Christof Ruehl News
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The U.S. won’t allow companies to export domestic crude oil within the next 10 years, according to more than 60 percent of those polled at a Bloomberg Oil Forum.
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West Texas Intermediate oil fell for a second day, extending the biggest drop in two weeks. Saudi Arabia’s crude shipments slid to a 15-month low in December.
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West Texas Intermediate traded near $90 a barrel, a level it has held above so far this year, after money managers cut bets on rising prices.
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The International Energy Agency’s emergency release of oil stockpiles may help avert a “toxic combination” of rising prices and U.S. interest rates that fed severe recessions, BP’s Chief Economist Christof Ruehl said.
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BP Plc’s Chief Economist Christof Ruehl said the “tremendous reduction” in fuel subsidies in countries outside the Organization for Economic Development and Cooperation will curb demand for crude.
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The U.S. will surpass Russia and Saudi Arabia this year to become the largest producer of liquid fuels, BP Plc said.
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The outlook for oil refining in the next two decades is “dire” given excess capacity in the industry, BP Plc’s Chief Economist Christof Ruehl said.
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Natural-gas prices will move away from being linked to crude oil over the next three decades as the world becomes increasingly dependent on liquefied natural gas, BP Plc’s chief economist and vice president said.
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OAO Gazprom, the world’s largest natural-gas exporter, is struggling to get a foothold in the Asian markets leading global economic growth.
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OPEC is under pressure from consumers to boost supply as most of the world’s benchmark crudes surpass $100 a barrel amid political unrest in North Africa and the Middle East.
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