Gazprom to market Yamal-sourced LNG to Europe and South America

China’s National Development and Reform Commission (NDRC) has approved Sinopec Beijing Yanshan Petrochemical Co. Ltd., a subsidiary of China National Petroleum Corp. (Sinopec), to proceed with its plans to build a grassroots refinery in Caofeidian Industrial Zone, Tangshan, Hebei Province, China

A Deloitte MarketPoint analysis suggested large-field projects, each producing more than 25,000 b/d, could bring on 1.835 million b/d in oil supply this year of which 635,000 b/d would be from members of the Organization of Petroleum Exporting Countries and the rest from non-OPEC productions.

European shipments of liquefied natural gas (LNG) are set to fall from record levels as the lowest Asian prices since 2010 remove the incentive to re-export the fuel.

Monthly average crude oil prices continued to decline during November. The average domestic crude oil first purchase price fell $7.76 (9.8 percent), to $71.07 per barrel.

The US drilling rig count plunged 87 units, a decline that was again spurred mostly by oil rigs, to settle at 1,456 rigs working during the week ended Feb. 6, Baker Hughes Inc. reported.

Never mind dropping oil prices. U.S. producers are pushing harder than ever for the right to sell U.S. crude oil overseas.

The U.S. federal government, with thousands of facilities and vehicles in locations across the United States and abroad, is one of the largest energy consumers in the world, but that consumption is declining.

European natural gas will probably extend declines as lower prices for the liquefied fuel in Asia, the biggest buying region, mean more cargoes head to Europe, according to Vattenfall AB, the Nordic region’s largest utility.

Monthly average crude oil prices continued to decline during November. The average domestic crude oil first purchase price fell $7.76 (9.8 percent), to $71.07 per barrel.