Trump's Revenge: US Oil Floods Europe, Hurting OPEC, Russia
U.S. supplies to Europe set for all-time high in April; on course to overtake Russia, Saudi. As OPEC's efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices close to four-year highs. Now, the relatively high prices brought about by that pact, coupled with surging U.S.
Asia oil refiners hungrily eye 300-item global oil smorgasbord
Asia's oil refiners can choose from a sprawling buffet of over 300 crudes from every continent except Antarctica as a combination of cheap freight and rising supplies leaves buyers overwhelmed by the variety of oil grades on offer. The lifting of the 40-year-old U.S. crude export ban in December 2015 means North American supplies are now competing for Asian buyers along with the barrels sent from the Middle East, Russia and elsewhere. As the Organization of the Petroleum Exporting Countries prepares to meet next week to discuss a potential output freeze, the possibility of U.S.
Rare Oman Crude Cargo May Ship to U.S.
WTI's premium to DME Oman at more than 5-year high; Koch may ship Oman crude to U.S. Gulf Coast. The United States could receive its first Oman cargo in three years after a brief opening of the arbitrage window earlier this month when U.S. crude prices strengthened against Omani oil futures, traders said on Monday. The arbitrage shipment would add to a wave of crude from Africa and Europe making its way across the Atlantic to the world's largest oil consumer. The move comes just weeks after the U.S. government repealed a decades-old law banning oil exports.
NOIA Praises Effort to Lift Crude Oil Export Ban
Today, Congress passed the Omnibus Appropriations bill, H.R. 2029, which includes a provision lifting the existing U.S. crude oil export ban. U.S. oil exports will strengthen America’s national and energy security and result in substantial benefits for consumers and job creation across the country, according to the National Ocean Industries Association (NOIA). NOIA noted also that the bill did not include a key priority for the offshore energy industry –statutory language requiring incorporation…
NOIA Cheers Omnibus Language to Lift Crude Oil Export Ban
NOIA President Randall Luthi issued a statement cheering omnibus spending bill language that would lift the ban on U.S. crude oil exports. "NOIA is pleased to see language included in the omnibus that will lift the crude oil export ban, a relic of the 1970s that has created an unfair situation for American consumers and our country – both economically and from a national security perspective." Luthi continued, "By passing this legislation and lifting the ban, Congress will set the stage for economic growth, stronger national security, and benefits to consumers all across the U.S."
U.S. Poised to Lift 40-yr Oil Export Ban
The United States appears on the brink of ending a four-decade-old ban on most exports of crude oil, an abrupt end to a years-long fight triggered by the domestic shale boom. Late on Tuesday evening congressional negotiators wrapped up a sprawling deal to keep the U.S. government operating through next September that included repealing the ban and granting temporary tax breaks to boost wind and solar development, according to lawmakers involved in the talks. Both Republican and Democratic…
US Congress Negotiators Struggle Over Oil, Solar, Wind Breaks
U.S. Congress negotiators on Tuesday continued to tussle over Republican demands that a 40-year-old oil export ban be repealed and Democratic calls that any such repeal be coupled with incentives for clean energy projects, a senior Senate Democratic aide said. The talks are part of an end-of-year, must-pass bill to fund the government through September 2016 and extend a series of tax breaks. Earlier on Tuesday, U.S. House of Representatives Speaker Paul Ryan said details of such legislation would be unveiled later in the day with House votes likely on Thursday. (Reporting by Richard Cowan)
Oil Up as Multi-Year Lows Trigger Buying
Dollar at seven-week low against other currencies. Oil prices edged higher on Tuesday as a slump to near 11-year lows in the previous session triggered investors' buying appetite. Brent crude, the global benchmark, traded up 60 cents at $38.52 a barrel at 1117 GMT, after touching an intra-day high of $38.95. U.S. crude was trading at $36.82, up 51 cents. "It's technical buying. It's pretty obvious shorts started to take profit when Brent prices dropped down to the 2008 low," said Tamas Varga, oil analyst at London-based PVM Associates.
U.S. Oil Export Ban 'very likely' be Lifted in Spending Bill
The 40-year-old ban on most U.S. crude oil exports will "very likely" be lifted in the government spending bill, and talks on the final budget deal are likely to continue through the weekend, a Senate aide said. The aide did not want to be identified due to the ongoing nature of the talks. When asked if it was likely that the oil export ban would be lifted, a spokeswoman for Senate Minority Leader Harry Reid said there was no final deal yet. "We do not have a final agreement on the omnibus or tax extenders," said Reid's spokeswoman Kristen Orthman. (Reporting by Timothy Gardner)
Democrats Steadfast in Demands for Axing US Oil Export Ban
U.S. Senate Democrats on Tuesday laid out a list of demands they seek before making any deal to end the 40-year-old ban on crude oil exports in the wide-ranging government funding bill. With oil prices falling to nearly seven-year lows of less than $40 a barrel, producers are desperate to open crude sales to global markets. They say lifting the ban would give U.S. allies an alternative to Russia and OPEC countries for oil, breathe life into the drilling industry, and increase U.S. energy security.
