A 25% tariff on US liquefied natural gas will continue to discourage Chinese buyers from substantially increasing purchases of the fuel despite the Chinese government's pledge to boost purchases of US energy by $52.4 billion. "We expect the Chinese government to remove, reduce or approve tariff exemption before incremental LNG imports from the US can be meaningful," said IHS Markit's Jenny Yang.
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The oil and natural gas industry is prioritizing climate action and actively working to curb emissions through innovation and technology, said Texas Oil and Gas Association President Todd Staples. One industry initiative, the American Petroleum Institute's Environmental Partnership, already has 70 members who are collaborating to reduce the industry's environmental footprint and championing responsible production, Staples added.
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The inventory of drilled but uncompleted wells across US oilfields declined by 10% to 7,574 between May and November 2019, the steepest drop since 2016, providing fresh evidence of a shale slowdown. Reduced shale activity threatens to hurt oilfield services companies unless they swiftly turn their focus to other markets.
US refiners, including Phillips 66 and Valero, are poised to receive 2.4 million short tons of high-sulfur fuel oil this month, mainly from Russia and the Baltic states, for processing into gasoline, diesel and gasoil. HSFO serves as a substitute for Venezuelan and Iranian crude oil barrels that have been removed from the global market by US sanctions.
The Senate has approved the US-Mexico-Canada Agreement, replacing the 26-year-old North American Free Trade Agreement. The USMCA contains new language on automotive content and labor protection but is expected to little change the pattern of trade.
Permian Basin oil production is approaching a peak, according to Adam Waterous, CEO of Waterous Energy Fund. "The North American oil market has been grossly overcapitalized, which is not sustainable," said Waterous, who believes that the days of industry focus on production growth and dealmaking are over.
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EVENT | 2020 API Pipeline Conference, Control Room Forum and Cybernetics Symposium, Apr. 28-30, San Diego, Calif.
Join API in April 2020 for the joint Pipeline Conference, Control Room Forum and Cybernetics Symposium. With a wide range of speakers and topics, the three events seek to provide timely and relevant information on subjects that include Asset Integrity, Risk Management, Construction Management, Workforce Development and many other topics. Learn More.