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Their move into Houston illustrates the challenge for OPEC as the highest American output in more than three decades lures the group’s traditional customers and benchmark prices tumble.
The company’s forecast outlined an about 35 percent growth in energy demand across the world through 2040, driven mostly by a growing population and the rise of an energy-hungry middle class in developing countries.
Weak global demand and a flood of cheap oil from North American producers are sending the price of gasoline plummeting, but the savings won’t look the same around the globe as they do in the U.S.
The nation’s efforts to boost reserves may increase its imports by as much as 700,000 barrels a day in 2015.
Phillips 66 is ending its ties to its refining business in Asia with a deal announced Wednesday to sell its 47-percent stake in a Malaysian refinery for $635 million in cash.
“This is, in my view, the most important bilateral climate announcement ever,” said David Sandalow, a former top environmental official at the White House and the Energy Department.
Growth in oil demand to 2040 will also be driven by India, Southeast Asia, the Middle East and sub-Saharan Africa, the IEA said.
Russian oil firm OAO Gazprom is negotiating the supply of as much as 30 billion cubic meters of gas annually from developments in West Siberia to China over 30 years.
South Korea received this month a shipment of Alaskan oil for the first time in at least eight years and may buy more.
Gangs of thieves armed with knives and guns are making Southeast Asian waters increasingly dangerous for small tankers carrying fuels such as gasoil or marine diesel.