Industry Trends ///
America’s journey to preeminence in the global oil trade is about to hit another milestone.
Global oil demand remains on course to be stronger this year than in 2018 as a boost from lower fuel prices counters slowing economic activity.
Oil retreated toward $51/bbl as record production in the U.S. undercut assurances from Russia that it will step up efforts to drain global supplies.
Russia is aiming to accelerate the pace of oil production cuts after its reductions drew criticism from Saudi Arabia.
Oil prices gave up their gains Wednesday as U.S. production surged and fuel inventories climbed, stoking fears about an oversupply of crude.
CES is truly the place to be for start-ups and more established businesses interested in gaining recognition for their disruptive innovations.
Russia’s Novatek PJSC is looking at storing liquefied natural gas produced in the Arctic on Japan’s southern island of Kyushu so it can better meet spot demand from China and cut shipping costs.
India’s oil demand growth in 2018 rebounded from the slowest pace in four years as the country recovered from the shock of a cash ban and the roll out of a national sales tax.
After four years of cutbacks, oil companies are poised to develop new offshore fields, although the benefits won’t be spread equally across the OFS sector.
Electricite de France SA’s Italian unit has attracted potential bidders including Neptune Energy and Warburg Pincus’s Apex International Energy for its oil and gas business, people familiar with the matter said.
Norway’s oil industry is in full recovery mode, but the country’s top petroleum lobbyist is worried about growing opposition ahead.
EIA projects that U.S. liquefied natural gas (LNG) export capacity will reach 8.9 Bcfd by the end of 2019, making it the third-largest in the world behind Australia and Qatar.
Where have all the rigs gone?
Crude hovered near $45/bbl following a U.S. government report showing a fourth straight decline in oil stockpiles.
The U.S. may be exporting natural gas at a record clip, but that hasn’t stopped it from accepting imports of the fuel, including a shipment of Russian gas likely headed for Massachusetts.
Job growth in the Lone Star State will likely weaken in the first half of 2019 if oil prices remain at current levels, according to the Federal Reserve Bank of Dallas.
The world’s biggest banks are reckoning on a rebound in oil prices next year as fears of a recession prove misplaced.
Crude’s recent sell-off is a grim reminder that OPEC’s management of the oil market isn’t foolproof. The group’s Dec. 7 decision to curb output among members and allied producers was supposed to prop up sinking prices.
The Canadian oil industry could be in for another turbulent year in 2019, depending on how some pivotal events pan out.
Oil slumped again in New York, just after recovering from a pre-Christmas plunge, amid ongoing concern about the global economy.