Light, sweet crude oil prices for November delivery dropped on the New York market to close slightly lower Oct. 15 following a larger-than-expected jump in crude oil and product supplies, and analysts said the increase was an affirmation that ample global oil supplies continue. Source: News
OPEC accepts Indonesia’s request to reactivate membership
The Organization of Petroleum Exporting Countries has accepted Indonesia’s request to reactivate the country’s membership. Indonesia formally asked for reinstatement at the cartel’s June ministerial meeting in Vienna. Source: News
Gastar looking for buyer for Marcellus, Utica assets
Gastar Exploration Inc. announced it is looking for a buyer for its Marcellus and Utica acreage, saying it intends to concentrate on its US Midcontinent assets where it is acquiring more interest in the Stack and Hunton limestone formations in Okalahoma. Source: News
API urges Senate to follow House, pass bill to end crude export ban
Days after the US House passed a bill to end the 40-year-old ban on exports of US-produced crude oil, the American Petroleum Institute urged federal lawmakers on the other side of the Capitol to follow suit. Source: News
MARKET WATCH: Oil prices fall slightly ahead of inventory jump
Light, sweet crude oil prices for November delivery edged down on the New York market Oct. 14 awaiting release of the weekly government crude oil and product inventory report, which was delayed 1 day later than normal because of the federal Columbus Day holiday on Oct. 12. Source: News
NEB: Canada has biggest percentage drop in rigs
Canada’s National Energy Board says Canada’s 47% drop in rig activity thus far in 2015 makes it “the hardest hit region in the world” on a percentage basis. Source: News
Sasol lets contract for Louisiana petrochemical complex
South Africa’s Sasol Ltd. has let a contract to a division of Emerson Electric Co., St. Louis, Mo., to provide automation services and technology for a proposed integrated ethane cracker and downstream derivatives complex to be built adjacent to the company’s existing operations near Lake Charles in Westlake, La. Source: News
Repsol to divest €6.2 billion in assets, cut spending by 38%
Repsol SA plans to divest €6.2 billion in nonstrategic assets and cut spending by 38% “without altering its company profile” as part of its 2016-20 strategic plan. Source: News
More industries incorporate climate into strategies, speakers say
Industries increasingly are trying to incorporate planning for climate risks into their long-term business strategies, speakers agreed during a natural resources symposium at Georgetown University. Source: News
Kuwait, like UAE, maintaining oil outlays
Kuwait is maintaining its oil industry investments despite the drop since mid-2014 in the price of crude oil. Source: News