Total snaps up ENGIE’s LNG assets for $1.5bn

Total has signed an agreement with French utility ENGIE to buy its liquefied natural gas (LNG) assets for $1.49 billion (£1.13bn). The deal includes interests in liquefaction plants, including the Cameron LNG project in the US, long term LNG sales and purchase agreements, a fleet of 10 LNG tankers as well as access to regasification capacities […]

US oil imports rise as production falls

US crude oil imports increased in 2016 to an average of 7.9 million barrels per day (b/d). That’s according to a new report from the US Energy Information Agency, which shows this is 514,000 b/d higher than average levels in 2015. However, gross crude oil imports in 2016 were still 22% lower than their 2005 high of […]

Global oil supply fell in March

The world’s oil supply decreased by 230,000 barrels a day from February to March. That’s according to a new report from the Organisation of the Petroleum Exporting Countries (OPEC), which also shows March 2017’s output of 95.8 million barrels per day (mb/d) was still 220,000 barrels per day higher than the same period last year. Demand for OPEC crude in 2017 was revised […]

Next year’s oil prices ‘lower than thought’

Brent crude oil prices are expected to be $8 a barrel (£5.2/Bbl) lower compared to earlier projections. They are expected to average $58 a barrel (£37.9/Bbl) in 2016. That’s according to the August Oil Market Report from Thomson Reuters. The report states the expected decrease will be due to a stronger Chinese economy and an […]

IEA cuts oil demand forecast

The International Energy Agency (IEA) cut its forecast for oil demand for this year as weak global economy and the impact of Hurricane Sandy weighed on consumption. In its ‘Oil Market Report’ for November, the Agency reduced its projection for the final quarter of this year by 290,000 barrels a day (b/d) to 90.1 million […]