The U.S., the world’s largest oil consumer, will continue to import crude from Colombia and Venezuela, according to the International Energy Agency.
Refiners’ profit from turning oil into gasoline more than doubled this month as plants along the U.S. East Coast shut for repairs and imports from Europe declined in the aftermath of a French strike.
The natural gas market in New York is contracting as prices head for the first three-year drop on record, helping to expand trading in heating oil.
"This is a new situation and will likely elicit a new response from OPEC."
- Antoine Halff on Oct 14, 2014