Latest news
China could soon become the biggest oil importer in the world
According to new figures from the U.S. Energy Information Administration, China could surpass the U.S. as the world’s largest net oil importer before the end of this year. EIA projects that total annual oil production in the USA will increase 28% in the period from 2011 to 2014, lessening the country’s reliance on foreign oil.
read more... 03/09/2013
Daily: European power prices up on lower nuclear production
Brent futures recovered from a $2 drop early in the day, rising 35 cents to settle at $114.36 per barrel while the U.S. crude oil prices decreased 83 cents to trade at $106.82 per barrel at 1PM EST, the end of a thinly traded, holiday-shortened day. It had dropped as low as $104.21.
read more... 03/09/2013
Daily: European power down on a major wind power generation
Brent crude oil chopped down because of unbalanced trade on Friday, ahead of a long weekend in the United States. Brent crude for October decreased $1.12 to $114.04 per barrel by 18:16 GMT after previously reaching a low of $113.63 prior to Kerry's speech. U.S. crude for October delivery fell $1.22 to $107.58 after hitting a low of $106.75.
read more... 02/09/2013
Daily: British gas prices down on an oversupplied system
The price of Brent crude oil decreased on Thursday following reports that the UK House of Commons voted to withhold from military action in Syria. Brent crude for October delivery plunged to 114.94 dollars per barrel, down 1.67 dollars, before improving to 116 dollars by 13:50 GMT. U.S. crude oil prices for October fell 1.50 dollars to 108.60 dollars per barrel.
read more... 30/08/2013
Petroleum products consumption increased worldwide
The world’s consumption of petroleum products such as gasoline, diesel fuel, jet fuel, heating oil, and other products reached a record high last year, even if there was a decline in consumption in North America and Europe. According to the Energy Information Administration, in 2012 the world consumed about 88.9 million barrels of petroleum products per day.
read more... 30/08/2013