EIA now using near-real-time export data to provide better weekly petroleum consumption statistics (8/31/2016)

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Changing crude oil price differentials contribute to global convergence of refining profits (8/24/2016)

Refinery earnings were lower in second-quarter 2016 compared with the same time last year and are converging among different locations globally. Lower crack spreads (the price difference between crude oil and petroleum products) contributed to declining profits for some refiners compared with 2015. Also, North American refiners—which for years were consistently more profitable than other refiners—were less profitable than European refiners for the second consecutive quarter. Changes in North American and European crude oil price differentials are likely contributing to the convergence in profits. ... More »

OPEC net oil export revenue in 2015 drops to lowest level since 2004 (8/17/2016)

Members of the Organization of the Petroleum Exporting Countries (OPEC) earned $404 billion in net oil export revenue in 2015, according to recently published U.S. Energy Information Administration (EIA) estimates (Figure 1). This represents a 46% decline from the estimated $753 billion earned in 2014 and a 56% drop from the estimated $921 billion revenue received in 2012. While these net export earnings include Iran's revenues, they are not adjusted for possible price discounts that Iran may have offered its customers between late 2011 and January 2016, when nuclear-related sanctions targeting Iran's oil sales were in place. ... More »

U.S. crude oil exports reach more destinations and continue to increase (8/10/2016)

Since the removal of restrictions on exporting U.S. crude oil in December 2015, the number of countries receiving exported U.S. crude has risen sharply. These exports have occurred despite a sustained narrow price premium of international crude oil prices over U.S. domestic crude oil prices, the many costs associated with arranging cargoes for export, and falling U.S. crude production. ... More »

Declining economic activity and oil revenues in Russia are adversely affecting its regional neighbor (8/3/2016)

The Russian economy, already weakened by the imposition of Ukraine-related sanctions by the United States and the European Union, has been further damaged by low crude oil prices since the end of 2014. In 2015, Russia was the world's second-largest producer of petroleum and natural gas, and the oil and natural gas sector accounted for approximately 8% of Russia's gross domestic product (GDP), according to IHS Markit. However, in conjunction with both lower oil prices and international sanctions, Russia has recently experienced five consecutive quarters of decline in GDP, representing that country's deepest economic downturn since 2008-09. While consumers in many countries are benefiting from lower oil prices, declines in Russian economic activity are also having an adverse effect on economic growth in many neighboring countries by reducing remittances from migrant populations working in Russia. ... More »