US petroleum product demand averaged more than 20.2 million b/d in September, 2.4% more than a year earlier and the highest level for the month since 2007, the American Petroleum Institute reported.
The US Senate rejected an amendment that would have removed language authorizing oil and gas development within the Arctic National Wildlife Refuge from the fiscal 2018 budget bill on Oct. 19. The 52-48 balloting largely followed party lines, with Republicans except Susan Collins (Me.) voting against it and Democrats except Joe Manchin (W.Va.) supporting it.
Wood Mackenzie Ltd. analysts believe Libya’s oil production might have reached near-term limits with only gradual future growth. The possibility of longer-term political normalization and a reduction in the nation’s political conflicts depends on Libya maintaining oil production.
The light, sweet crude oil contracts dropped to settle under $52/bbl on the New York market on Oct. 19. The US benchmark fell for a second consecutive day in early trading on Oct. 20 during a week in which oil prices wavered between gains and losses.
Cenovus Energy Inc., Calgary, has agreed to sell its Palliser crude oil and natural gas assets in southeastern Alberta to Torxen Energy and Schlumberger Ltd. for $1.3 billion (Can.) in cash.
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