Tag Archives: Crude

U.S. crude oil exports increased and reached more destinations in 2017

U.S. crude oil exports grew to an average of 1.1 million barrels per day (b/d) in 2017, the second full year since restrictions on crude oil exports were removed. Crude oil exports in 2017 were nearly double the level of exports in 2016. Increased U.S. crude oil exports were supported by increasing U.S. crude oil […]

U.S. production of crude oil grew 5% in 2017, reaching 10 million barrels per day in the last two months of the year (3/14/2018)

Annual average U.S. crude oil production grew by 463,000 barrels per day (b/d) in 2017 to 9.3 million b/d after declining by 551,000 b/d in 2016. In November 2017, monthly U.S. crude oil production grew 1.2 million b/d year-over-year and reached the highest level of production in U.S. history, surpassing 10 million b/d, a level […]

Natural gas prices in Asia mainly linked to crude oil, but use of spot indexes increases

September 29, 2015 Source: U.S. Energy Information Administration, Petroleum Association of Japan, Japan Ministry of Finance International Trade Statistics, Japan Ministry of Economy, Trade and Industry, Bloomberg LP Note: Values for North Sea Brent and Japanese customs-cleared (JCC) crude oil prices converted to $ /MMBtu on an energy-equivalent basis. The official reporting of Japan spot […]

Crude oil swaps with Mexico could provide economic and environmental benefits

September 10, 2015 Source: U.S. Energy Information Administration, based on Chevron crude assay library Note: Kerosene includes a small amount of distillate and naphtha material. U.S.-Mexico crude oil swaps approved last month by the U.S. Department of Commerce’s Bureau of Industry and Security will likely involve exchanges of U.S. light sweet crude for Mexican heavy […]

Saudi Arabia maintained crude oil market share in Asia in the first half of 2015

September 9, 2015 Source: U.S. Energy Information Administration, based on Global Trade Information Services and Apex In the first half of 2015, Saudi Arabia exported on average 4.4 million barrels per day (b/d) of crude oil to seven major trading partners in Asia, making up more than half of Saudi Arabia’s total crude oil exports […]

Effects of removing U.S. crude export restrictions depend on price, resource assumptions

September 2, 2015 Source: U.S. Energy Information Administration, A new study by the U.S. Energy Information Administration (EIA) on the potential implications of allowing more crude oil exports finds that effects on domestic crude oil production are key to determining the other effects of a policy change. Gasoline prices would be either unchanged or slightly […]

EIA improves monthly reporting of crude oil production

August 31, 2015 Source: U.S. Energy Information Administration, Note: Includes lease condensate. Data for 2015 reflect January through June. The EIA-914 survey began collecting monthly data in January 2015. With the release of the (PSM) later today, EIA is incorporating the first survey-based reporting of monthly crude oil production based on an expansion of its […]

Nigeria: NNPC Cancels Contracts for Crude Oil Delivery to Refineries

By Collins Olayinka and Sulaimon Salau The Nigerian National Petroleum Corporation (NNPC) has cancelled contracts for supply of oil to refineries among other steps aimed at boosting operational efficiency. General Manager, Group Public Affairs Division, Ohi Alegbe, in a statement issued in Abuja yesterday said the new measures would strengthen the corporation across its value […]

Growing global liquids inventories reflect lower crude oil prices

August 24, 2015 Source: U.S. Energy Information Administration, , August 2015 Continued growth in global production of petroleum and other liquids has outpaced consumption growth since August 2014, resulting in rising global liquids stocks. Total global liquids inventories are estimated to have grown by 2.3 million barrels per day (b/d) through the first seven months […]

EIA lowers crude oil price forecast through 2016

August 19, 2015 Source: U.S. Energy Information Administration, , August 2015 Note: Similar confidence intervals cannot be established around the Brent futures price, as trading volumes on Brent futures contracts are relatively sparse compared to WTI trading volumes. Amid high uncertainty in the global oil market, EIA has lowered crude oil price forecasts in the […]

Nuclear accord creates potential for additional crude oil production from Iran

August 13, 2015 Source: U.S. Energy Information Administration, On July 14, the P5+1 (the five permanent members of the United Nations Security Council and Germany) and Iran announced an agreement that could result in relief from United States and European Union nuclear-related sanctions (which include some oil-related sanctions). If the agreement is implemented and sanctions […]

Rail helps make Midwest a net shipper of crude oil

August 10, 2015 Source: U.S. Energy Information Administration, Note: Data for 2015 are averaged through May. PADD is Petroleum Administration for Defense District. Shipments of crude oil out of the Midwest region (Petroleum Administration for Defense District 2) to other U.S. regions have steadily increased as a result of pipeline reversals and rail transport. Rail […]

Russia is world’s largest producer of crude oil and lease condensate

August 6, 2015 Source: U.S. Energy Information Administration, Russia is the world’s largest producer of crude oil (including lease condensate) and the second-largest producer of dry natural gas, after the United States. Hydrocarbons play a large role in the Russian economy, as revenue from oil and natural gas production and exports accounts for more than […]

In Rocky Mountain region, increased crude production is being shipped by pipeline, rail

July 15, 2015 Source: U.S. Energy Information Administration, based on data from the Surface Transportation Board and Petroleum Supply MonthlyNote: Data for 2015 are average of January through April values. Rail and pipeline shipments of crude oil from the Rocky Mountain region (Petroleum Administration for Defense District 4) have steadily increased as regional crude oil […]

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