Space Industry and Business News  
OIL AND GAS
U.S. importing more OPEC oil
by Daniel J. Graeber
Washington DC (UPI) Oct 05, 2016


disclaimer: image is for illustration purposes only

Even with a change in laws that allow for exports, total U.S. crude oil imports increased with net gains coming from OPEC nations, government data show.

The U.S. Energy Information Administration reported crude oil imported into the East Coast market increased 41 percent last year, with nearly 75 percent of that coming from Nigeria. While Nigerian crude oil production declined in part because of conflict targeting the energy sector, Nigeria's oil was more cost competitive and lower crude oil prices meant less oil was coming from domestic basins.

"As a result, imports from Nigeria, which had fallen from more than 1 million barrels per day in 2010 to only 7,000 bpd during the first half of 2015, were able to partially return to their former primary market in the East Coast, rising to 186,000 bpd during the first half of 2016," an EIA report read.

On a net national basis, crude oil imports into the United States increased 7 percent during the first half of the year when measured against the same period in 2015. This marks a stark contrast to the historic trends of declining U.S. imports that came as a result of the increase in production that was driven by an oil price two years ago above $100 per barrel.

The increase in total U.S. crude oil imports is the first since increase in six years. On a national basis, shipments from Nigeria, Iraq, and Canada contributed most to increased imports.

EIA said the difference between the price for various crude oil grades in the United States and those overseas had narrowed in part as a result of a change in laws that allowed for U.S. crude oil exports.

"The narrowing differences between certain U.S. crudes and international benchmarks provided an incentive for increased imports by refiners in areas where imported crudes now had a delivered cost advantage relative to domestic crudes of comparable quality," the EIA's report read.

A report published in July by the Norwegian government found strategies from OPEC to defend a market share may have led to a decline from rival producers. The report from Statistics Norway found OPEC behavior "probably" limited the role of U.S. crude oil.

Last week, however, OPEC backed a proposal to hold production levels static in an effort to lift crude oil prices. Crude oil prices since that agreement was reached are 15 percent, or about $5 per barrel higher, and may be moving to the point that U.S. shale oil producers re-examine their opportunities.

Sen. John Hoeven, a Republican from the oil-rich state of North Dakota, admitted robust production policies from OPEC members curbed U.S. oil potential. He supported an end to the export ban, arguing it would boost the U.S. energy economy while increasing leverage overseas.


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


.


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






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

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

Previous Report
OIL AND GAS
Direct utilization of elemental sulfur for microporous polymer synthesis
Daejeon, South Korea (SPX) Oct 06, 2016
Methane, a primary component of natural gas, has emerged recently as an important energy source, largely owing to its abundance and relatively clean nature compared with other fossil fuels. In order to use natural gas as a fuel, however, it must undergo a procedure called "hydrodesulfurization" or "natural gas sweetening" to reduce sulfur-dioxide emissions from combustion of fossil fuels. ... read more


OIL AND GAS
Small droplets feel the vibe

Large volumes of data from ITER transferred to Japan at unprecedented speeds

Facebook's Oculus pushes virtual reality with new gear

Nobel Prize in chemistry goes to scientists who made molecular machines

OIL AND GAS
TeleCommunications Systems continues USMC satellite services

SES unveils new tactical surveillance and communications solution

Newest DARPA Challenge: 'Shift Paradigm' With Robot Radio

SES Government solutions to provide the US with a high performance network

OIL AND GAS
Ariane 5 reaches the launch zone for Arianespace's October 4 liftoff

Rocket launch site to open up New Zealand space industry: Minister

NASA develops satellite concept to exploit rideshare opportunities

Arianespace to launch satellites for Australia and India with Ariane 5

OIL AND GAS
US Air Force awards Lockheed Martin $395M Contract for two GPS 3 satellites

SMC exercises contract options to procure two additional GPS III satellites

Lockheed gets $395 million GPS III Space Vehicle contract modification

2 SOPS bids farewell to miracle satellite

OIL AND GAS
Airline industry agrees to cap carbon emissions

China's HNA in $10 bn aircraft leasing expansion deal

France orders new gear for special-ops parachutists

Boeing rolls out first P-8A Poseidon for Australia

OIL AND GAS
Rice University researchers say 2-D boron may be best for flexible electronics

Scientists build world's smallest transistor

One-pot synthesis towards sulfur-based organic semiconductors

New protein bridges chemical divide for 'seamless' bioelectronics devices

OIL AND GAS
Magnetic oceans and electric Earth

DG's Basemap expanded to include 250M square kilometers at 30cm

Van Allen probes spot electron rainfall in atmosphere

New partnership with DigitalGlobe advances research innovation locally, worldwide

OIL AND GAS
Washing clothes releases 1000s of microplastic particles into environment

Dutch clean-up 'heroes' turn beach rubbish into art

Ocean records show leaded fuel emissions on the decline

Over 90% of world breathing bad air: WHO









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.