LONDON, June 16 (Reuters) – North Dakota’s crude oil output
has peaked, according to the latest production data published by
the state government, as the slump in prices takes its toll.
The state produced 1.17 million barrels per day (bpd) in
April, down from a peak of 1.23 million in December, the
Department of Mineral Resources (DMR) reported on Friday.
LONDON, June 10 (Reuters) – World oil demand grew by just
843,000 barrels per day (bpd) last year, the slowest pace for 14
years, outside U.S. recessions.
Consumption increased by less than 1 percent to 92.1 million
bpd in 2014, according to the BP Statistical Review of World
Energy published on Wednesday (link.reuters.com/hus84w).
LONDON, June 9 (Reuters) – Cost-cutting is set to remain the
main focus for the oil industry for at least the next two years
as petroleum producers adjust to an environment of much lower
If the boom was characterised by an emphasis on ambitious
and complex engineering and technology projects, the downturn
has brought a renewed focus on simplification and efficiency.
LONDON, June 8 (Reuters) – OPEC has never really been a
“cartel” in the conventional sense of an organisation that
agrees to restrict output to maximise revenues.
So its decision on Friday not to cut production was entirely
predictable and the only practical option open to its members.
LONDON, June 3 (Reuters) – The vanishing contango in U.S.
crude oil futures points to a sharp draw down in crude stocks
over the next few months as the incentive to store excess oil
The price for storing U.S. crude for six months has shrunk
from around $8.75 per barrel in mid-March to $1.25 on Tuesday (link.reuters.com/kyj84w).
LONDON, June 2 (Reuters) – U.S. refineries are processing
the lightest cocktail of crudes for almost a quarter of a
century, as they run out of room to switch light imported oils
with domestic shale production.
In March, U.S. refineries processed crude with an average
gravity of 31.95 degrees API, the lightest combination since
April 1991, according to data from the U.S. Energy Information
LONDON, June 1 (Reuters) – Two landmark events this month
will underscore the extent to which the oil market’s balance of
power has been transformed by the shale revolution.
In Washington, Congress will begin considering legislation
to permit the export of crude oil from the United States,
reversing a four decade ban put in place after the first oil
crisis in 1973/74.
LONDON, May 28 (Reuters) – The South China Sea has become
the most important testing ground for the changing economic,
political and military relationship between China and the United
The islands, rocks, reefs and shoals at the heart of the
dispute – most of them uninhabited and submerged at high tide -
cover just a few square kilometres of a sea area that extends
over 3 million square kilometres.
LONDON, May 26 (Reuters) – California motorists consumed an
extra 34,500 barrels of gasoline every day in February compared
with the same month last year, state tax records show.
The state is just part of a nationwide surge in driving that
has pushed U.S. gasoline consumption up by more than 300,000
barrels per day compared with last year.
LONDON (Reuters) – Futures prices indicate the physical market is easily absorbing the large volume of crude being supplied and global rebalancing is well underway.
The price for storing a barrel of Brent for six months has fallen from more than $1.23 per month at the start of 2015 to just 37 cents per month on May 21.