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The United States will become a net exporter of oil by 2020 due to increased production, according to a report by the Information Department at the US Department of Energy. As oil product production grows, the United States will reduce domestic oil consumption and increase the supply of raw materials to other countries. The United States will remain a net exporter of natural gas, coal, and coal coke until 2050. The report provides information that natural gas exports will continue to grow, as liquefied natural gas (LNG) is becoming an important export item. LNG supplies from the United States will increase until 2030, including to Canada and Mexico, and then begin to decline until 2050. The demand for American LNG in the North American and global markets is maintained at a decent level due to low and stable prices.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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