Tag Archives: North America

Oil prices declined by more than 6 percent in the last few trading days.

Beijing and Washington agreed not to unleash a new trade war because of increased US customs duties on Chinese goods and tit-for-tat measures by China.

In the currency market. the euro bounced back from a low of $1.1646 touched on Friday to trade at $1.1685.

Other Chinese refiners are looking to reconfigure their plants so they could buy and process U.S. oil. one trade source said.

The IEA said 80 percent of the growth in demand expected between now and 2040 should come from emerging markets. China and India chief among them.

The recent US oil rig peak of 1.609 was in October 2014. at a time oil prices had fallen to the mid-$80s b.

Sonatrach will boost discoveries to reach 100 million tonnes of oil equivalent per year.

The EIA estimates that the US pumped the equivalent of 30 million barrels of oil per day in 2017.

Gas is increasing in demand as the Chinese government moves to replace coal to combat air pollution.

The US is shipping record amounts of crude following the end of an export ban in late 2015.