From The Houston Chronicle Saudi Arabia plans to keep oil exports below 7 million barrels a day next month as OPEC’s biggest producer allocates less crude than customers demand in a bid to stabilize the market, according to the kingdom’s officials. State-run Saudi Arabian Oil Co., known as Aramco, will cut customer allocations across all regions by a total of
From Reuters HOUSTON (Reuters) – U.S. President Donald Trump’s threats to tax Mexican imports could disrupt a long-standing cross-border energy trade, hitting U.S. consumers and refiners that use Mexican oil by boosting prices, and raising concerns about potential retaliation by the world’s biggest buyer of U.S. energy products. Mexico sends 600,000 to 700,000 barrels of oil to the United States
For the first time in its storied history, West Texas’s Permian Basin will likely surpass a major milestone in March, when its production is forecast to exceed four million daily barrels (4 MMBOPD), according to U.S. Department of Energy projections. The Permian now accounts for 48% of all unconventional oil output and is producing more than all the major basins
Port of Corpus Christi is fearful of fiscal impact from an offshore terminal From the Corpus Christi Caller Times The Port of Corpus Christi has made its concerns about a proposed offshore oil terminal plainly clear — it doesn’t want it to happen. The reasons center on two primary concerns. Port officials fear a lack of state oversight on
From Reuters Intercontinental Exchange on Tuesday said it would launch a crude oil futures contract deliverable in Houston later this quarter, capitalizing on the growth in U.S. exports of crude oil that have risen to about 2 million barrels a day. Houston has become the pricing center for U.S. crude oil production and exports, and the new contract is designed
From Bloomberg Under U.S. pressure, kingdom boosts production by 330,000 b/d Libyan, Venezuelan losses mean total OPEC output holds steady. Saudi Arabia’s biggest oil-production surge in five years was only enough to keep OPEC’s output steady last month, as losses elsewhere in the group piled up. The kingdom is delivering on its promise to try and tame crude prices, boosting
Saudi Arabia will be shipping less crude to Asia in June as it prepares for stronger local demand Saudi Arabia, the world’s top oil exporter, will reduce the number of barrels it sends to Asian markets in July by about 300 MBOPD from June levels. State-run Saudi Aramco will supply full contracted volumes to at least five Asian buyers mainly
PRIX Index predicts little change in the exports of the world’s 20 largest exporters due to politics Oil exports are expected to remain static in the world’s 20 largest exporters according to the latest release of the PRIX global index. The PRIX index forecasts political developments that can affect oil exports from the world’s 20 largest exports based on a
Senate Committee on Energy & Natural Resources: exempt allies from export ban Senator Lisa Murkowski (R-AK) has been a vocal proponent of lifting the U.S. crude export ban during her time as head of the Senate Committee on Energy & Natural Resources. Recently, Murkowski presented the findings of a report entitled “Rendering Vital Assistance: Allowing Oil Shipments to U.S. Allies,” that
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