China and India have had considered on creating a “club” which will negotiate better prices with oil exporting countries and will be looking to import more U.S. crude oil in order to reduce OPEC’s sway. Two of the world’s largest oil importers, second and third respectfully, have exchanged senior level visits several times to discuss the premiums placed on oil sold to Asian nations. India, which imports more than 80% of its oil requirements, has seen oil prices increase to more than $75 a barrel.
Tri-State commuters, get ready for more toll increases. Starting March 31st. tolls will go up at the Metropolitan Transportation Authority (MTA) bridges and tunnels. For travelers to New York, the most expensive toll on the Verrazzano-Narrows Bridge will go up from $17 to $19. Tolls on the Bronx-Whitestone, Throgs Neck, Robert F. Kennedy bridges and the Hugh Carey and Queens-Midtown Tunnels will increase from $8.50 to $9.50 for tolls paid by mail. At $17 per trip, the 55-year-old Verrazzano is already ranked among the priciest crossings in the country. For reference, Virginia's 23-mile-long Chesapeake Bay Bridge-Tunnel increased to $18 in January.
Nigerian President Muhammadu Buhari, the 76 year old former military ruler, has been re-elected. Constant threats to the flow of crude from armed groups and thieves, Buhari has plans to develop a backbone of stable power, roads and rail lines for agricultural expansion and industrialization in Africa’s most populous nation. Providing two-thirds of government revenue for Nigeria, the President needs all the money he can get from oil. “Oil revenue is still what dictates government spending and they will need to keep production going,” said Jubril Kareem, a Lagos-based analyst at Ecobank Energy Research.
The CNOOC, China National Offshore Oil Corporation, has made a significant gas discovery in the central North Sea. The CNOOC, joined by Joint Venture (JV) partners Total and Edison, estimate the find to potentially 250 million barrels of oil. Glengorm, potentially the biggest find since 2008, sits 118 miles east of Aberdeen, Scotland close to existing fields the Culzean project and Elgin-Franklin platform. “Our strong position in the region will enable us to leverage existing infrastructures nearby and optimise the development of this discovery. Glengorm is an achievement that demonstrates our capacity to create value in a mature environment thanks to our in-depth understanding of the basin.”
During the lengthiest government shutdown in United States history, prioritizing fossil fuel development continues to take precedence for the Trump Administration. An estimated 800,000 federal workers went without paychecks however the administration has still found ways of moving forward for “energy dominance.”