ConocoPhillips on Thursday (Dec. 31) expected to finish loading what it believes is the first domestic cargo of crude oil to be exported since the lifting of the 40-year ban on such exports on Dec. 18.
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Three killed at restaurant blast in Kabul
Sediq Sediq, spokesman for the Ministry of Interior (MoI), confirmed that one suspect was arrested shortly after the blast. The attack came a day after Afghan President Ashraf Ghani announced a new effort to restart peace talks with the Taliban.
“Based on our investments in Corpus Christi and our South Texas pipeline system, NuStar was well-positioned, equipped and staffed to immediately begin loading cargoes for export”, NuStar president and CEO Brad Barron said in a statement.
Fourth NZ-Sri Lanka ODI rained out
Before the rain, Sri Lanka made a decent start to the game, capturing three wickets for just 53 runs after winning the toss. The last boundary took Taylor to 20, but it was also the signal for the players to leave the field, as the drizzle returned.
Vitol Group, a Dutch oil-trading powerhouse, is buying the oil cargo, according to NuStar.
Iran denies it fired rockets near US warships in Gulf
Rouhani further criticized the Treasury plans, stating that Iran’s domestic defense had never been within the remit of the nuclear talks.
NuStar says it has invested heavily in recent years to expand its South Texas Crude Oil Pipeline System to move crude oil from the Eagle Ford Shale play to Corpus Christi. Earlier this month, Enterprise Products announced that it would ship the first United States crude oil tanker to Houston in the first week of 2016.
NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, is one of the largest independent liquids terminal and pipeline operators in the nation.
The restriction on the U.S. exports resulted in average premium payment of around $5 per barrel for global crude oil Brent.
This year, Congress historically chose to lift a ban on USA oil exports as part of a budget deal. Producers around the world have been reluctant to cut back, and the result has been a massive supply glut that has suppressed oil prices.
Prices have particularly slumped since December 4 when the Organization of the Petroleum Exporting Countries decided against limiting production as members fight to keep market share.
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“With Brent crude oil hovering near 11-year lows and WTI not faring all that much better, the markets are ending the year on a somber note, consistent with what we see as ongoing physical oversupply”, said Tim Evans of Citi Futures.
