• 3 hours U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 5 hours Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 7 hours Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 9 hours Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 12 hours Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 13 hours TransCanada Boasts Long-Term Commitments For Keystone XL
  • 15 hours Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 22 hours Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 1 day Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 1 day Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 1 day Venezuelan Output Drops To 28-Year Low In 2017
  • 1 day OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 2 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 2 days Kinder Morgan Delays Trans Mountain Launch Again
  • 2 days Shell Inks Another Solar Deal
  • 2 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 2 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 2 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 2 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 2 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 3 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 3 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 3 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 3 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 3 days Norway Grants Record 75 New Offshore Exploration Leases
  • 3 days China’s Growing Appetite For Renewables
  • 3 days Chevron To Resume Drilling In Kurdistan
  • 4 days India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 4 days India’s Reliance Boosts Export Refinery Capacity By 30%
  • 4 days Nigeria Among Worst Performers In Electricity Supply
  • 4 days ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 4 days Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 4 days Saudis To Award Nuclear Power Contracts In December
  • 4 days Shell Approves Its First North Sea Oil Project In Six Years
  • 4 days China Unlikely To Maintain Record Oil Product Exports
  • 4 days Australia Solar Power Additions Hit Record In 2017
  • 5 days Morocco Prepares $4.6B Gas Project Tender
  • 5 days Iranian Oil Tanker Sinks After Second Explosion
  • 7 days Russia To Discuss Possible Exit From OPEC Deal
  • 7 days Iranian Oil Tanker Drifts Into Japanese Waters As Fires Rage On
Alt Text

CNPC Expects Robust Oil Demand Growth In China

Chinese state-owned oil and gas…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Oil Prices Inch Higher On Small Crude Build, Gasoline Draw

Texas oil rig

The Energy Information Administration reported a build of 1.5 million barrels in U.S. commercial crude oil stockpiles for the week to February 24, continuing a seven-week streak of increases that got markets worried about the global glut.

A day earlier, the American Petroleum Institute estimated inventories to have grown by 2.5 million barrels, falling short of analyst expectations of a 2.8-million-barrel increase.

The EIA also noted that at 520.2 million barrels, commercial stockpiles exceed the seasonal maximum.

Imports in the seven days to February 24 averaged 7.6 million barrels daily, up from 7.3 million bpd in the previous week.

Refineries produced 9.5 million barrels of gasoline per day in the latest reporting period, a slight increase on the previous week’s 9.4 million bpd, with inventories of the fuel falling by half a million barrels. In the previous week, gasoline inventories were down by 2.6 million barrels.

Growing shale oil production is causing serious worry in the OPEC camp as it has become the main factor undermining the cartel’s efforts to prop up crude prices to a level that would encourage new investments in future production.

Yesterday, sources from OPEC said that Saudi Arabia and other big producers from the Gulf are hoping for prices of US$60 a barrel, believing that this price level would motivate new investments while discouraging shale boomers from expanding their output.

This belief seems to be erroneous in the face of facts: shale producers have been adding new drilling rings for the past two months at least, and seem to have no intention of curbing their output growth. The truth is that breakeven levels are falling in the shale patch, which does not seem to be the case for troubled Gulf producers.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News