Last updateWed, 21 Mar 2018 8pm


U.S. Chemical Production Accelerates with Manufacturing Sector

According to the American Chemistry Council (ACC), the U.S. Chemical Production Regional Index (U.S. CPRI) rose 1.9% in December, following a 1.4% gain in November, and a 0.4% gain in October. The upturn continues to reflect higher manufacturing activity in key end-use markets, in addition to recovery from hurricane disruptions. During December, chemical output increased in all regions, with the largest gains in the Gulf Coast, Ohio Valley, Midwest and Southeast regions.

Chemical production was mixed over the same three-month period. There were gains in the production three-month moving average output trend of organic chemicals, plastic resins, pesticides, coatings, adhesives, fertilizers, chlor-alkali, synthetic rubber, and pharmaceuticals. These gains were offset by declines in the output trend in other specialties, synthetic dyes and pigments, industrial gases, and manufactured fibers. 

U.S. Oil Reserve Poised to Fall by Nearly Half

“The U.S. is poised to sell half of its emergency oil reserves to help pay its bills, something critics say defies the reason the stockpile was created decades ago as a hedge against supply disruptions,” Bloomberg  reports.

“The spending deal that passed both houses of Congress and was sent to the White House early Friday calls for selling 100 MMbbl from the Strategic Petroleum Reserve by 2027. Combined with other sales approved last year, that would mean the volume of oil in the reserve would fall by 45%, to about 303 MMbbl.” 

ExxonMobil Oil, Gas Reserves Up 19% in 2017

ExxonMobil added 2.7 billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183% of production. ExxonMobil's proved reserves totaled 21.2 billion oil-equivalent barrels at year-end 2017. Liquids represented 57% of the reserves, up from 53% in 2016. ExxonMobil’s reserves life at current production rates is 14 years.

Additions from liquids-rich unconventional plays in the U.S., mainly in the Permian Basin, totaled approximately 800 million oil-equivalent barrels. Additions in the Permian are supported by ExxonMobil’s growth plan and increased drilling activity, expected to increase daily production to more than 600,000 oil-equivalent barrels by 2025. 

U.S. Will Be Net Energy Exporter by 2022

The U.S. has been a net energy importer since 1953, but the Energy Information Administration’s (EIA) new Annual Energy Outlook 2018 (AEO2018) projects the U.S. will become a net energy exporter by 2022. In the AEO2018 sensitivity cases that incorporate assumptions supporting larger growth in oil and natural gas production or that have higher oil prices, this transition is projected to occur earlier. In the high oil and gas resource and technology case, favorable geology and technological developments produce oil and natural gas at lower prices, supporting exports that increase over time. 

Houston-Area Petrochemical Producers Look Beyond the U.S.

On January 31, 2018 at the "ICIS Outlook Seminar in Houston, analysts said that the region's largest plastics manufacturers are searching overseas for new export markets amid a mounting domestic glut,” the Houston Chronicle  reports.

“ICIS anticipates that through 2019, the U.S. will increase its polyethlyene production by 6.5 million tons a year. Through 2022, production could balloon by 12.1 million tons a year, increasing current production levels by nearly 75%.” 



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