No Picture

U.S. Gasoline Demand Climbs To Record Highs

November 1, 2017 Irina Slav 0

Gasoline demand in the United States reached the highest on record in August this year, at 9.77 million bpd, or up by 83,000 bpd from August 2016. That’s according to the Energy Information Agency, which added that this was the fourth monthly increase in demand in the past five months. The increase is rather modest, however, and the next few months could see declines, as the last quarter of the year is a traditionally weak period for gasoline demand. Prices for the most popular fuel rose palpably in September, following the demand…

The post U.S. Gasoline Demand Climbs To Record Highs appeared first on aroundworld24.com.

No Picture

Oil Prices Fly Higher On EIA Report

November 1, 2017 Irina Slav 0

The Energy Information Administration confirmed a draw in crude oil inventories, boosting the rally of WTI that almost brought the U.S. benchmark to US$55 a barrel. According to the authority, inventories fell by 2.4 million barrels in the week to October 27, to 454.9 million barrels. A day earlier, the American Petroleum Institute had estimated crude oil inventories had fallen by more than 5 million barrels, while analysts polled by S&P Platts expected a draw of 1.4 million barrels, with gasoline stockpiles expected at 1.7 million barrels…

The post Oil Prices Fly Higher On EIA Report appeared first on aroundworld24.com.

No Picture

Canadian Oil Drilling To Grow In 2018: Petroleum Association

November 1, 2017 Irina Slav 0

Crude oil drilling in Canada will increase next year, the Petroleum Services Association of Canada said in a report, adding that the increase in 2018 will be moderate, to 7,900 new wells, up from 7,550 wells this year. Alberta will account for the biggest chunk of the drilling increase, which will be the highest since 2014 and the oil price collapse. Still, the number of new wells expected to be drilled in 2018 is about a third lower than the number of new wells drilled during the year of the price crash, which, Reuters notes, highlights the slow…

The post Canadian Oil Drilling To Grow In 2018: Petroleum Association appeared first on aroundworld24.com.

No Picture

Railway Company Lawsuit Highlights Dangers Of Oil By Rail

October 31, 2017 Irina Slav 0

Norfolk Southern Railway is suing a company that manufactures railroad ties because it didn’t use the right protective coating for the ties, and now Norfolk Southern will need to replace more than 4.7 million of these to avoid accidents, including oil by rail accidents. The Alabama tie manufacturer, Boatright Railroad Products, allegedly used motor oil, anti-freeze, paint and several other substances to coat the ties, instead of creosote, which is normally used for protective coating of railroad ties. The problem is that these compounds do…

The post Railway Company Lawsuit Highlights Dangers Of Oil By Rail appeared first on aroundworld24.com.

No Picture

Alaska Watchdog Orders Oil Well Shut-Downs

October 31, 2017 Irina Slav 0

The Alaska Oil and Gas Conservation Commission has ordered oilfield operators in the North Slope to shut down wells with a design similar to one operated by BP that spilled oil and gas in April this year as a result of permafrost thawing. The watchdog also asked the companies to provide it with lists of these wells by the end of the year. BP’s well in the Prudhoe Bay field spilled about 63 gallons of crude oil and 100,000 pounds of natural gas when the thawing of permafrost caused the ground to sink and increased the pressure on the well.…

The post Alaska Watchdog Orders Oil Well Shut-Downs appeared first on aroundworld24.com.

No Picture

Violence Ensues Following Kurdistan President Resignation

October 30, 2017 Irina Slav 0

Kurdistan’s President Masoud Barzani announced his resignation three days before the end of his term in office, with violence erupting against the autonomous region’s parliament, according to tweets from Erbil. A number of protesters stormed the parliament in Erbil while the legislators voted for distributing the presidential powers of Barzani among several agencies. Barzani said he remained committed to the Kurdish independence cause, adding he was confident that the nation will one day attain independence. The news comes after an…

The post Violence Ensues Following Kurdistan President Resignation appeared first on aroundworld24.com.

No Picture

Sanctions Force Rosneft To Shut Down Oil Project

October 30, 2017 Irina Slav 0

Economic sanctions against Russia have made the offshore Yuzhno-Chernomorsky oil field economically unfeasible, and Rosneft will now suspend exploration in the area for five years, Russian media reported, quoting the company. Rosneft also claimed that a lack of drillships and other equipment prompted the suspension—equipment needed for well-drilling in the Yuzhno-Chernomorsky license area in the Black Sea. Still, the company said, it will keep an eye on the macroeconomic situation in Russia and resume exploration in the license area as soon…

The post Sanctions Force Rosneft To Shut Down Oil Project appeared first on aroundworld24.com.

No Picture

Iraq Takes Saudi’s Spot As #2 Oil Exporter To U.S.

October 27, 2017 Irina Slav 0

Iraq last month become the second-largest crude oil exporter to the United States, overtaking its southern neighbor, Saudi Arabia, and is on track to repeat this performance this month as well, customs data compiled by Bloomberg and figures from the Energy Information Administration (EIA) suggest. Iraq, Bloomberg’s data showed, shipped 18.8 million barrels to the U.S. in September, while Saudi exports to this destination came in 2.9 million bpd lower. Since the start of October, Saudi oil exports to the U.S. have been 3.2 million barrels…

The post Iraq Takes Saudi’s Spot As #2 Oil Exporter To U.S. appeared first on aroundworld24.com.

No Picture

Saudi Rhetoric Sends Oil Prices To Two-Year High

October 27, 2017 Irina Slav 0

Comments made by Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS), sent Brent crude to its highest in more than two years, to US$59.30 a barrel, Reuters reports. West Texas Intermediate was more impervious to the comments, but it also gained a few cents, to close at US$52.64 a barrel—the highest in six months. The comments themselves are of the Saudi garden variety, and include a) a stale reassurance that the Aramco initial public offering is still on track for its scheduled takeoff in the second half of 2018; b) a vague pledge…

The post Saudi Rhetoric Sends Oil Prices To Two-Year High appeared first on aroundworld24.com.

No Picture

U.S. To Move In On Africa’s LNG Market

October 27, 2017 Irina Slav 0

Africa could become the next market for growing U.S. exports of liquefied natural gas, Energy Secretary Rick Perry told media at the Africa Oil Week in Cape Town. The official discussed LNG exports with a number of African government officials, including ones from Nigeria, the Ivory Coast, and South Africa. “We talked about a lot of opportunities — LNG, coal, but it all goes to the issue of power and power being able to be delivered into places that don’t take electricity for granted,” Perry said. As many as six hundred million…

The post U.S. To Move In On Africa’s LNG Market appeared first on aroundworld24.com.