Bill Aims to Lift Ban on Texas Energy Exports
Congressman Michael McCaul introduced H.R. 4349, the Crude Oil Export Act, which lifts the 1970s era prohibition on the export of American crude oil and would remove the major remaining barrier that keeps the U.S. from being competitive with other oil exporting nations. McCaul said, "Most of America's crude oil production is taking place underneath the feet of Texans in the Eagle Ford Shale and the Permian Basin. According to McCaul, the Crude Oil Export Act will repeal the 1970s era ban on crude oil exports; maintain a ban on crude oil exports to any country that is subject to U.S. trade restrictions, sanctions or that the President or Congress has designated as subject to exclusion for national security reasons…
Russian Oil Exports Plummet
Russian seaborne fuel oil exports from the main Black Sea and Baltic ports fell by 43 percent in October from the previous month, shipping inspector Petrak said. Fuel oil exports from the four leading ports in the former Soviet territories fell to 306,789 tons in October, compared with 542,071 tons in September.
Iraqi Exports Almost Double
Iraqi oil exports almost doubled to 2.2 million bpd for the week ended April 14, but the price Baghdad got for its oil fell below $20 for the first time since last October, the United Nations said. There was no clear reason for the sharp rise in the volume of crude oil exports in the U.N.-administered oil-for-food program, a U.N. spokesman said. For the week ended April 8, Iraq exported 1.23 million bpd. The four-week average of oil exports is now 1.52 million bpd. The price dip is in line with the fall in global oil prices since March when the OPEC cartel agreed to raise its output.
White House: No Change in Crude Oil Exports Regulations
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)
Petrobras Sees Higher Oil Exports as Presalt Fields Develop
Brazilian government-controlled Petroleo Brasileiro SA expects higher oil exports this year than initial projections, Guilherme França, executive manager of trade and marketing, said Wednesday. Petrobras expects oil exports to reach 742,000 bpd by 2021 as the company advances development of its pre-salt oil reserves, which are capable of producing lighter varieties which are demanded internationally, França said. In March, França told Reuters in an interview that the company's oil exports would reach 450,000 bpd this year. That estimate has now been revised to 503,000 bpd, according to the executive. China is the company's main client, accounting for 56 percent of Petrobras's exports in the first quarter.
Oil Exports Reach Record Levels in H1 2017
Crude oil exports in the first half of 2017 increased by more than 300,000 barrels per day (b/d) from the first half of 2016, a 57% increase. Petroleum product exports grew over the same period as well. Crude oil and propane exports each reached record highs of 0.9 million b/d, and distillate exports reached a record of 1.3 million b/d. Although crude oil exports during the period grew, the growth rate in the first half of 2017 was lower than in the first halves 2013, 2014, and 2015 when exports increased at year-over-year rates of 88%, 134%, and 70%, respectively.
US House Energy Chairman Supports Lifting Oil Export Ban
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. (Reporting by Timothy Gardner; Editing by Emily Stephenson)
Oil Export Terminal Re-Opens
Russian oil export terminal Novorossiisk reopened to shipping following a two-day weather-related closure, shipping sources said. The Black Sea terminal handles exports from Russia and other countries of the Commonwealth of Independent States.
FinMin Says to Stick to Oil Duty Cuts Plans in 2017
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. The changes will reduce oil export duties while increasing a mineral extraction tax, allowing Russian refineries to reduce crude processing and increase sales abroad. As a part of the change Russia's government should reduce a coefficient of the formula to 30 percent from the current 42 percent…
Iran's Crude Oil Exports above 2.1 Mln BPD in July
Iran's crude oil exports in July were more than 2.1 million barrels per day, the oil ministry's news agency SHANA cited a senior Iranian oil official as saying on Wednesday. Director of the International Affairs Department at National Iranian Oil Company (NIOC) Mohsen Ghamsari told SHANA the total amount of crude and gas condensate exports by Iran reached 2.740 million bpd in July. He said 600,000 bpd out of that figure were condensate exports. "Exports of crude are now at a good level but ... have not yet touched that of the pre-sanction level," he said, adding that Iran used to export 2.350 million barrels of crude per day before international sanctions were imposed.
Libyan Oil Port Re-Opening Delayed
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 terminals would resume oil exports within a month. But justice minister Salah al-Merghani said Hariga port located in Tobruk in the far east would be the only one to start operations due to technical problems at Zueitina.
Russia: 2014 Crude Exports Down 4.3 pct
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. Russia, one of the world's top oil producers, has been cutting crude exports in recent years due to rising domestic demand and refining volumes. Novak said that crude oil output will edge up 0.6 percent to 526.6 million tonnes, in what would be a post-Soviet record high. Output may edge down to 525 million tonnes next year, he added.
GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'
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. Allowing more domestic fuel to reach the global energy market would probably boost the national economy and ease the U.S. trade deficit, but other implications are less clear, the GAO said.
