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The rise in medium and heavy refiner demand was already pushing the production-cut agreement among members of the Organization of Petroleum Exporting Countries as well as some non-members towards an end by 2019, ESAI Energy points out in its May Global Crude Oil Outlook.

Three corn ethanol advocacy organizations and the National Farmers Union jointly sued the US Environmental Protection Agency for allegedly abusing its authority to issue hardship waivers to three refineries having trouble meeting quotas under the federal Renewable Fuels Standard.

Brent crude oil prices gained more than $2/bbl on the London market May 30 while light, sweet crude oil prices gained more than $1/bbl in New York. Analysts attributed price volatility to uncertainty about future actions by the Organization of Petroleum Exporting Countries.

Growing use of customized software to make energy supply chains more efficient and versatile also has made them more vulnerable to cyberattacks, and company leaders and specialists are increasingly concerned, speakers agreed during a May 30 discussion at the Atlantic Council.

 

US commercial crude oil inventories dropped 4.2 million bbl during the week ended May 25 compared with the previous week’s total, according to data from the US Energy Information Administration. EIA released the Weekly Petroleum Status Report a day later than normal because of the Memorial Day holiday in the US. 

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