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EIA: US petroleum product exports rise for 13th consecutive year

US exports of petroleum products averaged a record 3.8 million b/d) in 2014—an increase of 347,000 b/d from 2013—based on data from the US Energy Information Administration’s Petroleum Supply Monthly.

MARKET WATCH: NYMEX prices rise on easing oil storage concerns

Oil prices rose on the New York market Mar. 4 after a weekly US government oil and product report showed inventories at the Cushing hub in Oklahoma increased less than expected by some analysts for the week ended Feb. 27, easing concerns that storage might fill to capacity during April.

ExxonMobil spending down 12% to $34 billion

ExxonMobil Corp. plans $34 billion in capital spending during 2015, representing a 12% decrease from 2014.

MARKET WATCH: NYMEX, Brent crude prices settle higher on Saudi oil hike

Oil prices rose on the New York and London markets Mar. 3 after Saudi Arabia raised the official price for its oil by $1/bbl for US delivery and $1.40/bbl for delivery to Asia, suggesting firm demand. Crude prices also supported by news about more unrest in Libya targeting an oil field.

EIA forecasts continued rise in US oil production from gulf

Crude oil production from the Gulf of Mexico will reach 1.52 million b/d in 2015 and 1.61 million b/d in 2016—or respectively 16% and 17% of total US crude production during each year—according to projections from the US Energy Information Administration.

Pennsylvania governor proposes natural gas severance tax

Pennsylvania Gov. Tom Wolf proposed a $29.9 billion budget on Mar. 3 that includes $2.5 billion of net tax increases for fiscal 2016, including a 5% severance tax on natural gas.

Anadarko cuts spending, stalls well completions

Anadarko Petroleum Corp. on Mar. 3 said it will cut spending 33% during 2015 compared with 2014 and will reduce drilling and defer 125 onshore well completions in response to low oil prices.

Petrobras to divest $13.7 billion in 2015-16

Petroleo Brasileiro SA (Petrobras) plans to divest $13.7 billion in 2015-16, up from the previously reported $5-11 billion in the company’s business and management plan for 2014-18.

Report notes strong Saudi fiscal ‘buffers’

Saudi Arabia has fiscal buffers enabling it to cover projected deficits while oil prices are low for at least 4 years and perhaps more than 8 years, according to an analyst at Arab Petroleum Investments Corp., Dammam.

MARKET WATCH: NYMEX crude oil prices holding under $50/bbl

The contract for US light, sweet crude oil for April delivery declined modestly on the New York market Mar. 2 holding under $50/bbl while Brent crude oil prices on the London market fell by more than $3 to close at under $60/bbl.

Tap Oil ownership under siege by Northern Gulf Petroleum

Tap Oil Ltd., Perth, is under siege from Thai millionaire Chatchai Yenbamroong’s Northern Gulf Petroleum (NGP).

MARKET WATCH: NYMEX crude oil prices end February with a gain

The contract for US light, sweet crude oil for April delivery rose more than $1/bbl Feb. 27, and analysts said February marked the first monthly gain for crude oil on the New York market since June 2014.

Recent CSIS report outlines main US oil infrastructure challenges

The US crude oil renaissance has created strong demand for expanded US transportation systems, resulting in five primarily challenges, a recent Center for Strategic and International Studies report concluded.

MARKET WATCH: NYMEX crude oil prices swing down again

The contract for US light, sweet crude oil for April delivery plunged by more than $2.80/bbl on the New York market Feb. 26 as volatility sent crude prices on a steep decline toward their lowest level in nearly a month.

Low crude prices pressure Latin American producers, CSIS forum told

Depressed crude oil prices are putting new pressure on Latin American producing countries to improve terms if they expect to attract outside investment for developing resources, speakers said during a Feb. 25 discussion at the Center for Strategic & International Studies.

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