More Economics & Oil Market News

EIA: China promotes AFVs, fuel efficiency to curb rising oil demand

The Chinese government is adopting a broad range of policies, including improvements of fuel efficiency and the promotion of alternative-fuel vehicles (AFVs), to curb the country’s escalating oil demand and oil imports, according to an analysis of the US Energy Information Administration.

Romanian government expected to raise royalties in 2015

Romania’s current royalty rates range between 3.5% and 13% (averaging between 7% and 8%), and this number is likely to increase in 2015.

MARKET WATCH: Crude oil futures up on Russia-Ukraine uncertainty

Crude oil futures prices climbed on the New York and London markets on May 12 upon concerns that additional Western sanctions against Russia could hinder the volume of Russia’s oil exports. Crude markets have been volatile since Ukraine’s Crimea region annexed to Russia earlier this year.

MARKET WATCH: Crude oil futures down in New York, London

The New York Mercantile Exchange June crude oil contract price declined 27¢ on May 9, closing at $99.99/bbl. The July contract dropped 23¢ to settle at $99.31/bbl.

RIL, partners press India over gas price

Reliance Industries Ltd. and partners have issued a notice of arbitration seeking action by the government of India on the price of natural gas produced from the deepwater KG-D6 block in the Bay of Bengal.

MARKET WATCH: Crude oil futures price down, but stays above $100/bbl benchmark

The New York Mercantile Exchange June crude oil contract price fell 51¢ on May 8, closing at $100.26/bbl. The July contract declined 42¢ to settle at $99.54/bbl.

EIA: High value of liquids boosts wet gas production

Spurred by relatively high values of natural gas liquids (NGL), company interests have shifted from dry gas production to wet gas production, according to the US Energy Information Administration’s monthly gas liquids report.

MARKET WATCH: Oil futures climb on US inventory drop

Crude oil futures prices climbed more than $1/bbl on the New York market May 7 after a weekly government report showed an unexpected drop in crude-oil supplies.

OTC: Total suggests Shanghai as Asian natural gas hub

Shanghai, China, would be a natural geographic and market position for a natural gas hub in Asia, according to Laurent Maurel, Total senior vice-president for strategy, marketing, and LNG, who also acknowledged that “it won’t be that simple” to establish such a hub there or anywhere else in the near term. Maurel made his remarks as part of his presentation “Midstream Gas Monetization,” delivered May 7 at the Offshore Technology Conference in Houston.

OTC: Robust US energy policy needed to strengthen economy, lawmaker says

Anticipated energy demand worldwide by 2050 will be such that industry will need to produce similar levels of oil and natural gas compared with today’s production levels, panelists told the Offshore Technology Conference on May 6.

EIA forecasts higher summer gasoline prices

According to the US Energy Information Administration’s most recent Short-Term Energy Outlook (STEO), regular gasoline retail prices are projected to average $3.61/gal during the April-September summer driving season this year, 3¢ higher than last year and 4¢ higher than projected in last month’s STEO.

MARKET WATCH: NYMEX oil futures prices stay flat pending crude inventory

Crude oil futures prices closed nearly flat on the New York market May 6 pending the release of the weekly petroleum inventory by the US Energy Information Administration, which showed an unexpected decrease from the previous week’s level although the nation’s total oil supply still remains high.

OTC: US should tread carefully with Russian sanctions, says Douglas-Westwood

The US should tread carefully when it comes to oil-related sanctions against Russia given international tensions surrounding the Russia-Ukraine conflict, Douglas Westwood said in an energy insight note released during the Offshore Technology Conference in Houston.

Statoil’s Lund cites three global challenges for oil, gas

The global oil and gas industry will simultaneously need to become more economically competitive, environmentally benign, and socially responsible if it expects to survive, Statoil ASA Chief Execute Helge Lund suggested.

Cedigaz: Global gas market growth slowed in 2013

Global natural gas consumption rose by just 1.3% in 2013, down from an average of 2.8%/year in the previous decade, according to a recent report from Cedigaz, the international natural gas association based near Paris.

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Offshore Middle East Conference & Exhibition

January 26, 2015
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