• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 13 hours Oil prices going Up? NO!
  • 3 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 4 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 2 days Could Venezuela become a net oil importer?
  • 8 mins Kenya Eyes 200+ Oil Wells
  • 4 hours The Tony Seba report
  • 1 day Oil prices going down
  • 2 days Oil Buyers Club
  • 1 day Could oil demand collapse rapidly? Yup, sure could.
  • 9 hours Saudi Arabia turns to solar
  • 2 days Gazprom Exports to EU Hit Record
  • 20 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 14 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day Tesla Closing a Dozen Solar Facilities in Nine States
Alt Text

OPEC Edges Closer To Production Agreement

A successful OPEC agreement in…

Alt Text

The Fed Is Driving Down Oil Prices

The hawkish U.S. Federal Reserve…

Alt Text

Russia Boosts Oil Production Before OPEC Meeting

Russia pumped almost 11.1 million…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

Oil Prices To Remain Subdued For Much Of 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. U.S. repeals oil export ban

 

- As part of a last-minute funding deal, the U.S. Congress lifted the ban on oil exports. The repeal was a top priority for oil producers.
- The EIA concludes that the repeal will have little effect through 2025 if U.S. oil production stays below 10.6 million barrels per day. If, however, production rises to 12 mb/d, then the ability to export will allow U.S. drillers to add around 0.5 mb/d in production.
- Of course, there is a wide degree of uncertainty with these projections. Higher global oil prices, for example, would make the ability to export much more important.
- For now, there won’t be a flood of exports from the U.S. In the waning days of 2015, for example, WTI and Brent traded at parity. Absent a premium for Brent, U.S. producers may not be able to send much oil abroad for a profit at this point.

2. Winter heating off to historically slow start

 

- An El Nino weather pattern has led to warm weather washing over the eastern seaboard. New York City posted a record high temperature on Christmas Eve.
- As a result, demand for winter heating has been extremely weak. Heating demand is…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





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