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Archive for January, 2018

Letter from 22 Democratic US senators to Interior Secretary Ryan Zinke regarding US offshore drilling

By on 15 Jan 2018 in quotes with 0 Comments

“Just like Florida, our states are unique with vibrant coastal economies. Providing all of our states with the same exemption from dangerous offshore oil and gas drilling would ensure that vital industries from tourism to recreation to fishing are not needlessly placed in harm’s way.”

Letter from 22 Democratic US senators to Interior Secretary Ryan Zinke, after Florida was granted an exemption from the opening of 90% of US federal offshore areas for drilling

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Peak Oil Review – 15 Jan 2018

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Peak Oil Review – 15 Jan 2018

New York oil futures closed up 4.7 percent last week despite a ten-rig increase in the number of active US oil rigs.  London and New York futures closed with biggest weekly gains since October. On Thursday Brent crude briefly traded above $70 a barrel for the first time since 2014, before closing out the week at $69.78. New York futures closed the week at $64.30, some $5.50 below London. As has been the case for several weeks, shrinking crude inventories, high rates of OPEC/Russian compliance with the production freeze and what is seen as strong demand continued to drive prices higher last week.

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BMI research report on Indonesian LNG sector

By on 8 Jan 2018 in quotes with 0 Comments

“[Indonesia:] Once the world’s largest exporter of LNG, the country is anticipated to start importing LNG for the first time from 2021, as declining production fails to keep pace with demand.”

BMI research report

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Peak Oil Review – 8 Jan 2018

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Peak Oil Review – 8 Jan 2018

The first week of the new year saw much activity related to the energy markets. Oil prices continued to climb with NY futures closing at $62.01 on Thursday, the highest close since December 2014. The continuing fall in world crude stocks — US stockpiles were down by 7.4 million barrels last week—and a healthy global economy continues to push prices higher.  London futures are now at $67.66 a barrel and are closing in on $70.

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CEO of oil trading firm Vitol on the outlook of US oil production

By on 1 Jan 2018 in quotes with 0 Comments

“I think the question, a little bit in the longer term is – is this [2018] the last big rise in US production?… If you look at the economics on most of the big Permian players, not many of them make a lot of money.”

Ian Taylor, CEO at oil trading firm Vitol

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Peak Oil Review – 1 Jan 2018

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Peak Oil Review – 1 Jan 2018

US futures closed out 2017 above $60 a barrel for the first time since mid-2015. In the first half of the year, the OPEC/Russian production cut seemed to have little effect, but as the year wore on global crude inventories dropped.  By the third quarter, higher demand and lower inventories led to a price rally which left New York futures 12 percent higher for the year and London 17 percent higher. Prices are up by about 30 percent since OPEC and the Russians agreed to cut production in late 2016. For the record, US futures closed out the year at $60.42 and London at $66.62. Problems with UK, Libyan, and Nigerian production have pushed the spread between London and New York futures to more than $6 a barrel in recent weeks.

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