U.S. oil production has topped 10 million barrels per day, approaching a record set in 1970, but many investors in the companies driving the shale oil revolution are still waiting for their payday.
Four countries — the U.S., Japan, India and Australia — could join forces to set up an alternative to China’s Belt and Road Initiative in an attempt to counter Beijing’s growing influence, the Australian Financial Review reported Sunday.
U.S. oil explorers increased the number of drilling rigs this week by the most in a year as domestic crude production roared toward unprecedented highs.
Oil prices on Thursday were close to their lowest levels this year, with soaring U.S. output undermining OPEC’s efforts to tighten markets and prop up prices.
U.S. Energy Secretary Rick Perry told oil super-powers Russia and Saudi Arabia he believed U.S. shale oil boom would not become a spoiler for oil markets because new production would be absorbed by fast rising global demand.
Angola’s Sonangol sold its last three February-loading cargoes, while results from Indian tenders showed IOC and BPCL opting for some non-West African oil grades.
India has failed to comply with a World Trade Organization ruling on solar power, the United States will tell the WTO’s dispute settlement body (DSB) next month, triggering a fresh round of litigation, according to an agenda issued on Wednesday.
India’s government is in favor of banning imports of petroleum coke on environmental grounds, according to a government affidavit filed with the country’s top court, which could be a big blow to U.S. refiners who export heavily to the country.
Crude was down slightly on Friday as expectations that OPEC and other producers will extend their production cut agreement were offset by U.S. drillers adding the most oil rigs in a week since June, indicating output will continue to grow.
Singapore-headquartered solar panel maker REC hopes to be exempt from potential U.S. restrictions on imports following a recent trade finding that said no significant injury to the United States had been caused by makers including those from Australia, Canada and Singapore.