Zeetrade News

The United States is now the largest global crude oil producer Source:  U.S. Energy Information Administration,  Short-Term Energy Outlook 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). In February, U.S. crude oil production exceeded that of Saudi Arabia for the first time in more than two decades. In June and August, the United States surpassed Russia in crude oil production for the first time since February 1999. Although EIA does not publish crude oil production forecasts for Russia and Saudi Arabia in STEO, EIA expects that U.S. crude oil production will continue to exceed Russian and Saudi Arabian crude oil production for the remaining months of 2018 and through 2019. U.S. crude oil production, particularly from light sweet crude oil grades, has rapidly increased since 2011. Much of the recent growth has occurred in

LONDON (Reuters) - Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while U.S. production gains showed no sign of slowing. Brent crude futures LCOc1 stood at $75.32 a barrel at 1805 GMT, down $1.12 from the previous close. The contract touched a three-week low of $74.49 earlier in the session. U.S. crude futures were at $66.47, down $1.41, after hitting a six-week low of $65.80. ADVERTISEMENT The spread between the two contracts CL-LCO1=R reached $9.38 a barrel, its widest since March 2015. Trading was light due to public holidays in the United States and United Kingdom. The Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia began withholding 1.8 million barrels per day (bpd) of supplies in 2017 to tighten the market and prop up prices that in 2016 fell to their lowest in more than a decade at less than $30 a barrel. Prices have soared since the start of the cuts last year, with

Geoffrey Heal, professor, Columbia Business School Published 8:44 AM ET Thu, 3 May 2018   Updated 1:38 PM ET Thu, 3 May 2018 CNBC.com Oil prices are rising now but it won't last. Dropping prices for solar and wind, along with new battery technologies and growing use of electric cars, will create a dramatic shift in demand for oil and gas. In the next 10 years the energy industry will see more change than it has in the past 100. Dave and Les Jacobs | Getty Images Since the dramatic and unprecedented advances in production and manufacturing of the Industrial Revolution from the late 1700s to the early 1900s, humans have been digging up coal, oil and gas for energy. Except for the introduction of nuclear power based on uranium in the 1950s and 60s, nothing has changed. Today, coal, oil and gas remain the primary sources of energy, fueling human activities around the world. But the recent and rapid decline in prices of alternative energy sources like w

Sam Jacobs ,  Business Insider Australia Apr. 16, 2018, 1:57 AM Reuters/Lucy Nicholson The dual threat of military action in Syria and further sanctions on Iran saw oil prices rised by 8% last week. Analysts from RBC have pointed to a "fear premium" for oil prices as a broader regional conflict plays out in the Middle East. Last week's rally also caused a breakout from oil's recent trading range, which means technical factors suggest another move higher from here. There are increasing signs that a break above $80 for a barrel of oil is now on the cards, after benchmark Brent crude prices closed on Friday night at $72.58 a barrel. That capped a weekly gain of 7.9%, while West Texas Intermediate (WTI) oil closed at 67.39, which left both measures at their highest level since 2014. Heightened geo-political tensions have been the main catalyst for the recent price action, and the US-led attack on chemical weapons facilitie

The long era of too much oil sloshing around the world and low prices is coming to an end, just as global events are heating up crude prices. That means there's a new higher floor under oil prices as the peak summer demand season approaches, and it also makes the market vulnerable to a "super spike" if there's any significant supply disruption. Oil is pricing in a risk premium for the first time since Russia and OPEC struck a deal to curb production as a way to reduce oil supplies and support prices. Patti Domm |  @pattidomm Published 12:31 PM ET Fri, 13 April 2018   Updated 10:13 AM ET Wed, 18 April 2018 CNBC.com Ahmad Al-Rybaye | AFP | Getty Images Iraqi forces flash the sign for victory while driving past an oil production plant as they head towards the city of Kirkuk during an operation against Kurdish fighters on October 16, 2017. The long era of too much oil sloshing around the world