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OPEC Exports to Drop as U.S. Output Gains, Oil Movements Says

The Organization of Petroleum Exporting Countries will cut crude exports through mid-November as rising U.S. output allows the nation to curb purchases from the Middle East and Africa , according to Oil Movements. OPEC, which supplies about 40 percent of the world’s oil, will reduce sailings by 80,000 barrels a day, or 0.3 percent, to 23.78 million barrels in the four weeks to Nov. 16, the tanker tracker said today in a report. That compares with 23.86 million in the period to Oct. 19. The figures exclude two of OPEC’s 12 members, Angola and Ecuador. “There’s a lot of non-OPEC supply coming to the market” from the U.S. and North Sea, Roy Mason , the company’s founder, said by phone from Halifax, England . OPEC shipments are “weak because of American production,” he said. OPEC exports are set to increase in the second half of next month as heating […]

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Shell Third-Quarter Profit Falls 31%

LONDON— Royal Dutch Shell RDSB.LN +0.60% Royal Dutch Shell PLC B U.K.: London GBp 2172.50 +13.00 +0.60% Nov. 1, 2013 8:39 am Volume : 816,123 P/E Ratio 9.02 Market Cap GBp141.05 Billion Dividend Yield 5.28% Rev. per Employee GBp3,340,510 10/31/13 Refining Hurts Big Oil, But Ex… 10/31/13 Two Alberta Oil-Sands Projects… 10/31/13 Heard on the Street: Shell’s L… More quote details and news » RDSB.LN in Your Value Your Change Short position PLC Thursday reported a 31% decline in third-quarter profit, largely because of weak refining margins and increased exploration-and-production expenses. Shell posted profits on a “current cost of supplies” basis—a figure that factors out the impact of inventories, making it equivalent to the net profit reported by U.S. oil companies—of $4.25 billion, down from $6.15 billion in the same period last year. Shell reported revenue of $116.51 billion, up from $112.12 billion a year earlier. “We are facing […]

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Exxon Mobil Profit Down 18% on Refining Weakness

Exxon Mobil Corp. XOM +0.91% Exxon Mobil Corp. U.S.: NYSE $ 89.62 +0.81 +0.91% Oct. 31, 2013 4:00 pm Volume (Delayed 15m) : 18.96M AFTER HOURS $ 89.86 +0.24 +0.27% Oct. 31, 2013 7:59 pm Volume (Delayed 15m): 222,037 P/E Ratio 11.70 Market Cap $390.91 Billion Dividend Yield 2.81% Rev. per Employee $5,208,800 10/31/13 Refining Hurts Big Oil, But Ex… 10/31/13 No Pipeline? Exxon Thinks Abou… 10/31/13 Exxon Mobil Profit Down 18% on… More quote details and news » XOM in Your Value Your Change Short position on Thursday said its third-quarter earnings fell 18%, as profits at its downstream segment plunged on significantly weaker refining margins, masking growth at its exploration and production business. Exxon Mobil reported net income of $7.87 billion, or $1.79 a share, down from $9.57 billion, or $2.09 a share, a year earlier. Revenue fell 2.4% to $112.37 billion. Analysts polled by Thomson Reuters […]

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Marathon Petroleum’s Profit Falls Amid Higher Costs

Marathon Petroleum Corp. MPC -1.17% Marathon Petroleum Corp. U.S.: NYSE $ 71.66 -0.85 -1.17% Oct. 31, 2013 4:01 pm Volume (Delayed 15m) : 4.80M AFTER HOURS $ 71.80 +0.14 +0.20% Oct. 31, 2013 7:29 pm Volume (Delayed 15m): 34,639 P/E Ratio 10.49 Market Cap $22.70 Billion Dividend Yield 2.34% Rev. per Employee $3,317,680 10/31/13 Marathon Petroleum’s Profit Fa… 10/10/13 Jury Sides With BP in 2010 Tex… 09/27/13 Breaking Up Is the Thing to Do… More quote details and news » MPC in Your Value Your Change Short position said its third-quarter profit fell 86% as the refining-and-pipeline company recorded higher costs that masked a rise in revenue. Refiners had been taking advantage of cheap, domestically produced oil, which has helped margins. But oil prices rose earlier this year as data showed a bigger-than-expected drop in U.S. crude-oil supplies. Marathon Petroleum, which was spun off from Marathon Oil Corp. MRO […]

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Marathon Petroleum's Profit Falls Amid Higher Costs

