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  • Global gas flaring declined in 2017 after years of growth, data show
    on July 17, 2018 at 5:24 pm

    Flaring of gas at crude-oil production sites worldwide went down in 2017 despite a 0.5% increase in production, the World Bank’s Global Gas Flaring Reduction Partnership reported. The nearly 5% year-to-year decline began to reverse years of increases that began in 2010, it said. […]

  • MARKET WATCH: Brent crude oil for September plunges nearly $3.50/bbl
    on July 17, 2018 at 2:06 pm

    The Brent crude oil contract for September delivery plunged by nearly $3.50/bbl on the London market July 16 while light, sweet crude oil prices dipped nearly $3/bbl to the lowest level in 3 weeks on the New York market. […]

  • AFPM cheers House passage of transportation worker ID credential bill
    on July 16, 2018 at 5:27 pm

    The American Fuel & Petrochemical Manufacturers Association welcomed the US House’s unanimous approval of legislation which would delay implementation of a US Department of Homeland Security requirement for use of biometric identification card readers for transportation workers at high-risk domestic ports. […]

  • API warns of consequences from denying steel import tariff exemption
    on July 16, 2018 at 3:34 pm

    The Trump administration’s latest decision to deny exemptions from tariffs on imported steel used in domestic oil and gas operations could undermine domestic energy production and jobs, the American Petroleum Institute warned on July 13. […]

  • WoodMac: OPEC producers key to world supply through to 2040
    on July 16, 2018 at 3:19 pm

    OPEC will maintain its role as a key oil supplier through to 2040, although output from non-OPEC producers will help ensure adequate supply in the years to 2030. This is according to global natural resources consultancy Wood Mackenzie. […]

  • MARKET WATCH: NYMEX, Brent crude oil prices end week with gains
    on July 16, 2018 at 2:19 pm

    Light, sweet crude oil prices for August gained to settle above $71/bbl on the New York market July 13 while Brent crude oil for September delivery also gained to settle above $75/bbl, ending a week in which oil prices tumbled earlier on news Libya would resume oil exports. […]

  • Baker Hughes: US rig count up 2 units to 1,054
    on July 13, 2018 at 5:19 pm

    The US drilling rig count reached 1,054 units working for the week ended July 13, up 2 rigs from a week ago, according to Baker Hughes data. The count is up 102 units from this time a year ago when the count stood at 952. […]

  • WoodMac: $32 billion to be spent on decommissioning worldwide in 5 years
    on July 13, 2018 at 4:43 pm

    Wood Mackenzie Ltd. estimates $32 billion will be spent on decommissioning worldwide during 2018-22. Governments determine who pays for decommissioning, and decommissioning laws and regulations remain incomplete or untested in many countries. […]

  • MARKET WATCH: NYMEX crude oil for September holding above $70/bbl
    on July 13, 2018 at 2:28 pm

    Light, sweet crude oil prices for August fell slightly but held above $70/bbl on the New York market July 12 while Brent crude for September delivery rose by more than $1/bbl on the London market after having dropped more than $5/bbl the previous day. […]

  • Baker Hughes: International rig count down 8 units in June
    on July 12, 2018 at 5:30 pm

    The international rig count fell 8 units month-over-month to 959 in June from 967 rigs in May, and down 1 from 960 a year ago, according to Baker Hughes data. […]

  • IEA: supply vulnerability will continue to underpin oil prices
    on July 12, 2018 at 4:56 pm

    The Organization of the Petroleum Exporting Countries, Russia, and several other producers recently agreed to increase their production and achieve 100% compliance with the Vienna Agreement. Such determination to ensure the steady supply of oil to world markets in the face of multiple challenges to stability is very welcome, according to the International Energy Agency. […]

  • MARKET WATCH: Brent crude oil for September topples more than $5/bbl
    on July 12, 2018 at 1:10 pm

    The price of Brent crude oil for September fell more than $5/bbl on the London market July 11 while the light, sweet crude oil price for August delivery fell by more than $3.70/bbl on the New York market upon news reports of resuming Libyan exports and the US-China trade dispute. […]

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