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Oil prices decrease as US production increases

Oil prices decreased on Thursday 3 of May, as a rise in US crude inventories and a record weekly US production was reported, This increase is opposing to the efforts made by OPEC to decrease supplies and tighten the market. The prices were reduced after a report by EIA, which showed that US crude inventories increase by 6.2 million barrels to 435.96 million barrels.

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US announces funding to optimize fuels and engines

The US Energy Department’s Vehicle Technologies Office released a multi-topic funding opportunity announcement (FOA). The funding, which will be $12 million, regards the Co-Optimization of Fuels and Engines. The funding will have two topics: Multi-Mode Optimized Fuel/Engine System Development; Bioblendstocks to Optimize Mixing Controlled Compression Ignition Engines.

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US port restrictions raise crude oil exports costs

US crude oil exports averaged 1.1 million barrels per day in 2017, an increase of 527,000 b/d from 2016. Despite this acceleration in export growth, the US.Gulf Coast ports cannot fully load Very Large Crude Carriers. Instead, export growth was achieved by using smaller and less cost-effective ships. The Louisiana Offshore Oil Port is the only U.S. facility capable of accommodating a fully loaded VLCC.

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