Imports of Nigerian crude by the United States over 2018 fell by 43%, according to data released by the EIA. The US imported only 64.06 million barrels of crude from the West African country in 2018, compared to 112.92 million barrels in 2017.
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Ongoing U.S.-China trade tensions continue to chip away at Chinese economic growth. China’s National Bureau of Statistics (NBS) said on Thursday that the country’s economy slowed in the first two months of the year as the rate of industrial production fell to its lowest in a decade.
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The United States will drive global oil supply growth over the next five years thanks to the remarkable strength of its shale industry, triggering a rapid transformation of world oil markets according to the International Energy Agency’s annual oil market forecast. By the end of the forecast, oil exports from the United States will overtake Russia and close in on Saudi Arabia, bringing greater diversity of supply.
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(Bloomberg) — Oil climbed as the U.S. and China were said to near a deal on trade that would underpin the outlook for crude demand, while supplies around the world showed signs of tightening.
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Saudi Arabia is leaning toward extending OPEC cuts into the second half of 2019, potentially pitting the group against U.S. President Donald Trump’s demand to keep prices down.
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Oil prices turned sharply lower on Monday morning, reversing early gains, after U.S. President Donald Trump took to Twitter again to criticize OPEC and the high oil prices.
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Oil prices rose on Friday, lifted by OPEC’s supply cuts and hopes the United States and China could soon settle their trade disputes. U.S. West Texas Intermediate (WTI) futures were at $54.10 per barrel at 0133 GMT, up 31 cents, or 0.6 percent, from their last settlement. International Brent crude oil futures were at $61.25 per barrel, up 41 cents, or 0.7 percent from their last close. “Prices supported by data showing further falls in…
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Bin Salman, Trump and Putin are calling the market shots. The prince may struggle to defend output cuts against a hostile Trump and indifferent Putin.
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The drumbeat towards peak oil demand is accelerating, but since much of the acceleration is happening outside of the United States, its cadence is muted.
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China won’t renew harsh restrictions on coal and steel production capacity originally targeted at cut air pollution, as the country’s trade war with the US has begun to affect growth.
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