Space Industry and Business News  
OIL AND GAS
Chinese growth gives support to oil prices
by Daniel J. Graeber
Washington (UPI) Dec 19, 2017


An assessment that China's economy was in a steady pattern of growth and repair assessments on a North Sea pipeline system sent oil prices higher on Tuesday.

China is the second-largest economy in the world behind the United States. Oil demand from China last month was 9 million barrels per day, the second highest on record.

The World Bank said Tuesday that Chinese growth for the year should be around 6.8 percent, supported by improvements in household incomes and external demand. John Litwak, the lead bank economist for China, said economic planners have done a good job at coordinating a relatively balanced economy with little exposure to risk.

"As a result, 2017 has been a successful year for China on many fronts," he said in a statement.

The price for Brent crude oil was up 0.3 percent as of 9:18 a.m. EST to $63.62 per barrel. The price for West Texas Intermediate, the U.S. benchmark for the price of oil, was up 0.44 percent to $57.47 per barrel.

Brent is suppressed somewhat because the Forties pipeline system, a network that funnels about 40 percent of North Sea production to inland refineries, remains closed. The system's owner, Ineos, said Tuesday that manufacturers were making custom components to fix a network closed after a hairline crack was discovered onshore near Aberdeen.

"At this stage, it is still too early to say exactly how long the repair will take to complete, and there is no change to the previously indicated timescale of two to four weeks from Dec. 11," the company stated.

The shutdown gave a brief lift to the Brent price, but narrowed the spread, or difference, to WTI. U.S. crude oil has been supported by its discount relative to Brent, though the spread has diminished from around $7.60 when the Forties system closed to $6.15 per barrel at the current price.

U.S. oil, nonetheless, is gaining traction. According to the latest federal estimates, shale production could grow another 94,000 barrels per day by January, marking 13 straight months for gains.

"When it comes to the U.S. shale patch, it's very much a case of New Year, same story," Stephen Brennock, an analyst with London oil broker PVM, said in an emailed report.

U.S. oil is balancing an effort by the Organization of Petroleum Exporting Countries to drain an oversupplied market with coordinated production cuts.

OIL AND GAS
Reconstruction starts at Iraq's biggest oil refinery
Baghdad (AFP) Dec 14, 2017
Iraq has begun reconstruction work at what was the country's biggest oil refinery before it was damaged by intense fighting between government forces and Islamic State group jihadists, the oil ministry said Thursday. The aim is to complete work early next year on one of the units that will produce 70,000 barrels per day at the Baiji complex which is currently shut, said ministry spokesman As ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Blackbody radiation from a warm object attracts polarizable objects

Physicists excited by discovery of new form of matter, excitonium

Brittle starfish shows how to make tough ceramics

Russia says 'satellite' could have caused radioactive pollution

OIL AND GAS
Military defense market faces new challenges to acquiring SatCom platforms

Harris contracted by Army for radios for security force assistance brigades

Joint Hellas-Sat-4 and SaudiGeoSat-1 satellite ready for environmental tests

Government outsourcing disrupts space as SatComm services commercialised

OIL AND GAS
OIL AND GAS
Arianespace's second Ariane 5 launch for the Galileo constellation and Europe

Galileo satellites atop rocket for next Tuesday's flight

Air Force tests Raytheon's GPS receiver aboard B-2 bomber

Space technology to drive autonomous ships

OIL AND GAS
Canada halts plans to buy Boeing fighter jets in trade dispute

Draken International to buy surplus South African fighters

Canada to buy 18 used Australian jetsw

Qatar signs $8-bn deal to buy 24 Typhoon fighters from UK

OIL AND GAS
French aerospace giant Thales acquires SIM maker Gemalto

Researchers quantify factors for reducing power semiconductor resistance by two-thirds

Revolutionizing electronics using Kirigami

Toshiba, Western Digital settle legal battle over chip unit sale

OIL AND GAS
Lockheed Martin strengthens weather forecasting with second next-generation weather satellite

Understanding the climate impact of natural atmospheric particles

Sentinel-5P brings air pollution into focus

First global maps of traits that drive vegetation growth

OIL AND GAS
UN warns of surging e-waste, little recycling

Britain must obey EU environment rules for post-Brexit air deal

Offsetting Trump, Macron moves to 'Make Our Planet Great Again'

Tiny ocean creatures can shred a plastic bag into 1.75 million pieces









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.