Oil shock unites China with Asia rivals worried about supply

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Asia accounts for more than 70% of Saudi Arabia’s crude exports, with the four biggest economies – China, Japan, India and South Korea – leading the pack, according to consultancy Wood Mackenzie. That leaves them particularly vulnerable to rising geopolitical tensions in the Middle East that are now causing global crude prices to soar.

The United States set new records for proved reserves of oil and natural gas, as well as for production in 2018

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Year-over-year increases in U.S. proved reserves resulted in record-high levels of crude oil and lease condensate, up 12%, and natural gas up 9% in 2018, according to the U.S. Crude Oil and Natural Gas Proved Reserves, Year-End 2018 report. The U.S. Energy Information Administration (EIA) published its annual reserves report today, based on data reported on the survey Form EIA-23L, Annual Report of Domestic Oil and Gas Reserves, which highlighted the new records for reserves.

SoCalGas begins December with more flexibility in its natural gas supply than last winter

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On December 10, 2019, Southern California Gas Company’s (SoCalGas) working natural gas inventory totaled 74.4 billion cubic feet (Bcf), nearly equal to the year-ago stock level and 9% higher than it was in 2017. Demand for natural gas in Southern California often peaks in December, when average temperatures in the region are typically at their lowest. Although the current stock level is similar to last winter’s, SoCalGas has more flexibility to withdraw natural gas from storage to meet winter demand than last year.

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Video

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Springfield Exploration and Production Limited and its partners have made a significant oil discovery following its maiden Afina-1 well drilling campaign in the West Cape Three Points Block 2, offshore Ghana.