Don't miss out on the latest business and technology news for chemical engineers, featuring select items in relation to Fuels & Petrochemicals.
IEA forecasts robust global oil demand growth
The International Energy Agency sees global oil demand surpassing 100 million barrels per day in the next three months, but it warned that trade wars and crises in emerging markets could dampen consumption. The agency expects demand to rise by 1.4 million barrels per day this year and 1.5 million barrels per day next year.
Company behind record bid at Permian auction comes forth
Matador Resources revealed itself as the company that paid a historic $95,001 per acre at a recent Permian Basin auction, saying it spent $387 million to acquire 8,400 net acres in the Permian's Delaware Basin. In New York, Matador's stock price fell 7% following the announcement, the biggest drop in over a year.
Analysis: US drilling slowdown pressures global supply
Constraints involving pipelines, labor and materials are causing drilling activity to flatten in the Permian Basin, the US' main oil growth engine, leading to slower domestic production growth, writes John Kemp. This, combined with Venezuelan supply disruptions, sanctions on Iran and rising demand, will likely tighten the global market late next year, he adds.
US crude stockpiles fall more than expected
US crude inventories showed a 5.3 million-barrel decline earlier this month, despite analysts expecting a 2.7 million-barrel drop, according to the Energy Information Administration. However, gasoline and distillate supplies edged up by 1.3 million and 6.2 million barrels, respectively.
House panel OKs bill boosting states' share of offshore fees, royalties
On Thursday, the House Natural Resources Committee voted in favor of a bill that would direct half of the federal government's offshore drilling-related fees and royalties to Gulf Coast states including Texas and Alabama. Currently, coastal states with drilling off of their shorelines are granted 37.5% of that amount.
Trump administration wants to ease regulations on national forest drilling
The USDA unveiled plans to simplify regulations for oil and natural gas leasing and extraction in national forests. "The intent of these potential changes would be to decrease permitting times by removing regulatory burdens that unnecessarily encumber energy production," the issued rule notice says.
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