• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Does Toyota Know Something That We Don’t?
  • 7 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Venezuela’s Oil Output Could See Moderate Boost

Venezuela’s Oil Output Could See Moderate Boost

The unlikely return of full…

How Biden’s LNG Export Pause Could Backfire

How Biden’s LNG Export Pause Could Backfire

President Biden's temporary pause on…

U.S. Withdraws From Oil & Gas Anti-Corruption Treaty

The United States will not be part of a recent international treaty to fight corruption in revenues management, according to a new decision from the White House, reported by Reuters.

The Extractive Industries Transparency Initiative (EITI) was designed to aid in the effort to regulate oil, gas, and mineral profits around the world, and the US is withdrawing “effective immediately” according to director of the US office of Natural Resources Revenue, Gregory J. Gould in a Thursday note to the EITI board.

The EITI was founded in 2003, but the US did not join until March 2014.

“It put more information in the hands of the public,” Michael Ross, executive director of the Project on Resources Governance and Development at the University of California Los Angeles, told Reuters. “It involved the U.S. government disclosing all the money it was getting from oil, gas and mining companies and getting these companies to publicly disclose the payments they were making.”

So far, 52 companies have taken part in the EITI, and American withdrawal has sparked the ire of many politicians and non-profits who have condemned the government for its decision to rescind its participation in the international agreement.

“The EITI is making important gains in global efforts to address corruption and illicit financial flows,” the EITI board said in the statement: “It’s important that resource-rich countries like the United States lead by example.”

Crude oil exports from the United States hit another record last week, at 2.133 million bpd, as production also continued growing, the Energy Information Administration said. This is the first time U.S. oil exports have breached the 2-million-bpd level. The authority said average daily production stood at 9.55 million barrels, up by 46,000 bpd from a week earlier and from 8.52 million bpd a year earlier.

By Zainab Calcuttawala for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Timothy M Sanders on November 03 2017 said:
    Of course Trump withdrew. Does anyone really expect for the false leader of the free world to give away his biggest monetary support from the likes of the Koch Bros. and all major oil companies around the world? Think people, THINK!!!
  • Naomi on November 03 2017 said:
    USA does not regulate profits. In a competitive market as large as oil the profits made are indicative of value provided to the customer.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News