent buyer of Origin Energy’s conventional oil and gas business assets – up 2.8 per cent, Origin up 1.1 per cent and Caltex Australia up 1 per cent.
Brent crude futures were at $57.87 at 0622 GMT, up 12 cents, or 0.21 percent, from their last close. U.S. West Texas Intermediate (WTI) crude was at $52.04 per barrel, up 20 cents, or 0.39 percent.
Total petroleum deliveries increased 2.4 percent from September 2016. These September deliveries were the highest September deliveries in a decade. For the third quarter 2017, total petroleum deliveries, a measure of U.S. petroleum demand, increased 2.1 percent from the same period last year to nearly 20.4 million barrels per day. For year to date 2017, total domestic petroleum deliveries increased 1.2 percent compared to the same period last year.
Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.
Brent crude futures LCOc1, the international benchmark for oil prices, were at $57.45 at 0639 GMT, up 22 cents, or 0.4 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.54 per barrel, up 25 cents, or 0.5 percent.
OGJ - Oil and gas will remain crucial energy components as their share of the total global mix falls from 53% now to 43% in 2050, Torstad said during a presentation at the National Press Club sponsored by the US Energy Association. “We’ve assumed a generally steady change toward 2050, with less crude oil production but more natural gas and electricity, where solar and wind power will grow because of cost reductions,” she said.
Crude oil exports in the first half of 2017 increased by more than 300,000 barrels per day (b/d) from the first half of 2016, reaching a record high of 0.9 million b/d. Petroleum product exports also grew over the same period with propane and distillate exports reaching record highs of 0.9 million b/d and 1.3 million b/d, respectively.
NPD - Preliminary production figures for September 2017 show an average daily production of 1 772 000 barrels of oil, NGL and condensate, which is a decrease of 171 000 barrels per day compared to August.