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Global oil demand slowed to a crawl in 2014: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON – World oil demand grew by just 843,000 barrels per day (bpd) last year, the slowest pace for 14 years, outside U.S. recessions. Consumption increased by less than 1 percent to 92.1 million bpd in 2014, according to the BP Statistical Review of World Energy published ...

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Editorial: In praise of the science

Another EPA study, another EPA overreaching finding. No, on Thursday, the Environmental Protection Agency (EPA) released a study that acknowledged what everyone knew. Everyone as in the gas and oil industry and its supporters, in politics and elsewhere. One U.S. senator, who once compared the EPA to the Gestapo, described the report as “the latest in a series of failed ...

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Crude processed by U.S. refiners gets lighter and lighter: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON – U.S. refineries are processing the lightest cocktail of crudes for almost a quarter of a century, as they run out of room to switch light imported oils with domestic shale production. In March, U.S. refineries processed crude with an average gravity of 31.95 degrees API, ...

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Editorial: Congress needs to allow crude oil exports

With one action, the U.S. Congress could reduce the nation’s trade deficit, grow U.S. jobs, increase revenue and assure more U.S. influence across the world. But because of Congressional inaction, the export ban remains in place 40-plus years later. The ban was enacted by Congress following the 1973 Arab oil embargo. That embargo created a domestic energy crisis, causing shortages, ...

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Driving is making a comeback in the US: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON – California motorists consumed an extra 34,500 barrels of gasoline every day in February compared with the same month last year, state tax records show. The state is just part of a nationwide surge in driving that has pushed U.S. gasoline consumption up by more than ...

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China boosts oil trading visibility, market power: Russell

(Clyde Russell is a Reuters columnist. The views expressed are his own.) SINGAPORE – If you are looking for evidence that China is becoming more assertive in the global economy, then the trading of physical crude oil in Asia is a good example. Chinaoil, the trading arm of state-controlled giant PetroChina, bought a record 55 cargoes in the Middle East ...

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How do you lose 100 million barrels of oil?: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON – Oil-market watchers are struggling to reconcile the large estimated oversupply in the market with the much smaller buildup of reported inventories and narrowing contango in futures prices. Some blame the barrel counters who compile official statistics on supply, demand and stocks. But the truth is ...

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Shell-BG deal may be end point rather than harbinger: Russell

(Clyde Russell is a Reuters columnist. The views expressed are his own.) KUALA LUMPUR – There is a widespread assumption that weak commodity prices are likely to spark a wave of merger and acquisition activity as stronger companies seek to buy assets on the cheap. The $70 billion buyout of BG Plc by larger rival Royal Dutch Shell is generally ...

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