Marathon Petroleum Corp. MPC -1.17% Marathon Petroleum Corp. U.S.: NYSE $ 71.66 -0.85 -1.17% Oct. 31, 2013 4:01 pm Volume (Delayed 15m) : 4.80M AFTER HOURS $ 71.80 +0.14 +0.20% Oct. 31, 2013 7:29 pm Volume (Delayed 15m): 34,639 P/E Ratio 10.49 Market Cap $22.70 Billion Dividend Yield 2.34% Rev. per Employee $3,317,680 10/31/13 Marathon Petroleum’s Profit Fa… 10/10/13 Jury Sides With BP in 2010 Tex… 09/27/13 Breaking Up Is the Thing to Do… More quote details and news » MPC in Your Value Your Change Short position said its third-quarter profit fell 86% as the refining-and-pipeline company recorded higher costs that masked a rise in revenue. Refiners had been taking advantage of cheap, domestically produced oil, which has helped margins. But oil prices rose earlier this year as data showed a bigger-than-expected drop in U.S. crude-oil supplies. Marathon Petroleum, which was spun off from Marathon Oil Corp. MRO […]

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Goldman Sachs Cuts OPEC Crude Output Forecasts For 2013 on Libya

Goldman Sachs Group Inc. (GS) said crude production in the Organization of Petroleum Exporting Countries will decline this year by more than the bank previously estimated because of renewed disruptions in Libya. OPEC’s output will decline by 760,000 barrels per day from last year, according to the bank, which had previously projected an annual loss of 570,000 a day. The supply reduction will keep Brent futures supported at $110 a barrel despite an accumulation in oil inventories amid weaker-than-expected fuel demand, Goldman said. Libya’s production will remain capped at 650,000 barrels a day this year as a result of political disputes, the bank predicted. “The conflicts in the country’s east appear more permanent in nature given the diversity of involved parties, which makes a near-term resolution seem increasingly unlikely,” analysts led by Jeffrey Currie in New York said in a note to clients on Oct. 28. “We believe that […]

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Green Car Congress: PwC’s Autofacts forecasts global light vehicle assembly to reach 81.8M units in 2013, up 3.3% from 2012

« Navistar completes heavy-duty product transition to SCR for emissions compliance | Main Print this post PwC’s Autofacts forecasts global light vehicle assembly to reach 81.8M units in 2013, up 3.3% from 2012 Global light vehicle assembly will reach 81.8 million units in 2013, representing a 3.3% year-over-year gain, according to Autofacts, PwC’s automotive analyst group. While there has been speculation around the long-awaited recovery of the European Union (EU), 2013 is poised to mark a turning point, setting the stage for recovery in 2014. This will bring the region in sync with the recent recoveries in North America and Eastern Europe and the continued growth in developing Asia-Pacific and South America, according to the consultancy. “ Consumer demands and regulatory requirements are motivating the global automotive industry to push ahead with technological breakthroughs on a larger scale ,” said Rick Hanna, PwC’s global automotive leader. “ Innovation ranging […]

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Study: Uncertainty rules smaller nations’ rush to gas

Smaller nations’ plans to invest in natural gas should proceed with caution, according to interim results of a study by MIT Energy Initiative in collaboration with the Cyprus Institute. Funded entirely by the Cyprus Research Promotion Foundation, the study is part of a larger report that will further take into account the changing dynamics of the regional and global gas markets and give a comprehensive view of the implications for long-term development of natural gas in Cyprus and other similar nations. Using Cyprus as an example, the study takes an independent look at the economics of developing gas. The researchers expect to finish the report in August 2014. “While natural gas is often cheaper than oil and gives off fewer emissions, developing the resource comes with risks, especially for smaller nations,” says Sergey Paltsev, an author of the study and a principal research scientist at MIT Energy Initiative. Because […]

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World Economy a ‘Major Worry’ for OPEC Oil Producers, Badri Says

OPEC sees a possible drop in energy demand caused by a weaker world economy as its “main area of concern” for the next several months, the group’s secretary-general said. “As we approach the end of 2013 and into next year, we need to remain vigilant,” Abdalla El-Badri said at a conference today in Muscat, Oman. “The economy remains the major worry, particularly in the short and medium term.” While the Organization of Petroleum Exporting Countries expects global economic growth to accelerate to 3.5 percent in 2014 from 2.9 percent this year, Europe faces a “major challenge” in its labor market, and growth in China and India has slowed, he said. A possible easing of U.S. monetary stimulus threatens investment in developing countries , El-Badri said. OPEC, supplier of about 40 percent of world oil, plans to meet on Dec. 4 to review output levels and policy. The International Energy […]

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JODI EIA Divergence  | Peak Oil News and Message Boards

JODI Wld vs EIA Page added on October 21, 2013 The JODI August data came out Sunday. There are several holes in the JODI data as there are six countries that don’t report to JODI. But these countries are minor and I insert the EIA data for these countries. There were seven but the largest of these produces, Kazakhstan, is now reporting. Also because of the political nature of the data from Iran and Venezuela, I use EIA data for these two countries also. Iran reports about 1 million barrels per day more than either the OPEC MOMR or the EIA reports. Same for Venezuela except they only jack their production figures up by about half a million barrels per day. All that being said I have noticed as of late that the JODI EIA divergence is getting larger. I have posted that divergence below. All JODI data in […]

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