US Shale Oil Producers Pummeled after OPEC Decision
Shares of U.S. shale oil producers tumbled on Friday after OPEC failed to agree on a unified output cap, effectively letting its 13 members pump at will in a step likely to further depress prices and advance the group's aim of squeezing out U.S. rivals. OPEC ministers ended their policy meeting in Vienna on a discordant note, unable to decide as a group how much it should pump in aggregate. As the meeting was underway it appeared that OPEC would raise its current 30 million barrels per day (bpd) cap on production…
Conoco CEO: Lifting U.S. Oil Export Ban on Wish List
The head of U.S. The comments come amid intensifying debate in Washington on whether to reverse the 40-year-old ban, imposed after the Arab oil embargo. A Republican-sponsored bill to repeal it passed the House of Representatives last week, but faces an uncertain future after a veto threat by President Barack Obama. "Allowing exports would ... help save existing jobs and create new jobs," Conoco's CEO, Ryan Lance, told an audience at the Boston College Chief Executives Club Luncheon in Boston, adding he believed the move would also help the economy and produce increased tax revenue.
House Passes Bill to Repeal US Oil Export Ban, Veto Looms
The U.S. House of Representatives passed a bill on Friday to overturn the 40-year-old ban on oil exports, but the measure did not get enough support to overturn any veto by President Barack Obama, and similar legislation in the Senate faces an uphill battle. The House bill sponsored by Representative Joe Barton, a Texas Republican, passed the House 261 to 159, failing to reach the 280 votes necessary to overturn a presidential veto. The White House this week threatened to veto the House bill, saying Congress should work to move the country to cleaner sources of energy.
House Expected to Pass Bill Axing US Oil Export Ban
A bill to repeal the U.S. oil export ban was expected to pass the House of Representatives on Friday, but faces an uncertain future after a veto threat by President Barack Obama. U.S. representatives on Friday morning debated the bill, sponsored by Joe Barton a Republican of Texas, and were slated to vote on it later in the day. Oil policy analyst Kevin Book of ClearView Energy Partners expected the bill to pass the Republican-led House, but said it was unlikely to win the 290 votes necessary to override a White House veto.
More Democrats Needed to Repeal Crude Export Ban
Lawmakers who want to ditch the 40-year-old U.S. ban on exporting oil will likely enjoy a victory on Thursday in the Senate banking committee - but they are struggling to garner enough Democratic support to pass the bill in the full chamber. The legislation is expected to get only one vote in the committee from a Democrat, Senator Heidi Heitkamp of the oil-producing state of North Dakota, a sponsor of the bill. "Tomorrow you may not see any other Democrats other than me voting for it, but what you will hear is a willingness to have a discussion and address this issue broadly…
White House Does Not Support Efforts to Lift Oil Export Ban
The White House does not support efforts by the U.S. Senate to lift the ban on oil exports, despite provisions in the legislation allowing the president to halt exports if he deemed them not in the interests of national security, a spokesman said on Wednesday. "The administration does not support efforts to move this bill," White House spokesman Frank Benenati said. Legislation that removes crude export restrictions is not needed, at this time, he added. "Congress should be focusing on meeting America's clean energy needs and our transition to a low-carbon economy," Benenati said.
House Panel Passes Bill to Repeal US Oil Export Ban
A bill to repeal the 40-year-old ban on U.S. crude oil exports was passed on Thursday by the House of Representatives energy panel. The legislation, which passed 31 to 19, is opposed by President Barack Obama. It is expected to be passed by the full House in coming weeks. A similar bill in the Senate faces an uncertain future as backers need several Democrats to support it. (Reporting by Timothy Gardner; Editing by Eric Walsh)
U.S. Oil Export Ban Repeal Seeks Direction
U.S. senators who want to reverse the ban on oil exports are struggling to find wide legislation to attach their bill to, a sign that their effort to overturn the trade restriction could face difficulties. Senator John Hoeven, a Republican of North Dakota, the top U.S. oil-producing state besides Texas, said on Tuesday a measure to repeal the legislation would likely have to be attached to a wider bill. Adding the measure to a bill to renew a decades-old law regulating toxic chemicals would be a "good bet…
US House Panel Passes Bill to Repeal Oil Export Ban
A U.S. House of Representatives subcommittee passed a bill on Thursday to repeal the U.S. ban on oil exports, providing momentum in the chamber for overturning the 40-year old trade restriction. The House Energy and Power subcommittee passed the bill by a voice count. The legislation, sponsored by Republican Representative Joe Barton of Texas, is expected to be voted on by the full Energy and Commerce committee next week. Passage by the full panel would set it up for a wider vote by the Republican-led House, where it is expected to pass. The measure, however, still faces an uphill battle in the U.S. Senate.
White House Does Not Back US House Bill to Repeal Oil Export Ban
The White House said on Tuesday it does not support a bill in the U.S. House of Representatives to repeal the 40-year-old ban on exports of crude oil. "This is a policy decision that is made over at the Commerce Department, and for that reason, we wouldn't support legislation like the one that's been put forward by Republicans," White House spokesman Josh Earnest told reporters at a briefing. "The administration believes that the American people are better served by making sure that we pursue the kind of approach that also invests in renewable energy," he said.
