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.
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
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
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.
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
Iraqi crude oil exports were flowing again at the Turkish port of Ceyhan, where the second vessel this year was finishing lifting and three new cargoes were expected to turn up soon, industry sources said. The sources said the Marina M, which recently replaced the earlier chartered Seadancer, has just about finished lifting one million barrels of Kirkuk crude and the two million barrel Amazon Falcon is already berthed and waiting
Protesters demanding jobs closed off the eastern Libyan port of Zueitina for a sixth day, extending a halt in oil exports, according to a senior oil industry source and to one of the demonstrators, as cited by Reuters. Roughly a dozen men last Tuesday evening forced their way into the port, just hours after Zueitina Oil Company workers had temporarily suspended a strike and resumed production at oilfields that pump to the terminal.
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
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
Kurdistan reasserted its right to export oil independently to the United States and other countries on Tuesday despite a court ruling in favour of the Iraqi federal government, which has sought to block crude sales from the autonomous region.
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.
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.
An Iranian supertanker with two million barrels of oil is heading to Asia after sitting in Iranian waters for months, the first vessel storing crude offshore to sail after a nuclear deal this week, data showed on Thursday. Iran and six major world powers reached a landmark nuclear deal on
Russian Urals crude weakened in the Mediterranean on Monday and paper swaps showed potential for the grade to lose further ground in August. In the Platts window, Litasco offered an 80,000 tonne cargo in the Mediterranean at dated Brent minus 65 cents
Iran says it is storing condensate and fuel oil, not crude; some traders believe crude is being stored. As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said on Thursday that the oil was condensate and fuel oil.
As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said on Thursday that the oil was condensate and fuel oil. The millions of barrels on ships could be delivered quickly to Iran's customers once sanctions are lifted and some
The U.S. Senate Energy Committee on Thursday passed a bill that would lift a decades-old ban on the export of crude oil. The 22-member panel passed the bill to allow the United States to export oil and boost state revenue-sharing for offshore oil and gas drilling by a vote of 12-10.
NOIA President Randall Luthi issued the following statement on the Senate Energy and Natural Resources Committee’s passage of the OPENS Act, which will open new areas of the OCS to energy exploration and development, extend revenue sharing to participating coastal states
West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed. Slower buying by Indian independent refiners such as Reliance was the primary factor behind the overall decline of 13
The Short-Term Energy Outlook (STEO) released on August 11 forecasts that North Sea Brent crude oil prices will average $54 per barrel (b) in 2015 and $59/b in 2016, which is $6/b and $8/b lower than projected in last month’s STEO, respectively (Figure 1)
Russian Urals crude weakened further on Monday in the Mediterranean and the Baltic under pressure from abundant supplies and as oil firms began to tender fresh September supplies. In the Platts window, Tenergy sold a cross-month Urals cargo in the Mediterranean to Eni at dated Brent minus
Oil rocketed as much as 10 percent higher on Thursday, posting its biggest one-day rally since 2009 as recovering equity markets and news of diminished crude supplies set off a short-covering surge by bearish traders. Snapping back from a deep two-month slump that reached 6-1/2 year lows
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