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NGL from the U.S. shale boom such as ethane, an alternative to naphtha refined from crude, could feed as much as a third of demand growth in 2017, BP's Richard de Caux told the Platts Refining Summit in Brussels.
Reactions to OPEC’s announced curtailment of oil production ranged from moderate disbelief to severe skepticism.
Many analysts said there was a lack of clarity over too many details of OPEC's deal announced Sept. 28 and there was a risk the deal could unravel.
The month-long drawdown in crude stocks has surprised some analysts after a massive 14 million barrel storm-related drop in inventories at the beginning of September.
The producing group will agree to concrete levels of production by each country at its next formal meeting in November, sources say.
OPEC might still agree an oil output-limiting deal later this year as the economic problems of its de-facto leader Saudi Arabia force Riyadh to cede more ground to arch-rival Iran.
Data from the American Petroleum Institute showed crude stocks fell 752,000 bbl in the week to Sept. 23 to 506.4 MMbbl, compared with a forecast of a 2.8 MMbbl build by analysts polled by Reuters.
Saudi Arabia on Sept. 27 dashed hopes that OPEC oil producers could clinch a deal in Algeria this week after sources within the exporter group said differences between the kingdom and rival Iran remained too wide.
Members of OPEC are meeting informally on the sidelines of the International Energy Forum in Algeria from Sept. 26-28, where they will discuss a possible deal to limit output.
Brent crude futures rose 44 cents to $47.27/bbl by 6 a.m. CT (11 GMT), or a 3.2% gain so far this week, while West Texas Intermediate oil futures were up 47 cents at $45.81/bbl.
Some form of consolidation may be coming for certain sectors of the oil and gas industry.
From ‘keep it in the ground’ to natural gas as a bridge fuel for the future, Bruce Culpepper offers scenarios for oil and gas in 2050.