More Economics & Oil Market News

API: US petroleum demand up in June, second quarter

Total US petroleum deliveries, a measure of demand, rose 1.5% in June vs. a year ago to average just above 19 million b/d, according to the American Petroleum Institute’s most recent Monthly Statistics Report. For the second quarter, petroleum demand increased 1.5% compared with the same period last year.

Australia repeals carbon tax legislation

Australia’s Parliament has repealed the carbon tax legislation that this year imposed $24.15 (Aus.)/tonne of carbon dioxide emissions.

MARKET WATCH: NYMEX oil futures rebound on big US inventory draw

Crude oil futures prices rebounded on the New York market on July 16 after a weekly government inventory report showed a bigger drop in US oil supplies than analysts had expected.

India making ‘significant efforts’ to diversify crude oil imports

Indian companies have made “significant efforts” to diversify their crude oil supply sources, according to India’s Press Information Bureau.

US should be ready if Petro Caribe tightens credit terms, study says

The possibility that Venezuela’s financial support for energy imports in the region could erode quickly makes it imperative for the Obama administration to adopt a wide range of policies to avoid an energy crisis in the Caribbean and Central America, a recent Atlantic Council report said.

MARKET WATCH: NYMEX crude oil drops below $100/bbl on higher Libyan production

Crude oil prices dropped nearly $1/bbl on both the New York and London markets in July 15 trading with oil settling on the New York market at under $100/bbl on reports that Libya’s oil production was growing faster than expected.

US refiners pursue more overseas product sales, EIA forum told

US refiners continue to respond to a changed competitive environment with additional investments and aggressive oil product export deals, speakers said during the US Energy Information Administration’s 2014 energy conference’s opening day.

EIA conference speakers warn of US light crude oil’s ‘day of reckoning’

The US could find its light crude oil production growth stymied if it doesn’t allow more of it to be exported, speakers warned during the US Energy Information Administration’s 2014 energy conference’s first day.

MARKET WATCH: Crude oil futures fall on mixed geopolitical signals

Crude oil prices settled lower on the New York and London markets July 14 after weekend reports that Iraq’s parliament was unable to agree on a new speaker, which could delay attempts to remedy insurgency in Iraq.

OGUK welcomes ‘urgently needed’ tax consultation

Oil & Gas UK said it welcomes “urgently needed” formal consultation announced July 14 by HM Treasury into the future of the UK offshore oil and gas tax regime.

MARKET WATCH: Crude oil markets close week lower in New York, London

Crude oil markets closed out the week ended July 11 lower in both New York and London.

IEA: Oil prices pulling back on eased supply concerns, softening demand

On the back of rapid territorial gains by militants of the Islamic State of Iraq and Syria (ISIS) in northern Iraq, ICE Brent oil futures surged in mid-June to a 9-month high of more than $115/bbl.

MARKET WATCH: Crude oil prices climb, ending long slide

Crude oil prices in New York and London markets performed an about-face July 10, recovering finally from a long downward slide.

Middle class key to MENA energy subsidy reforms, speakers say

Countries in the Middle East and North Africa (MENA) are talking more openly about energy subsidy reforms, but governments need to pay closer attention to middle-class consumers’ concerns if they expect to make more progress, speakers said during a July 10 forum at the Atlantic Council.

MARKET WATCH: Crude oil futures drop with rising Libyan production

Crude oil prices fell by more than $1/bbl on the New York market July 9 on reports that Libya’s largest oil field had resumed production following the lifting of a force majeure on two ports, Ras Lanuf and Es Sider, which together account for about half of Libya’s oil exports.

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Multiple Faculty Openings

Colorado School of Mines Petroleum Engineering Department invites applications for multiple full-time faculty positions.    
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Offshore Middle East Conference & Exhibition

January 26, 2015
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