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OIL AND GAS
Average for U.S. oil imports down 6.8 percent year-on-year
by Daniel J. Graeber
Washington (UPI) Sep 12, 2014


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The four-week average of crude oil imports into the United States is nearly 7 percent less than last year, the U.S. Energy Information Administration said.

EIA published its weekly status report on the petroleum markets. For the week ending Sept. 5, EIA said crude oil imports averaged over 7.6 million barrels per day, down 54,000 bpd from the previous week. The four-week average of 7.6 million bpd was 6.8 percent less than the same period in 2013.

Canada remained the top crude oil exporter to the U.S. market. Year-on-year, imports from Canada are up 27.2 percent. Imports from Saudi Arabia and Mexico, the No. 2 and No. 3 exporters, respectively, nearly doubled from the previous week.

In terms of production, EIA said the United States produced an average 8.59 million bpd during the week ending Sept. 5. That's 40,000 bpd less than the previous week, but 845,000 bpd more year-on-year.

The cumulative average daily production for the week ending Sept. 5 was 14.6 higher year-on-year, EIA said Thursday.

The increase in U.S. oil production has sparked debates over trade policies. Legislation enacted in response to the 1970s era oil embargo from Arab members of the Organization of Petroleum Exporting Countries limits crude oil exports.

Analysis this week found lifting the ban would still leave some U.S. markets to dependent on foreign oil.

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OIL AND GAS
IEA cuts oil demand outlook on weaker growth in Europe, China
Paris (AFP) Sept 11, 2014
The oil market has lost pace because of weak growth in Europe and slowdown in China, the IEA said on Thursday, cutting its estimates for demand. The growth in demand for oil this year and next will be markedly lower than expected, the IEA said, and this together with plentiful supply explains why the price of oil has fallen recently below $100 per barrel. "The recent slowdown of demand g ... read more


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