A four-decade-old U.S. ban on crude exports should remain until a “saturation” point when domestic refining capacity can’t absorb increased oil production, according to Goldman Sachs Group Inc.
OPEC crude production climbed in May for the first time in three months, led by gains in Angola and Saudi Arabia, a Bloomberg survey showed.
Technology could unlock shale resources in Europe and help wean the continent off Russian natural gas, U.K. Energy Minister Michael Fallon said after Group of Seven nations recommitted to energy diversification.
West Texas Intermediate crude fell to a one-month low as OPEC kept its output target unchanged for a third consecutive time and U.S. inventories climbed to the highest level in 82 years.
Oil dropped for the first time in four days after the U.S. Energy Department said inventories climbed the most in 20 months and as Western nations considered releasing crude from strategic reserves.
"The expectation that the Saudis and other Gulf producers will cut production in a matter of months is unfounded."
- Sarah Emerson on Jan 09, 2015