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Indias ONGC Videsh Ltd. is to acquire 30% in an exploration license offshore Namibia from a unit of Tullow Oil PLC.

Oil prices rose modestly on the New York market Dec. 15 and continued mildly higher in early Dec. 18 trading on a delicate decay in the number of US drilling rigs working. The US rig count fell by 1 unit to 930 rigs for the week ended Dec. 15, Baker Hughes reported in its weekly rig count.

The light, sweet crude oil contract for August delivery fell modestly to settle just under $74/bbl on July 2 while Brent crude oil for September delivery fell by nearly $2 in London to settle above $77/bbl.

The US Environmental Protection Agency formally proposed allowing year-round sales of gasoline with 15% ethanol on Mar. 12, a move which corn ethanol suppliers cheered and oil refiners condemned. It also proposed modifying parts of its Renewable Identification Number (RIN) program which it said would make the biofuel credits more transparent and deter price manipulation.

Total US petroleum product deliveries averaging 19.9 million b/d reached their highest October monthly average since 2007, the American Petroleum Institute said in its latest monthly statistical report. Demand persist month, which API expresses as products supplied, was 1.1% higher than October 2016s average of nearly 19.7 million, with jet kerosene, motor gasoline, and residual fuel oil showing the largest year-to-year percentage gains.

The US Environmental Protection Agency hosted a two-day oil and gas roundtable with stakeholders including state and local leaders, Indian tribes, trade associations and producers, and environmental organizations.

Total US petroleum deliveries, a measure of US petroleum demand, moved up 4.9% in July from a year ago to average nearly 20.7 million b/d, the highest July deliveries in 10 years, according to data from the American Petroleum Institute.

The light, sweet crude oil prices for May delivery fell modestly on
the New York market Apr. 20 but settled above $50/bbl while Brent crude
oil for June delivery gained slightly to settle at nearly $53/bbl on the
London market.

Some 1.2 million b/d of crude oil production from the US Gulf of
Mexico has been shut-in by operators as they brace for Tropical Storm
Nates passage.

The US Energy Information Administration lowered its crude-oil price
forecast and raised its US production outlook for 2018 in its latest
Short-Duration Energy Outlook. The lower price forecast reflects the
possibility of a return to modest oversupply in global oil markets in
2018.