Plus, Australia finally tops world LNG stage, a new offshore exploration lawsuit emerges in the U.S. and 25 Influential Women in Energy announced.
The global oil market could move into deficit sooner than expected, thanks to OPEC’s output agreement with Russia and others and to Canada’s decision to cut supply, the International Energy Agency said on Dec. 13
Rep. Bob Goodlatte, outgoing chair of the House of Representatives Judiciary Committee, pressed the Justice Department’s Makan Delrahim on Dec. 12 to support legislation that would make it easier for the U.S. government to sue to stop OPEC members from pushing up oil prices.
The predicted growth of electric vehicles will certainly hurt oil demand but that shift won’t be felt for another 15 to 20 years, which is more than enough time for investors to make money.
Three-year deal will support construction of an outbound connection to the Express Pipeline and a tank to facilitate blending.
The EIA reported U.S. crude oil stockpiles fell by 1.2 million barrels in the week to Dec. 7, compared with analysts' expectations for a decrease of 3 million barrels.
Oil producer cartel OPEC and its partners will need to keep production lower than their agreed target through 2019 for benchmark Brent crude to come back to $70 a barrel (bbl), oil and gas consultancy Rystad Energy said.
OPEC said on Dec. 12 it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week's decision to trim output.
A shale revolution has helped the U.S. produce a record amount of oil this year and topple Russia and Saudi Arabia as the world's biggest producer.