By hellenicshippingnews U.S. crude production is set to decline this year as the Organization of Petroleum Exporting Countries struggles to put a dent in global oversupply, according to the head of the U.S. Energy Information Administration. Output in the U.S. will fall 800,000 barrels a day this year, Adam Sieminski, administrator for the EIA, said […]

European oil traders rushed on Tuesday to book vessels to carry gasoline to consumers on the U.S. East Coast left stranded without their main domestic supply source, more than quadrupling shipping costs, traders and ship brokers told Reuters. An explosion late on Monday on the Colonial pipeline, which carries roughly one-third of the 3.2 million […]

Crude oil prices fell for a fourth day on Wednesday, with jittery investors awaiting official U.S. stockpile figures later in the day. Read full story › Source:: CNBC energy       

A technical meeting that was supposed to iron out some wrinkles for a deal to cut oil production ended in acrimony over the weekend and OPECs effort at coordination could be at yet another impasse. Read full story › Source:: Oil Voice