Tag Archives: Crude

Crude oil storage at Cushing, but not storage capacity utilization rate, at record level

March 23, 2015 Source: U.S. Energy Information Administration, After increasing for 15 consecutive weeks, crude oil storage at Cushing, Oklahoma, reached 54.4 million barrels on March 13, according to EIA’s . This volume is the highest on record, but not the highest percent of storage utilization, as working storage capacity at Cushing has also increased […]

U.S. commercial crude oil inventories now provide the most days of supply since 1985

March 19, 2015 Source: U.S. Energy Information Administration, Petroleum and Other Liquids and Short-Term Energy Outlook Note: U.S. crude oil inventories exclude Strategic Petroleum Reserves. December 2014 to February 2015 are estimates. With lower U.S. refinery runs and increases in domestic crude oil production, U.S. commercial crude oil inventories at the end of February provided […]

U.S. crude oil storage capacity utilization now up to 60%

March 4, 2015 Source: U.S. Energy Information Administration, Note: Inventories shown in the graph do not include pipeline fill, lease stocks, or oil in transit from Alaska. PADD is the Petroleum Administration for Defense District. Crude oil inventory data for the week ending February 20 show that total utilization of crude oil storage capacity in […]

Nigeria: Crude Price – Nigeria Loses N49 Billion in Two Months

By Bassey Udo The global drop in crude oil prices continued to affect Nigeria, as the country recorded about N48.7 billion loss in revenue from oil exports in November and December, 2014. The Accountant General of the Federation, Jonah Otunla, stated this in his revenue report during the January Federation Accounts Allocation Committee meeting held […]

EIA tracking tool shows light-sweet crude oil imports to Gulf Coast virtually eliminated

February 10, 2015 Source: U.S. Energy Information Administration, Note: Heavy crude has an API gravity <= 27. Light crude has an API gravity >= 35. Medium crude has an API gravity between 27 and 35. Sweet crude has 0.5% sulfur content or less. Sour crude has more than 0.5% sulfur content. The increase in U.S. […]

Ghana: Falling Crude Oil Prices Globally – the Main Triggers

By Alhaji Mustapha Iddrisu Energy Analyst, Takoradi The main reasons for plummeting crude oil prices are principally increasing US shale production and falling demand from China and Europe. The crude oil prices have declined for about 55% since June 2014 due to sluggish global demand and rising shale production from the US. In the international […]

Regional refinery trends evolve to accommodate increased domestic crude oil production

January 15, 2015 Source: U.S. Energy Information Administration Note: As of January 1, 2014, there were 133 operating refineries with atmospheric crude oil distillation units (ACDU) totaling capacity of 18.9 million barrels per stream day. Heavy capacity denotes refineries with coking capacity; light capacity denotes refineries without coking capacity. Note: . Recent rapid growth in […]

Crude oil prices down sharply in fourth quarter of 2014

January 6, 2015 Source: U.S. Energy Information Administration, based on Bloomberg Crude oil in the fourth quarter of 2014 as robust global production exceeded demand. After reaching monthly peaks of $ 112 per barrel (bbl) and $ 105/bbl in June, crude oil benchmarks Brent and West Texas Intermediate (WTI) fell to $ 62/bbl and $ […]

Despite lower crude oil prices, U.S. crude oil production expected to grow in 2015

December 12, 2014 Source: North Dakota Department of Mineral Resources, Bloomberg The recent decline in crude oil prices has created the potential for weaker crude oil production. EIA’s Drilling Productivity Report (DPR) includes indicators that provide details on the effect low prices may have on tight oil production, which accounts for 56% of total U.S. […]

Angola: U.S. $9 Million Offshore Crude Oil Unloading Unit Inaugurated

Luanda — A floating facility designed to store, produce and unload the crude oil on (FPSO CLOV) in Angolan offshore Block 17 was inaugurated Thursday in Luanda. The project, worth USD 9 million, was inaugurated by the French owned Oil Firm “Total E & P” in partnership with the Oil Ministry and National Society of […]

Nigeria: U.S. Crude Oil Import From Nigeria Declines By 93 Percent

By Roseline Okere and Sulaimon Salau THE United States’ import of crude oil from Nigeria and Algeria have declined by 93 per cent since 2010, the U.S Energy Information Administration (IEA), has said. Meanwhile, Nigeria’s oil production may have recorded a major setback, as the Shell Petroleum Development Company (SPDC) shut its Trans-Niger Pipeline (TNP), […]

EIA releases new online tool to track crude oil imports

November 21, 2014 Source: U.S. Energy Information Administration EIA’s recently released , designed to analyze crude oil imports in response to growing domestic production, allows users to sort and display imports by month or year, density (i.e., light, medium, heavy), country of origin, port of entry, processing company, processing refinery, and more. The tool features […]

Zimbabwe: Balance of Power Reduces Crude Oil Price

By Nesbert Ruwo Brent crude, the international benchmark for oil, now trading in the US$ 80 per barrel zone, its lowest levels since October 2010, is now in a bear market territory. The price has fallen over 35% since June 2014 on weak economic data from Europe and China, oversupply and a stronger US dollar. […]

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