During the debate over the Keystone project, the oil industry rolled out a series of studies claiming that pipeline construction would create 20,000 temporary jobs in the United States and that lower oil prices (they didn't say exactly how much lower) resulting from the new
crude supplies would create as many as 250,000 more jobs across the country over the long term.
... Expectations of growing U.S.
crude supplies sent world oil prices sliding to a new four - year low and is turning up the heat on OPEC members to cut production when they meet later this month.
Oil moved higher on drawdowns in U.S. oil and gasoline supplies, both positive for reducing
crude supplies.
Oil finished higher Thursday for a second day, as traders worried that a potential U.S. withdrawal from the Iran nuclear agreement, and the International Monetary Fund's threat to expel Venezuela, will lead to tighter global
crude supplies.
Prices shook off earlier weakness that was driven by recent data showing a hefty climb in weekly
crude supplies and record U.S. production.
Oil prices fell on Friday as investors cashed out big weekly profits after a rally driven by disruptions to
crude supplies and Wall Street's gains from U.S. economic data.
West Texas Intermediate crude oil futures have surged to a one - month high on expectations for the first decline in weekly U.S.
crude supplies in nearly three months as well as news that a key pipeline will begin service at the start of the year, relieving the glut of oil in the middle part of the...
Saudi Arabia and Russia are working on a historic long - term pact that could extend controls over world
crude supplies by major exporters for many years.
Here's a preview of the top 3 things that could rock markets today — FOMC Decision in Focus, Traders Fret Prospect of Second Straight Weekly Build in US
Crude Supplies, Apple to Spark Nasdaq Rally?
Add to that the surprise increase in weekly
crude supplies reported by the Energy Information Administration on Thursday.
Further, it noted that
crude supplies still remain at historically high levels for this time of year.
Oil up a second session as potential for U.S. withdrawal from Iran nuclear pact grows Natural - gas prices settle at a 2 - week lowOil finishes higher Thursday, as traders worried that a potential U.S. withdrawal from the Iran nuclear agreement and the International Monetary Fund's threat to expel Venezuela from the international coalition of nations will lead to tighter global
crude supplies.
Oil prices finish higher as IMF move threatens Venezuelan output Traders also weigh jump in U.S.
crude supplies, risks to Iran dealAfter trading on a mixed note for much of Wednesday's session, oil prices settled decidedly higher, as the International Monetary Fund's threat to expel Venezuela reignited market concerns over the struggling nation's crude production.
Oil pared earlier gains after touching $ 50 a barrel for the first time in more than six months as U.S.
crude supplies and production declined.
Yet, in an effort to further their influence over world
crude supplies, the two countries are now reportedly working on a deal to actively manage markets for potentially the next 20 years.
The U.S. Department of Energy estimated «technically recoverable» shale oil resources of 345 billion barrels in 42 countries it surveyed, or 10 percent of global
crude supplies.
They argue that possible sanctions on the Venezuelan energy sector would harm the U.S. industry, and cause it to scramble for heavy
crude supplies from elsewhere, which would result in higher fuel prices for consumers.
In late March, Saudi Arabia and Russia were reportedly preparing a move to further their influence over world
crude supplies by actively managing markets for potentially the next 20 years.
The return of what Premier Alison Redford famously called the «bitumen bubble» shows that
crude supply - demand fundamentals have not changed.
And let's not forget Iran is ready to unleash
their crude supply on the world.
The front - month contract slipped for a second straight month in October on ample
crude supply and worries about lower fuel demand as the global economy slows.
Russia is China's top
crude supplier for the first time since October 2005 as it seeks new markets for its crude amid western sanctions over its dispute with Ukraine.
Saudi Aramco has made China a strategic priority and is signing downstream investment deals and
crude supply deals with Chinese firms to achieve that goal.
The American Petroleum Institute reported another massive 5.121 million barrels drop in U.S.
crude supply dragging stockpiles back to the lower end of the average range for this time of year.
Last week, Sechin was quoted as saying that the recent rise in oil prices was due to a weak dollar, instead of efforts by OPEC to combat the global
crude supply glut.
It explained that the plants were shut simultaneously on Sunday, after the Bonny - Okrika
crude supply line to the Port Harcourt Refinery, and the Escravos - Warri
crude supply line to the Kaduna Refinery, suffered breaches.
