Oil and Gas News

Oil Prices Fall After API Reports Major Crude Build

The American Petroleum Institute (API) reported a huge build of 5.661 million barrels of United States crude oil inventories for the week ending March 2, according to the API data. Analysts had expected a build of 2.723 million barrels in crude oil inventories.

Last week, the American Petroleum Institute (API) reported a build of 933,000 barrels of crude oil. Last week’s API report showed a build in gasoline inventories of 1.914 million barrels.

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Chevron Expects Up To 7% Production Growth In 2018

Chevron expects its 2018 net production to grow by between 4 percent and 7 percent at oil prices at $60 a barrel, the U.S. oil supermajor said in its annual security analyst meeting on Tuesday.

Last year, Chevron’s production was 2.73 million barrels of oil equivalent per day (boed), 5-percent growth over 2016, and this year and until 2020, Chevron believes it is “well-positioned to sustain this momentum.”

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Arctic Oil Lease Sale Could Come Next Year

The first lease sale in the Arctic National Wildlife Refuge could take place as early as next year, Senator Dan Sullivan from Alaska said at CERAWeek. Officials from the Interior Department were in Alaska to study various aspects of the sale, which was stipulated in the tax reform bill that President Trump signed into law last December, S&P Platts notes.

The law obliges the Interior Department to hold at least two lease sales for the ANWR over the next decade, offering a minimum of 400,000 acres in total. However, there has been strong environmentalist and Democrat opposition to the stipulation. Opponents have pledged to fight the lease sales in the wildlife refuge by all legal means available.

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