IEA: US tight-oil output may rise quickly with prices

US crude oil production from tight shale formations could climb quickly as prices recover, but the emphasis likely will be more on short-term onshore projects that are easy to start than on longer-run offshore areas with greater potential, the International Energy Agency’s chief economist said. Source: News


MARKET WATCH: NYMEX crude oil price for December drops under $50/bbl

Light, sweet crude oil prices for December delivery dipped under $50/bbl on the New York market Oct. 25 as market participants said it is looking increasingly unlikely that the Organization of Petroleum Exporting Countries will be able to reach agreement on a proposed production cut. Source: News


EIA: US crude inventories shed 600,000 bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, declined 600,000 bbl during the week ended Oct. 24 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report. Source: News


MEGlobal lets contract for Freeport MEG plant

Dubai-based MEGlobal International FZE, a subsidiary of Kuwait’s first international petrochemical joint venture Equate Petrochemical Co., has let a long-term contract to Praxair Inc., Danbury, Conn., to supply industrial gases to its monoethylene glycol (MEG) plant now under construction at Dow Chemical Co.’s currently expanding Oyster Creek petrochemical complex in Freeport, Tex. Source: News