«That wouldn't just mean potentially half of the gas stations no longer supplied in the Lower Mainland, it would also mean Parkland would be affected as
its crude supply of lighter crude will also be affected.»
Those savings are the market result of increased global
crude supply, thanks largely to soaring U.S. production, putting downward pressure on prices.
The U.S.
crude supply unexpectedly fell last week, the government said.
Not exact matches
In supporting analysis for the Keystone application in 2006, Purvin and Gertz forecast that, demand in the midwest oil administrative district «would grow and that increasing
supplies of Canadian
crude oil could handle this growth in addition to offsetting declining U.S. domestic production.»
Isn't Canada the largest
supplier of
crude oil to the U.S.?
In 1986, while in charge of
crude oil
supply and strategic planning in the refining and marketing division at Petro - Canada, Thompson saw the worst downturn of her career.
SINGAPORE, April 24 - Brent
crude oil rose for sixth day on Tuesday, passing $ 75 a barrel, on expectations that
supplies will tighten because fuel is rising at the same time the United States may impose sanctions against Iran and OPEC - led...
SINGAPORE, May 3 - Oil dipped on Thursday, weighed down by swelling U.S.
crude inventories and record weekly U.S. production that undermined efforts by OPEC to cut
supplies, although potential new U.S. sanctions against Iran kept markets on the...
LONDON, May 2 (Reuters)- Brent
crude futures eased on Wednesday, surrendering early gains after evidence of further increases in U.S. shale
supply and a rise in Iranian exports ahead of a possible renewal of U.S. sanctions on Tehran.
U.S.
crude tumbled below $ 40 per barrel on Monday for the first time since April, on heightened worries of a
supply glut despite peak summer gasoline demand.
The north is well aware that even in the
crude terms of oil and
supplies, it almost certainly lacks the funds to pay for any kind of sustained military campaign, despite having one of the world's largest standing armies.
The last of a cluster of oil processors that once lined Vancouver's Burrard Inlet, Chevron's Burnaby refinery is hard - pressed to get its required
supply of
crude from Kinder Morgan's 1,200 - kilometre Trans Mountain pipeline out of northern Alberta.
«Despite all of the
crude bulls out there, and boy, we've got way too many of them, the truth is that we've simply got too much
supply for
crude to mount any kind of sustained rally,» Cramer said.
They only compute in the context of
supplying the U.S., still the world's largest oil market, where they are competing with
crude that has to be shipped at considerable financial and atmospheric expense from distant sources like Nigeria and the Persian Gulf.
Oil
supply concerns are greater for Europe, where
crude prices have jumped even higher due to the region's larger energy reliance on MENA.
LONDON, May 3 - Oil prices edged higher on Thursday despite swelling U.S.
crude inventories and record weekly U.S. production, as focus shifted back to OPEC
supply cuts and the potential of new U.S. sanctions against Iran.
Sanctions would destabilize
crude markets, it claims, as U.S. refiners would have to source
supplies from other markets, which do not offer suitable alternative sources of
supply, the AFPM said.
«With so much
supply landlocked, Canadian oil prices are taking a serious hit,» Casey Research energy analyst Marin Katusa wrote in a late June investment note that estimated that Western Canadian Select, a heavy
crude, was trading for a whopping US$ 23 less than WTI; a gap 30 % larger than the average differential between 2006 and 2010.
Department of Energy Secretary Ernest Moniz told reporters in Seoul, South Korea that the government was reviewing the issue of
crude oil exports, given the mismatch between rising
supplies of
crude and the U.S. refining capacity, The Wall Street Journal reported.
Brent
crude headed for its third week of gains amid
supply concerns should the United States reimpose sanctions on Iran.
On Wednesday, the Energy Department is expected to report that U.S.
crude oil
supplies fell last week by 1.5 million barrels, according to a survey of analysts by Platts.
These import numbers show there is still a rock solid economic case for Keystone: Supplanting the dwindling
supply of
crude from Mexico and Venezuela.
But after the bust comes the boom: Expect soaring
crude prices later this decade as demand from fast - growing Asia collides with greatly diminished
supply — a classic bust - boom cycle with which the oil industry was all too familiar 100 years ago but may have forgotten since.
Production from shale has helped keep a lid on
crude oil prices at about $ 120 a barrel, giving western countries leverage to impose sanctions on Iran, a key
supplier.