US Oil - page 5

EghtesadOnline: For decades, America depended on the world for energy. Today, it’s becoming a global supplier of oil and natural gas in its own right. This year, for the first time ever, the U.S. started turning gas from prolific shale formations into liquefied natural gas (LNG) and sending it overseas. In 2017, the country may be exporting more of the heating fuel than it imports for the first year since the 1950s.

EghtesadOnline: Growing confidence that crude prices will rise in coming months is sustaining the expansion of oil drilling in the shale patch.

EghtesadOnline: Oil prices were little changed on Monday near multi-month lows, dragged down by worries about oversupply as OPEC saw record output last month and as the U.S. rig count rose again.

EghtesadOnline: Oil prices rose on Wednesday, lifted by a report of a drop in U.S. crude inventories and declining production in China, while an upbeat OPEC statement on its planned output cut also supported the market.

EghtesadOnline: Oil extended declines after U.S. producers increased drilling as the market contends with an overhang of crude inventories at the highest seasonal level in at least three decades.

EghtesadOnline: Saudi Arabia has retaken the position of the world’s top oil producer from the U.S., according to the International Energy Agency.