U.S. WILL BE AN EXPORTER
The United States will transition from a net importer of natural gas to a net exporter of the fuel by 2017 as the nation's shale gas production continues to grow, the U.S. Energy Information Administration said on Tuesday in its Annual Energy Outlook.
In its 2014 outlook, the EIA forecast the U.S. would become a net exporter of gas before 2020.
The EIA said increases in domestic gas production are expected to reduce demand for gas imports from Canada and support growth in exports to Mexico, Asia and Europe.
Net gas exports would continue to grow after 2017, with annual net exports reaching 3.0 trillion cubic feet to 13.1 tcf in 2040, the agency said.
The United States produced a total of 24.4 tcf of dry gas in 2013 and was expected to produce between 31.9 tcf to 50.6 tcf in 2040, according to the report.
There are four LNG export terminals under construction in the United States in Maryland, Louisiana and Texas. The four terminals have contracts to export gas to customers in Asia and Europe and are expected to enter service between 2016 and 2019.
In addition, there are more than half a dozen pipeline projects to move gas from the United States to Mexico under construction or in development with some expected to enter service over the next few years.
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OPEC and allied oil producers should extend their production cuts beyond March to help re-balance the market, the United Arab Emirates said, adding weight to a gathering consensus for longer reductions in output among participants in the global accord.
Financial results for 3Q 2017 and 9М 2017: - 9M 2017 revenue growth by 22.9% in RUB terms and by 43.7% in USD terms YoY - 9M 2017 EBITDA exceeded RUB 1 trln, growth by 10.6% YoY - 3Q 2017 EBITDA margin improvement - Successful timely close of strategic deals with potential breakthrough growth in shareholder value - Approval of the first interim dividend with 50% payout ratio of net income under IFRS
Brent crude futures LCOc1 were at $63.55 per barrel at 0614 GMT, up 3 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.79 per barrel, up 5 cents.
PLATTS - Nigeria's Bonny Light crude has seen its price rise to its highest levels since February, as the grade began to trade in a more regular fashion in the spot market following several months of disruption due to loading delays and forces majeures.