U.S. Lawmakers Seek New Ban On Alaska Crude Exports
Twelve U.S. lawmakers asked that President Bill Clinton, who has only two days left in office, re-impose a ban on exports of Alaskan crude oil in order to protect consumers on the United States' West Coast from high gasoline prices. In a letter to Clinton, the lawmakers cited recent news reports that BP Amoco exported Alaska North Slope crude to reduce supplies on the West Coast and raise oil prices in the region. The lawmakers making the export ban request include Senators Ron Wyden and Gordon Smith of Oregon, Barbara Boxer of California and Patty Murray of Washington. The lawmakers said secret oil company documents show that BP shipped Alaska crude to Asia even though the company earned less profit on the exported oil than it would have if it sold the same oil in West Coast markets.
Iran Raises Oil Exports to West, Almost on Par with Asia
Iran's oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said. Iran, which used to be OPEC's second biggest oil exporter, has been raising output since 2016 to recoup market share lost to regional rivals including Saudi Arabia and Iraq. While many Asian nations continued to purchase oil from Iran during sanctions, Western nations halted imports, halving Iran's overall exports to as little as one million barrels per day (bpd).
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 of industry’s significant concerns in the final Well Control Rule proposed by the Bureau of Safety and Environmental Enforcement (BSEE) – the…
Shell CEO: US Should Export Oil, Embrace Global Markets
The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable. "Policy makers here in the U.S. should embrace a truly liberalized diverse and global energy market," Shell CEO Ben van Beurden told a conference on energy at Columbia University. U.S. oil and natural gas exports "would reinforce the long term future of North American energy production," significantly improve the U.S. balance of trade, and "help to make the global energy system much more stable," he said. The United States has banned oil exports since the 1970s Arab oil embargo…
US Senate Energy Panel Votes to Lift Oil Export Ban
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. Senate Energy Committee chair Lisa Murkowski, a Republican senator from Alaska, has been a long-time advocate for lifting the ban, which she said was outdated due to the rise of the United States as an energy power. In addition to unlocking crude oil exports, the bill would also speed up exports of liquefied natural gas and ensure that states that have offshore oil and gas development get their share of federal revenues. The bill will move to the Senate floor for wider debate later this summer.
Russian Think Tank: Oil Exports to Decline in 2017
A think tank that advises the Russian government on taxes and energy-related issues said on Wednesday it expects the country's oil exports to fall this year thanks to a global deal to cut output, contrasting with official forecasts for a rise. Vygon Consulting said in a presentation to reporters that oil exports this year are seen declining by 0.7 percent to 252.5 million tonnes (5.1 million barrels per day) from around 255 million tonnes in 2016, a record high. The Energy Ministry forecasts Russian crude oil exports this year at 257 million tonnes.
Oil Exports Could Push US Gasoline Prices Lower
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, entitled "Effects of Removing Restrictions on U.S. Crude Oil Exports. The United States has severely limited oil exports since the early 1970s in the wake of the Arab oil embargo. The Obama administration has taken steps to increase exports of minimally-processed light oil called condensate and allow crude swaps with Mexico.
Russian Liftings for Western Options at 12-Year Low
MOSCOW, Nov 25 (Reuters) - Exports of Russian crude oil to Western markets are set to fall by almost a third in December and reach a 12-year low as traders withhold cargoes to wait for lower duties from Jan. 1, a preliminary export programme showed on Tuesday. Total seaborne Urals crude exports are seen at 5.3 million tonnes next month, their lowest since February 2003, when they stood at 5.1 million tonnes. The decreasing volumes may bolster Russia's position in talks to persuade members of the Organization of the Petroleum Exporting Countries to cut its oil production to bolster prices, which fell by 30 percent from a June peak. According to the preliminary schedule…
US Should Lift Crude Oil Export Ban - Washington Post
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. shale formations and Gulf Coast refineries better suited to handle heavy crude, the Post argued in an editorial. "The export ban was a desperate ploy in the 1970s to control commodities markets amid spikes in oil prices induced by the Organization of the Petroleum Exporting Countries," the newspaper said. Earlier this summer, the U.S.
Russia to Cut Pipeline Oil Exports, Oil Transit
Russia plans to cut oil exports by pipeline and oil transit by 0.6 percent to 52.5 million tonnes in the third quarter, quarter-on-quarter, trade sources citing a loading schedule said on Tuesday. The sources, who spoke on condition of anonymity, told Reuters oil exports and transit via the Baltic Sea port of Primorsk were seen rising to 12.4 million tonnes from 12.1 million in the second quarter. Those through the Ust-Luga port were seen falling to 6.6 million tonnes from 7 million. The Black Sea port of Novorossiisk is expected to ship 7.4 million tonnes versus 7.8 million tonnes.