The supply shock caused by the North American oil production booming in the next five years will not only have impact on global investment but also reshape transportation, storage and refinery of oil, the International Energy Agency (IEA) said Tuesday, Xinhua reports.
The International Energy Agency said it has concerns about the safety of oil cargoes carried by rail in the United States, UPI reports.
The U.S. shale boom will send “shockwaves” through the global oil trade over the next five years, benefiting the nation’s refiners and displacing OPEC as the driver of supply growth, the IEA said, according to Bloomberg.
Arctic territory off the northern coast of Alaska is a key element of U.S. national and energy security interests, a national plan states, UPI reports.
The number of gas rigs in the U.S. declined by four this week to 350, according to Baker Hughes Inc. It’s the lowest total since June 1995, Bloomberg reports.
Shipments of refined oil products including diesel and gasoil to Europe from the U.S. Gulf Coast are poised to reach the highest level since January, a Bloomberg News survey showed.
The U.S. raised its natural-gas production outlook for 2013 for the first time in three months amid gains from onshore wells, Bloomberg reports.
President Barack Obama’s suggestion last weekend that he may favor greater U.S. exports of liquefied natural gas is a welcome sign. More exports would spur more domestic production and help balance U.S. trade, Bloomberg reports.
The amount of oil produced in the U.S., now at a 21 year high, is nearly even with the amount being imported, and the gap is narrowing, CNBC reports.
BP today announced the successful commissioning of a state-of-the-art diesel hydrotreater and hydrogen plant at its 234,000 barrel per day Cherry Point Refinery located in Blaine, Washington.