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Oil industry exec: US crude exports help keep prices low

WASHINGTON — The oil industry’s top lobbyist says a new law allowing U.S. crude exports helps explain why oil prices have not spiked despite heightened tensions between two of the world’s big oil-producing countries, Iran and Saudi Arabia. The president and chief executive of the American Petroleum Institute, Jack Gerard, says the 3-week-old law lifting a 40-year ban on crude ...

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Oil exports could bolster Eagle Ford – eventually

The first oil exports from the United States left the Port of Corpus Christi on Thursday afternoon aboard the “Theo T” tanker heading for Europe just weeks after Congress repealed the nearly 40-year-old export ban. The exports — using Eagle Ford oil pumped by ConocoPhillips and transported by NuStar Energy — mark a momentous change in the midst of one ...

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White House opposes GOP bill to lift oil export ban

export

WASHINGTON — The White House said Tuesday it opposes a House Republican bill to lift the four-decade-old ban on crude oil exports. A decision on whether to end the ban should be made by the Commerce Department, not Congress, White House press secretary Josh Earnest told reporters. Earnest also took a shot at House Majority Leader Kevin McCarthy and other ...

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Russia says oil output could decline if prices stay low

putin

MOSCOW – Russia will not deliberately cut oil production to prop up prices, however its output may decline if prices remain low, local news agencies quoted Deputy Prime Minister Arkady Dvorkovich as saying on Tuesday. He also said that Russia was ready to discuss measures aimed at oil price stabilization with the Organization of the Petroleum Exporting Countries (OPEC) and ...

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Lifting of oil-export ban urged

New Mexico oil-industry leaders urged the federal government on Tuesday to lift its four-decade-old ban on oil exports at a forum at Albuquerque’s Crowne Plaza Hotel. A five-member panel, organized by the New Mexico Association for Commerce and Industry, discussed the impact of plummeting oil prices on local industry and the need for producers to gain access to international markets ...

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Hamm is certain the export ban will be lifted by October just as OPEC reduces output

Harold Hamm

The global oil market is in for some big changes this fall if oil tycoon Harold Hamm’s crystal ball proves accurate. During a quarterly update conference call on Aug. 6, the Continental Resources Chairman and Chief Executive Officer predicted an “energy paradigm shift will have profound long-term consequences worldwide starting with the U.S. crude export ban being lifted so America ...

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World domination: Brent trumps Nymex in war of crude oil benchmarks

Brent’s open interest on the Intercontinental Exchange (ICE), or the number of outstanding contracts held by market players, increased to 1.99 million lots as of the end of March. That compared with 1.72 million lots for crude futures on the New York Mercantile Exchange (Nymex). For a long time, Nymex’s West Texas Intermediate (WTI) futures had been the leading benchmark, ...

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Growing U.S. oil export debate has now spread to geopolitics

Oil Exports

WASHINGTON – Lifting the longstanding ban on U.S. crude oil exports would boost the country’s economy and enhance its global leadership, a former senior Obama administration official will tell senators on Thursday, introducing a strategic dimension to the growing debate over selling American oil abroad. In testimony submitted ahead of a Senate energy committee hearing on U.S. crude export policy, ...

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