(Reuters) – As oil production swells, demand falters and prices slide, the global oil market appears on the verge of a pivotal shift from an era of scarcity to one of abundance.
Oil prices have fallen as much as 20 percent since June, despite a host of rising supply risks, leading more investors and traders to consider whether 2015 is the year in which the U.S. shale oil boom finally tips the world into surplus.
WASHINGTON, Oct 6 (Reuters) – The U.S. Commerce Department
has taken a small step toward resolving some two-dozen pending
requests to export lightly processed oil this summer, asking
energy companies to fill out a one-page questionnaire about
their plans, sources familiar with the document told Reuters.
The nine questions may help the department map out a further
easing of the four-decade old ban on crude exports.
WASHINGTON, Oct 1 (Reuters) – Republicans plan to put
approval of the long-delayed Keystone XL oil pipeline on a fast
track early next year if they win a U.S. Senate majority in
November, finally forcing President Barack Obama to make a tough
call on the controversial plan.
The $10 billion Keystone project to connect Canadian oil
sands with U.S. refineries will top the list of Republican
energy priorities if they gain control of the Senate after the
Nov. 4 midterm elections. It could come as a stand-alone measure
or attached to must-pass legislation such as a government
spending or transportation bill, according to senators and
WASHINGTON (Reuters) – Exxon Mobil said on Friday it will wind down drilling in Russia’s Arctic in the face of U.S. sanctions targeting Western cooperation with Moscow’s oil sector, after the Obama administration granted a brief extension to safely mothball its operations.
Washington extended sanctions on Russia last week over its aggression in Ukraine. The new measures seek to stop billions of dollars worth of cooperation between Western and Russian energy companies on oil drilling in Russia’s Arctic, in Siberia and offshore. Companies have until Sept. 26 to stop the work.
WASHINGTON, Sept 19 (Reuters) – Oil major Exxon Mobil
said on Friday the U.S. Treasury Department had granted
it a license to wind down operations on a drilling well in the
Kara Sea in the Russian Arctic that has been targeted by U.S.
Washington intensified sanctions on Russia last week over
its intervention in Ukraine. The new sanctions seek to stop
billions of dollars worth of cooperation between Western and
Russian energy companies on oil drilling in Russia’s Arctic, in
Siberia and offshore.
WASHINGTON (Reuters) – Obama administration officials are concerned about the legality of a ban on oil exports and have begun discussing how to deal with potential challenges from nations that want to buy U.S. crude, two sources said.
Officials in the Office of the U.S. Trade Representative and the National Security Council have each held internal talks about potential free-trade challenges from South Korea and NATO allies, two sources familiar with the matter said.
WASHINGTON (Reuters) – The United States and European Union plan to stop billions of dollars in oil exploration in Russia by the world’s largest energy companies including Exxon Mobil Corp and BP Plc, U.S. government sources said.
The planned sanctions over Russia’s aggression toward Ukraine would ban U.S. and European companies from cooperating with Russia on searching its Arctic territory, deep seas or shale formations for crude, said two U.S. officials who spoke on condition of anonymity because the measures have not been made public.
WASHINGTON, Sept 4 (Reuters) – Four big U.S. oil refiners
launched their first broadside on Thursday against Washington’s
decision to approve exports of lightly processed crude oil,
urging U.S. regulators in a letter to stop issuing permits.
In the letter to the Commerce Department a lobbyist group
called Consumers and Refiners United for Domestic Energy, or
CRUDE, which represents the four U.S. refiners, blasted the
government for allowing the shipments, saying they contravene a
nearly 40-year-old ban on oil exports.
WASHINGTON, July 31 (Reuters) – The U.S. Energy Department
on Thursday approved Oregon LNG to export liquefied natural gas,
as the Obama administration works through applications to export
fuel from the domestic drilling boom to markets in Asia and
Oregon LNG, which is controlled by Leucadia National Corp
, has been authorized by the department to export up to
1.25 billion cubic feet per day of the fuel for 20 years. It
hopes to begin exporting LNG in 2017.
WASHINGTON (Reuters) – The U.S. Commerce Department has put on hold at least two companies’ requests for permission to sell lightly processed crude abroad, effectively stalling an industry push to export an expanding glut of oil amid the U.S. shale revolution, sources said.
The companies seeking clarification on exporting ultra-light oil, known as condensate, have been told that their requests are being “held without action,” a person familiar with the matter said last week, describing an indefinite pause in the review process that allows officials to seek additional information on a decision.