U.S. crude can’t compete now in Asia because freight rates have made it too expensive.
Due to the higher freight costs, WTI Crude is now $1 a barrel more expensive than Abu Dhabi’s Murban, versus small discounts or parity in prices last week.
For example, India is looking to buy more term supplies from Saudi Arabia and from West African producers as the world’s third-largest crude oil importer is always on the hunt for bargains for its crude supply.
A new federal rule designed to slash methane emissions in the industry could force small oil and gas producers to shut down wells and put them out of business.
EPA: Oil and natural gas operations are the nation’s largest industrial source of the “super pollutant” methane.
Environmental organizations and supermajors such as BP welcomed the finalization of the rule.