The US plans to take advantage of low oil prices amid the ongoing situation with COVID-19, in order to fill the nation’s emergency crude oil reserve, the US President Donald Trump announced.
In light of the COVID-19 global outbreak and the travel restrictions imposed by the US President Donald Trump, the oil prices dropped by $2.01. In fact, Brent crude LCOc1 oil was down by 5.6%, at $33.78 by around 0930 GMT. US crude CLc1 was down $1.77, or 5.4%, at $31.21, Reuters reported.
The US and Australia have signed an arrangement, laying the groundwork for Australia to lease space in the US Strategic Petroleum Reserve (SPR) to store and access Australian owned oil, enhancing international energy security and resiliency.
The US Energy Information Administration’s (EIA) Annual Energy Outlook 2020 (AEO2020) projects that US biofuel production will slowly increse through 2050, mainly driven by economic and policy factors.
The US Energy Information Administration reported that the US natural gas consumption rose by 3% in 2019, achieving a record of 85.0 billion cubic feet per day (Bcf/d). The increase was due to new natural gas-fired electric capacity and lower natural gas prices.
In July 2019, the ICCT hosted an international workshop on zero-emission vessel technology for shipping, during which participants identified hydrogen fuel cells as a promising technology. To assess the potential, this study presents the energy demand and fuel storage space requirements of container ships servicing a corridor from China to the US.
By augmenting the relatively light domestic crude oil production with relatively heavy crude oil imports, the United States has significantly increased its ability to export refined product, according to the US EIA.
The US Energy Information Administration (EIA) in its latest February Short-Term energy outlook, estimates that the Lower 48 states’ working natural gas in storage will end in 2019-2020 winter heating season, at 1.935 billion cubic feet, meaning 12% more inventory in comparison to the previous five-year average.
The Energy Information Administration recently issued its Annual Energy Outlook 2020 (AEO2020) highlighting that the total US dry gas production will continue growing until 2050, giving a boost to the US exports of natural gas to the shipping market globally.
According to Bloomberg, major oil players in the US warned Trump administration that the region will struggle to produce the oil, gas and other energy product that China has agreed to buy under their phase one trade deal.
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