Iran hopes to bring an additional 1 million barrels of oil per day back online in the coming months if a deal can be signed, a volume that would crush oil prices.
US crude oil output may fall by half this year, according to a projection by the oil cartel OPEC. That goes against what many predict will be a slowdown in production growth – but not an overall drop.
A domestic oil glut helped bring US crude prices inline with the global benchmark. But in the last month or so, the spread between the two has widened again.
The spiral of violence in Libya shows no indication of letting up, suggesting things could get much worse before they get better. That lowers the chances that Libya will be able to turn its oil fortunes around.
The House passed a Senate-authored Keystone XL pipeline bill Wednesday, sending it to the president's desk. Obama has promised to veto the bill to approve the Keystone pipeline.
The divergence between official energy statistical agencies, and the advent of well-funded independent original research, suggest that the days of looking solely to two governmental energy entities for energy information are over, Cobb writes.