EPA Advances Proposal for Year-Round E15 Sales
March 5, 2019
White House economic adviser, Kevin Hassett, said that US Trade Representative, Robert Lighthizer, has made progress in talks with China and a deal was possible to end a dispute that has already put tariffs on hundreds of billions of dollars’ worth of goods. The Wall Street Journal reported that US President Donald Trump, and Chinese President, Xi Jinping, could seal a formal trade deal at a summit around March 27th given progress in talks between the two countries.
The US EPA said it has sent a draft of its proposed rule allowing year-round sales of higher sales of higher ethanol blends of gasoline to the White House Office of Budget for review.
OPEC Sources stated that OPEC and its partners are unlikely to decide on their oil output policy in April as it would be too early to get a clear picture on the impact of their supply cuts on the market by then. A Reuters survey showed that OPEC output fell to a 4-year low in February with Saudi Arabia cutting more than it agreed to and US sanctions lowered Venezuela oil put.
Last Friday the Baker Hughes Rig Count report showed that the crude oil rig count was down by 10 putting total rigs at 843.
The speaker of Russia’s upper house of parliament said Russia will do everything possible to prevent a US military intervention in Venezuela.
Russia’s Energy Minister, Alexander Novak, said Russia plans to speed up oil output cuts in March and by the end of the month it will ring the combined oil production cut level to 228,000 bpd from the October level.
The headline you will see is that Chiba lowered its outlook for economic growth this year. The target is between 6% and 6.5%. Premier Li Keqiang warned of tough economic battels ahead. The Wall Street Journal reports that China will spend 2 trillion yuan ($298 billion), or 2% of China’s $13 trillion economy to simulate growth. This will likely keep energy demand strong.