LONDON, April 17 (Reuters) – Lifting sanctions on Iran’s oil
industry could significantly change the outlook for oil supply
and prices, the head of the U.S. Energy Information
Administration told U.S. legislators.
“If and when sanctions are lifted, EIA’s baseline forecast
for world crude oil prices in 2016 could be reduced $5-$15 per
barrel,” Adam Sieminski said to the Senate’s Committee on Energy
and Natural Resources on Thursday.
LONDON, April 16 (Reuters) – U.S. refiners have come back
unusually early from the maintenance season to maximise
throughput of cheap crude and turn it into valuable products in
time for the summer driving demand surge.
Refinery run rates normally begin to rise around now as
maintenance ends and refineries come back online, but this year
production is rising unusually early and fast.
LONDON, April 15 (Reuters) – Iran contains some of the
largest and most attractive petroleum resources in the world, so
any easing of sanctions could have a major impact on oil and gas
markets in the second half of the decade.
Iran’s possible re-emergence as a major exporter would force
a re-ordering of the world oil market both because of the
country’s location on the cost-curve and the quality of its oil.
LONDON, April 13 (Reuters) – Professional commodity traders
watch spreads (differences between the prices for adjacent
futures contracts) rather than spot prices as the best indicator
of the balance between supply and demand.
In crude, the narrowing spreads for both Brent and West
Texas Intermediate (WTI) indicate a closer balance between
supply and demand in the second half of the year than in the
LONDON (Reuters) – There could be up to 100 billion barrels of oil onshore beneath southern England, the chief executive of a small exploration firm told the BBC in an interview on Thursday. To which the correct response is “yes, but”.
Based on an analysis of samples from a single well drilled near London’s Gatwick airport, UK Oil and Gas Investments estimates there could be 158 million barrels per square mile in the local area.
LONDON, April 9 (Reuters) – There could be up to 100 billion
barrels of oil onshore beneath southern England, the chief
executive of a small exploration firm told the BBC in an
interview on Thursday. To which the correct response is “yes,
Based on an analysis of samples from a single well drilled
near London’s Gatwick airport, UK Oil and Gas Investments
estimates there could be 158 million barrels per square mile in
the local area.
LONDON, April 8 (Reuters) – U.S. crude production will peak
this month, according to revised forecasts published by the
country’s Energy Information Administration (EIA).
Output will average 9.37 million barrels per day (bpd) in
April and the same in May before falling to 9.33 million bpd in
June and 9.04 million bpd by September, the EIA predicted in the
April edition of its Short-Term Energy Outlook (STEO).
LONDON, April 7 (Reuters) – Beware diplomats bearing fact
sheets; they rarely reveal the whole truth.
The nuclear negotiations in Lausanne have already produced
three separate fact sheets, issued by the United States, Iran
and France, each highlighting different aspects of the emerging
LONDON, April 1 (Reuters) – More than 1 million barrels of
crude oil move by train across the United States every day,
according to data published for the first time by the government
The volume of crude shipped by rail has increased more than
50-fold in five years, from just 630,000 barrels in January 2010
to 33.7 million barrels in January 2015, the Energy Information
Administration (EIA) revealed in its first monthly report on
movements of oil by rail (link.reuters.com/vyt44w).
LONDON, March 31 (Reuters) – Littlebrook power station,
which towers grimly over the lower Thames near Dartford in Kent,
ceases operations today after almost 35 years, the last of
Britain’s big oil-fired power plants to close.
Littlebrook is an unlikely symbol of modern Britain. But the
power plant played a critical role helping the Conservative
government led by Margaret Thatcher break the miners’ strike of