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API indicates record US NGL production category
Aug. 20, 2018
Source: World Oil

API indicates record US NGL production

The latest monthly statistical report coming from American Petroleum Institute (API) showed record 4.4 MMbpd productions of natural gas liquids (NGL) in US, last month. US also leveled the previously set record for crude oil production at 10.7 MMbpd. Solid economic activities in July drove the demand for US petroleum to 20.6 MMbpd, which is its highest level in 11 years.

Launch of new wellhead sealing solution category
Aug. 14, 2018
Source: World Oil

Launch of new wellhead sealing solution

Leading engineered polymer solutions firm, Trelleborg has launched a new custom-made wellhead sealing solution. In the new metal end cap seal, the flexibility of an elastomer has been combined with the pressure and extrusion resistance of a metal-to-metal bonded component. In static applications, the seal can sustain pressures up to 15,000 psi. The sealing materials are in total compliance with Total, NORSOK, NACE, and API standards.

Oil prices find another reason to slip category
July 18, 2018
Source: Reuters

Oil prices find another reason to slip

Oil prices, today, went down again after the industrial body API reported a rise in US crude inventories last week, disregarding analyst speculations of a significant reduction. Brent futures were down by 0.4% and traded at $71.85 a barrel. West Texas Intermediate (WTI) crude was down by 0.5%, priced at $67.72. The US Department of Energy Information Administration will today release official numbers in this regard.

API disappointed by tariff exclusion ruling category
July 17, 2018
Source: World Oil

API disappointed by tariff exclusion ruling

The American Petroleum Institute (API) has shown disappointment from US administration denial to exclude imported steel to be used in certain parts of oil and gas industry, from Section 232 tariffs. API VP believes that the process which decided whether to grant exclusion or not lacks transparency. The association has said that the decision is misguided and will impact American energy production and jobs.

US Petroleum demand hits more than 20 million barrel per day category
March 19, 2018

US Petroleum demand hits more than 20 million barrel per day

US petroleum demand is approaching its highest level in eleven years. The macroeconomic background is in sync with the rising demand and continues to reflect solid momentum in 2018 so far. Economists at the American Petroleum Institute (API) say that consumers will gain from this momentum and would enjoy affordable and reliable fuels produced in their own country. Moreover, a buoyant industry value chain has absorbed the growth efficiently.

Reuters-Brent crude prices plummeted category
March 1, 2018

Reuters-Brent crude prices plummeted

As reported by Reuters, Brent crude prices slipped back consecutively for a second day owing to weak economic figures from China and growing U.S. oil inventories. Traders across the globe expressed their concern regarding an international economic slowdown as China reported that factory growth has sunk to its lowest rate since 2016.

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