More Economics & Oil Market News

IEA: Global unconventional oil revolution to launch by decade’s end

By 2019, tight oil supply outside the US could reach 650,000 b/d, including 390,000 b/d from Canada, 100,000 b/d from Russia, and 90,000 b/d from Argentina, the International Energy Agency forecasts in its annual 5-year Oil Market Outlook released June 17.

MARKET WATCH: Crude futures prices stay high on Iraq instability

Oil prices held fairly steady on the New York market and climbed modestly on the London market June 16 while traders and analysts remained focused on events in Iraq.

Gerard, McGarvey urge Senate to act on Keystone XL

The increasingly unsettled Middle East situation makes it more important than ever for the US Senate to press the Obama administration for approval of the proposed Keystone XL crude oil pipeline’s border permit, leaders of the American Petroleum Institute and the nation’s building and trades unions said.

BP: US tops China in oil consumption growth for first time since 1999

At 400,000 b/d, the US recorded the largest increment to global oil consumption in 2013, outpacing Chinese growth, 390,000 b/d, for the first time since 1999, according to BP’s 63rd annual Statistical Review of World Energy released June 16.

MARKET WATCH: Crude futures prices end week higher on escalating Iraqi conflict

Crude oil futures prices in New York and London closed out the week ended June 13 higher on escalating violence in Iraq.

MARKET WATCH: Iraqi angst sends crude prices higher in New York, London

Angst over a bold military campaign by Sunni insurgents in Iraq and continued supply outages in Libya sent next-month futures prices for Brent crude above $113/bbl on June 12—the highest level this year, according to Paris-based International Energy Agency’s June Oil Market Report.

WoodMac: NorAm oil output increases to outpace Middle East 4:1 by 2020

By 2020, increases in North American oil production will outpace that of the Middle East by 4:1 on a per barrel basis, and by 2030, North American output will increase by 390 million tonnes of oil equivalent (mtoe) from 650 mtoe in 2009, according to long-term analysis of global energy trends by Wood Mackenzie.

US backs new MENA supply growth, official says

The US recognizes there are many important oil and gas opportunities in the Middle East and North Africa (MENA), Persian Gulf, and Eastern Mediterranean, and intends to ensure they are cooperatively developed in ways that benefit all people in the countries involved, a US Department of State official told a US House subcommittee.

MARKET WATCH: NYMEX oil prices make slight gains; Brent jumps on Iraqi violence

Crude oil futures prices settled up slightly on the New York market June 11 after a US government report showed a weekly decline in US oil supplies, while Brent crude prices climbed on the London market on concerns about violence in Iraq where Islamic militants seized the northern cities of Mosul and Tikrit.

MARKET WATCH: NYMEX crude oil stays above $104/bbl; OPEC quota unchanged

The crude oil contract price for July delivery fell modestly June 10 yet still hovered above $104/bbl on the New York market as participants awaited the start of a meeting of Organization of Petroleum Exporting Countries members in Vienna as well as a weekly government report on US petroleum inventories.

EIA: US oil production in 2015 expected to be highest since 1972

Total US crude oil production in 2015 will reach its highest level since 1972, the US Energy Information Administration forecasts in its Short-Term Energy Outlook (STEO) released June 10. Production, which averaged 7.4 million b/d in 2013, is expected to average 8.4 million b/d in 2014 and 9.3 million b/d in 2015.

IEA outlook: ‘Golden Age’ of gas to extend to China

The “Golden Age” of natural gas that has taken such a strong foothold in North America will extend to China over the next 5 years, driven by booming demand, according to the latest 5-year gas market outlook from the Paris-based International Energy Agency.

Study: Future gas use uncertain in Europe

A high price relative to coal and increasing use of renewable energy make future demand for natural gas especially uncertain in Europe, according to an analyst at the Oxford Institute of Energy Studies, London.

MARKET WATCH: Oil futures prices climb before OPEC meeting

The crude oil contract prices for July delivery settled above $104.40/bbl on the New York market on June 9, reaching its highest front-month level since Mar. 3 while the spread between US light, sweet crude and Brent crude narrowed to $5.58/bbl, the smallest gap since Apr. 15.

MARKET WATCH: Crude oil futures end week slightly higher

The New York Mercantile Exchange July crude oil contract price was up 18¢, closing at $102.66/bbl on June 6. The August contract gained 13¢ to $101.94/bbl.

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