The White House said on Tuesday there has been no change in the U.S. ban on crude oil exports, responding to a question about whether an impending change might be behind price moves in oil markets. "There has been no change in regulations regarding crude oil exports," White House spokesman Josh Earnest said, noting the Commerce Department was in charge of export regulations. "I'm not going to speculate about any sort of policy change that may or may not be contemplated at this point," Earnest said. (Reporting by Roberta Rampton; Editing by Doina Chiacu)
U.S. Representative Fred Upton, the Republican chairman of the House of Representatives' energy panel, on Tuesday said he favors lifting the 40-year-old U.S. oil export ban. "Oil exports can be a win for the American people and a win for our allies," Upton said. His backing could boost support for a bill in the House to overturn the trade restriction Congress enacted in the 1970s after the Arab oil embargo. The measure currently has 40 co-sponsors.
Russia's Finance Ministry will go ahead with plans to lower oil export duties next year if prices do not increase significantly, Deputy Finance Minister Ilya Trunin told reporters on Monday. Russia had scrapped plans to cut the duty for this year due to lower prices of oil, the country's main exporting commodity. Oil producers had expressed concern that the government would increase the tax burden as it tries to make up the shortfall in state coffers.
Technical problems have delayed the reopening of Libya's eastern Zueitina oil export terminal after the government reached a deal with rebels to end an eight-month blockade of the port, a minister said on Sunday. Two weeks ago, the Tripoli government reached an agreement with rebels in the restive east to end their occupation of four oil ports which had halted vital exports. Under the plan, the Hariga and Zueitina ports were due to open immediately while the larger Ras Lanuf and Es Sider
Novak says Russian oil output to rise 0.6 pct in 2014; Natural gas production seen down 4 pct this year. Russia's oil exports are expected to fall by 4.3 percent this year, Energy Minister Alexander Novak said on Tuesday, citing preliminary data. He said oil exports will be 229 million tonnes (4.6 million barrels per day), while natural gas production will fall by 4 percent to 641 billion cubic metres (bcm) and exports by 6.7 percent to 183.3 bcm.
As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.S. Maritime Trade -- are gaining steam. A new report from the Government Accounting Office (GAO) will surely add fuel to the "export oil" fire now, as GAO reports that U.S. consumers could save on gasoline if the ban on crude oil exports were lifted, even if such a move creates uncertain environmental risks
NOIA applauds Congressional action to lift ban on crude oil export, urges progress on proposed offshore well control rule 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)
The price of U.S. gasoline could fall if Washington were to allow crude oil exports, an independent government report on Tuesday concluded, adding political firepower for those who want to change the law to expand such trade. Exports would put more crude on global markets and push down prices for international Brent oil "which in turn results in lower petroleum product prices for U.S. consumers," according to the report by the Energy Information Administration
The United States should lift its nearly four-decade ban on crude oil exports to help encourage domestic production, the Washington Post said in an editorial on Thursday. Booming shale oil production has led to an intense debate over the moratorium, which was imposed by Congress in 1975 in the wake of the Arab oil embargo. Allowing crude oil exports would help address a mismatch between rising light crude output from U.S
Kuwait plans to increase the volume of crude oil exports to China to 500,000 barrels a day (bpd) in three years, an executive at the state-run Kuwait Petroleum Corporation (KPC) said Saturday. On Monday, Kuwait concluded a new 10-year deal with a China's Sinopec Corp to nearly double its supplies by offering to ship the oil and sell it on a more competitive cost-and-freight basis. "With new and mutual cooperation between the two parties
Even though the coup attempt in Turkey failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market. Turkey is not a large oil or gas producer; according to JODI its crude oil
Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will start lifting a blockade on eastern oil terminals over the next three days, though a resumption of exports will depend on the state of
Recent expansion of the Panama Canal should lower shipping costs, say market observers. Shipping geeks will delight at this engineering marvel that revolutionized global maritime trade. As a major Latin American hub of finance, commerce and transportation
MidEast rates slip from two-week high on June 28; raft of new ships and repaired vessels weigh on rates. Freight rates for very large crude carriers (VLCCs) will continue to soften next week as ample tonnage supply weighs on the market, although a raft of Middle East fixtures are expected to
Providing an update on the status of the on-going Greater Stella Area (“GSA”) development programme Ithaca Energy informed that the floating production facility (FPF-1) modifications programme undertaken by Petrofac in the Remontowa shipyard in Poland is in the final stages of
Hess Denmark ApS has awarded a contract to DNV GL to provide asset integrity inspection management of its South Arne field including Risked Based Inspection (RBI) services and Non-Destructive Testing (NDT) inspection services.
OPEC's full-year 2016 oil export revenues will probably fall 15 percent, down for the third straight year and possibly the lowest in more than a decade before rising in 2017, the U.S. Energy Information Administration (EIA) said on Wednesday.
Iran has placed orders worth around $2.4 billion with South Korean shipyards for the construction of ships to carry Iran’s oil and petrochemical products, The Wall Street Journal says. The orders have been placed by the Islamic Republic of Iran Shipping Lines (IRISL) and
The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism, says a report from Alibra Shipping Research.
Libya plans to load three additional crude cargoes this month from the recently reopened Marsa El Hariga terminal, after a tanker for trader Glencore departed on Friday. The country's National Oil Corp (NOC) in Tripoli chartered the Kriti Breeze to load 400
A tanker that had been blocked for three weeks in a stand-off over oil exports at the eastern Libyan port of Marsa al-Hariga entered the port and began loading on Thursday, officials said. The Seachance, which had been waiting to load oil for Glencore on behalf of the Tripoli-based National Oil
Libya's National Oil Corporation (NOC) based in Tripoli said on Thursday it had cancelled two oil cargoes from its May export program because a rival NOC in the east is blocking exports from Marsa al-Hariga. Mohamed el-Harari, spokesman for the NOC in Tripoli said in a statement that the
A tanker that an oil company set up by Libya's eastern government prevented from loading has left the eastern port of Marsa el-Hariga, a port official said on Wednesday. The Seachance, which had been due to load 600,000 barrels of oil for the National Oil Corporation (NOC) in Tripoli
A tanker that Libya's rival eastern government had been using to try to export oil in defiance of the Western-backed administration in Tripoli returned to the country on Saturday, after it was blacklisted by the United Nations, the state oil company said.
A government based in eastern Libya has shipped its first cargo of crude in defiance of authorities in the capital Tripoli, a bold move that could deepen the divisions that have brought chaos since the fall of Muammar Gaddafi. The Tripoli authorities asked the U.N