HARM U.S. JOBS
API Director of Tax and Accounting Policy Stephen Comstock said the U.S. Securities and Exchange Commission's new rule to implement Section 1504 of the Dodd-Frank Act fails to strike the right balance between informing foreign citizens of government revenues and protecting the competitiveness of American companies.
"There appears to be no meaningful difference between this rule and the previous rule struck down by the Courts, so our concerns remain the same. The SEC's rule forces U.S. companies to disclose proprietary information to its competitors while foreign entities do not. This can give some large industry players an advantage on future business projects, and can fundamentally harm American jobs.
"The SEC ignored industry efforts to disclose information, but to do so in a way that doesn't give competitors an unfair advantage. The industry actively supports the Extractive Industries Transparency Initiative which takes a global approach and already includes 51 countries that promote transparency and puts all companies on equal footing.
"We need to take a closer look at the impact of the new rule on our operations and determine our next steps. The prior court case held that the SEC's initial rule was arbitrary and capricious."
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REUTERS - Brent LCOc1 futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.
FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.
EIA - The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. The United States has been the world's top producer of natural gas since 2009, when U.S. natural gas production surpassed that of Russia, and the world's top producer of petroleum hydrocarbons since 2013, when U.S. production exceeded Saudi Arabia’s. Since 2008, U.S. petroleum and natural gas production has increased by nearly 60%.
PLATTS - China became the largest contributor to global LNG consumption growth in 2017. It surpassed South Korea as the world's second largest LNG importer and its share of global LNG demand is expected to converge with that of Japan by 2030.