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Electric vehicles reducing oil consumption

3 hours ago DieselGasoil Comments Off on Electric vehicles reducing oil consumption
By Dan Murtaugh on 3/19/2019 SINGAPORE (Bloomberg) — Electric vehicles are taking ever-bigger bites out of global oil demand, but they haven’t yet caught up with the growing size of the pie. Gasoline and diesel (gasoil) displacement by electric vehicles will grow by 96,000 bpd this year, BloombergNEF said in a report Tuesday. That brings Read More

Libya oil boss sees output gain with hope of BP pumping soon

19 hours ago DieselGasoil Comments Off on Libya oil boss sees output gain with hope of BP pumping soon
By Annmarie Hordern and Salma El Wardany on 3/18/2019 LONDON and CAIRO (Bloomberg) — Libya boosted crude production by a third after restarting its biggest field, and its top oil official sees further gains when companies like BP Plc invest and start pumping oil in the politically divided OPEC nation. The Sharara field in southern Read More

Oil market can weather zero Iranian exports

2 days ago DieselGasoil Comments Off on Oil market can weather zero Iranian exports
By Margaret Talev and Stephen Cunningham on 3/17/2019 WASHINGTON (Bloomberg) — U.S. officials said the global oil market can withstand the removal of all Iranian crude exports this year, a conclusion that could be pivotal in the coming weeks as President Donald Trump weighs whether to end sanctions waivers granted to several nations. Based on Read More

OPEC urges oil producers to prevent return of surplus this year

5 days ago DieselGasoil Comments Off on OPEC urges oil producers to prevent return of surplus this year
By Grant Smith on 3/14/2019 LONDON (Bloomberg) — OPEC’s secretariat urged oil producers to keep going with efforts to prevent a surplus this year, as supplies from their rivals increase faster than world demand. Key OPEC members and their allies will meet this weekend in Baku, Azerbaijan, to review output curbs they’ve been implementing to Read More

Saudis head to OPEC+ talks reluctant to do Trump's bidding

5 days ago DieselGasoil Comments Off on Saudis head to OPEC+ talks reluctant to do Trump's bidding
By Grant Smith and Javier Blas on 3/14/2019 LONDON and HOUSTON (Bloomberg) — Four months ago, Saudi Arabia’s devotion to its decades-old oil partnership with the U.S. was stronger than ever. President Donald Trump was poised to choke off crude exports from the kingdom’s political nemesis, Iran. And the Saudis, shunned by other nations after Read More

Exxon aims for $15/bbl costs in large Permian operation

5 days ago DieselGasoil Comments Off on Exxon aims for $15/bbl costs in large Permian operation
By Kevin Crowley on 3/14/2019 HOUSTON (Bloomberg) — Exxon Mobil plans to reduce the cost of pumping oil in the Permian to about $15/bbl, a level only seen in the giant oil fields of the Middle East. The scale of Exxon’s drilling means that it can spread its costs over such a big operation that Read More

Nigerian oil region crisis threatens Buhari's economic plans

6 days ago DieselGasoil Comments Off on Nigerian oil region crisis threatens Buhari's economic plans
By Dulue Mbachu and Elisha Bala-Gbogbo on 3/13/2019 ABUJA (Bloomberg) — Fresh from his comfortable re-election, Nigerian President Muhammadu Buhari faces a huge hurdle to keep his vow to end the economy’s addiction to oil: win a lasting peace in the crude-rich Niger River delta. The 76-year-old former military ruler will have to score a breakthrough Read More

U.S. cuts oil production forecast for the first time in six months

6 days ago DieselGasoil Comments Off on U.S. cuts oil production forecast for the first time in six months
By Stephen Cunningham on 3/13/2019 WASHINGTON (Bloomberg) — The U.S. government cut its oil production forecast for the first time in six months as drillers scale back in smaller shale plays and the U.S. Gulf of Mexico. While crude output is still expected to reach record levels, the Energy Information Administration trimmed its 2019 forecast to Read More

Oil rises to one-week high on Saudi cuts and weaker dollar

7 days ago DieselGasoil Comments Off on Oil rises to one-week high on Saudi cuts and weaker dollar
By Ben Foldy on 3/12/2019 NEW YORK (Bloomberg) — Crude rallied to the highest in more than a week as traders remained optimistic over Saudi Arabia’s planned production cuts and amid a weaker dollar. Futures climbed as much as 1.3% in New York to the highest since March 1. Saudi Arabia’s commitment to OPEC’s deal Read More

Oil rises as Saudis are said to continue with deeper supply cut

1 week ago DieselGasoil Comments Off on Oil rises as Saudis are said to continue with deeper supply cut
By Grant Smith and Tsuyoshi Inajima on 3/11/2019 LONDON and TOKYO (Bloomberg) — Oil rose as Saudi Arabia was said to extend deep supply cuts into April. Futures in New York climbed as much as 1.3% after dropping 1% on Friday. Saudi Arabia plans to produce well below 10 MMbpd in April, a similar pace Read More