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Crude Oil

Bakken crude prices are set to weaken from already low levels in coming months, with the frigid winter in North Dakota likely to disrupt rail loadings and worsen bottlenecks as production soars. more

Pipeline/Transportation

U.S. crude oil production reached 11.3 million barrels per day (b/d) in August 2018, according to EIA’s latest Petroleum Supply Monthly, up from 10.9 million b/d in July. more

Drilling & Exploration

Oil prices fell more than 2 percent on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, reassuring investors ahead of U.S. sanctions on Iran’s crude exports that start next month. more

Refining/Petrochemical

Oil prices rose on signs of surging demand in China, the world’s second-biggest oil consumer, although the market was heading for a second week of losses on rising U.S. inventories and concern that trade wars were curbing economic activity more

Refining/Petrochemical

Oil prices rose on growing evidence of falling crude exports from Iran, OPEC’s third-largest producer, before the imposition of new U.S. sanctions and a partial shutdown in the Gulf of Mexico because of Hurricane Michael. more

Refining/Petrochemical

Crude oil prices shot to a four-year high on Tuesday, catapulted by imminent U.S. sanctions on Iranian crude exports and the apparent reluctance of OPEC and Russia to raise output to offset the potential hit to global supply. more

Refining/Petrochemical

Oil prices steadied on Thursday but the market remained bullish after news of another fall in U.S. crude inventories and on signs that OPEC may not raise production enough to compensate for the loss of Iranian exports hit by U.S. sanctions. more

Refining/Petrochemical

Members of the Organization of the Petroleum Exporting Countries (OPEC) received about $567 billion in net oil export revenues in 2017, up 29% from revenues in 2016. more

Refining/Petrochemical

Oil prices rose on Monday as investors focused on the impact of U.S. sanctions on Iran despite assurances by Washington that Saudi Arabia, Russia and the United States could together raise output fast enough to offset falling supplies. more

Refining/Petrochemical

U.S. shale producers are locking in prices for their production as much as three years into the future in a sign that strong domestic crude pricing is nearing a peak, according to market sources familiar with money flows. more

Drilling & Exploration

The United States likely surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer earlier this year, based on preliminary estimates in EIA’s Short-Term Energy Outlook (STEO). more

Drilling & Exploration

Flint Hills Resources, Ingleside, Tex., plans to expand storage and outbound crude loading capacity at its storage terminal in Ingleside, Tex., to 380,000 b/d. more

Downstream

EIA’s August Short-Term Energy Outlook (STEO) forecasts that U.S. crude oil production will average 10.7 million barrels per day (b/d) in 2018 and 11.7 million b/d in 2019. If realized, both of these forecast levels would surpass the previous record. more

Refining/Petrochemical

Oil hit a two-week high above $74 a barrel on Wednesday as an industry report showing a drop in U.S. crude inventories and U.S. sanctions on OPEC producer Iran pointed to tighter supplies. more

Refining/Petrochemical

Oil prices rose more than 1 percent on Tuesday, tracking the stock market higher after a rise in Turkey’s lira quelled fears of emerging market weakness and as market participants focused on lower crude supply from Saudi Arabia and Iran. more

Refining/Petrochemical

U.S. crude oil production last week hit 11 million barrels per day (bpd) for the first time in the nation’s history. more

Drilling & Exploration

Asian oil refiners are racing to secure crude supplies in anticipation of an escalating trade war between the United States and China, and as Washington plans tough sanctions against Iran aimed at shutting the country out of oil markets. more

Refining/Petrochemical

In 2017, a group of the world’s largest publicly traded oil and natural gas producers added more hydrocarbons to their resource base than in any year since 2013. more

Tanks/Terminals/Storage

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