Record petroleum exports helped shrink the U.S. trade deficit in December to the smallest in almost three years as America moved closer to energy self- sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo.
U.S. oil output is poised to surpass Saudi Arabia’s in the next decade, making the world’s biggest fuel consumer almost self-reliant and putting it on track to become a net exporter, the International Energy Agency said. Growing supplies of crude extracted through new technology including hydraulic fracturing of underground rock formations will transform the U.S. into the largest producer for about five years starting about 2020, the Paris-based adviser to 28 nations said today in its annual World Energy Outlook.
The transport industry that burns over half the world’s oil is wriggling free from dependence on gasoline and diesel at a rate that should alarm producers, an independent research report said recently.
“The oil industry can no longer rely on its monopoly of the transport market,” said the Chatham House study in its principle finding.
Iran will suspend all oil exports, pushing global crude prices higher, if the U.S. and Europe tighten sanctions further on the OPEC member’s economy, Oil Minister Rostam Qasemi warned.
“If you continue to add to the sanctions, we will stop our oil exports to the world,” he said at a news conference in Dubai. “The lack of Iranian oil in the market would drastically add to the price.”
Global oil demand is looking weaker than previously forecast as the slowing economy continues to weigh on consumption, according to monthly reports released on Wednesday by the U.S. government and OPEC.
The Organization of the Petroleum Exporting Countries trimmed its forecast for growth in world oil demand in 2013 by 30,000 barrels per day (bpd) to 780,000 bpd and said the risk remains skewed to the downside.
U.S. oil production surged last week to the highest level since January 1997, reducing the country’s dependence on imported fuels as new technology unlocks crude trapped in shale formations.
Crude output rose by 3.7 percent to 6.509 million barrels a day in the week ended Sept. 21, the Energy Department reported today.
The Syrian government is negotiating deals with firms in London, Singapore and the Middle East to sell crude oil in return for the fuel it needs to survive in the face of an increasingly bloody insurgency, documents seen by Reuters show.
Syria has been starved of diesel for its army and fuel to keep the economy running because U.S. and European Union sanctions have cut off its usual suppliers. As sanctions bite, income from crude oil sales becomes increasingly important.
An oil spill in the North Sea’s Osprey field was confirmed by the UK’s Department of Energy and Climate Change (DECC) over the weekend. The spill, reported on Friday by Fairfield Energy, was discovered when a hydrocarbon sheen was seen in the vicinity of the Osprey subsea manifold which feeds back to the Dublin Alpha […]
Kansai Electric Power Co., which supplies Japan’s second-biggest metropolitan area, may cut its crude consumption by morethan half after it resumes two nuclear reactors to ease the threat of a summer power shortage.
European Union sanctions on Iran entered into full force yesterday after exemptions on some contracts and insurance ended, boosting crude prices and pressure on the Persian Gulf nation to halt its nuclear- enrichment program. The reduction in Iranian exports may become the biggest supply disruption from a member of the Organization of Petroleum Exporting Countries since an armed rebellion all but halted pumping in Libya last year, according to the International Energy Agency. It also comes as a strike by Norwegian workers is curbing flows from North Sea fields.
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