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OPEC compliance with oil curbs rises in March as UAE joins cut: survey

OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies while maintenance and unrest cut production in exempt nations Nigeria and Libya. The reduction by the UAE has helped boost OPEC compliance this month with its production-cutting deal to 95 percent, up from an initial February estimate of 94 percent and a record high, according to Reuters surveys. The Organization of the Petroleum Exporting Countries pledged to reduce output by ...

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Russia’s Novak says current oil prices helping balance market – TASS

Current oil prices are helping to maintain the supply and demand balance on global energy markets, Russian Energy Minister Alexander Novak said on Wednesday, according to TASS news agency. He declined to provide a forecast for future oil prices, the agency reported.

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Exxon to sell its Norway-operated oilfields

Exxon Mobil has agreed to sell its operated upstream business in Norway to private equity firm HitecVision and oil company Point Resources for an undisclosed sum, it said on Wednesday. The deal involves a transfer of about 300 staff and means that the world’s largest listed oil firm will no longer operate producing fields on the Norwegian continental shelf. Exxon Mobil retains stakes in more than 20 producing fields operated by Statoil and Shell however, including the Snorre oilfield and the major Ormen Lange gas field. The fields sold had ...

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Libya’s Oil Output Falls to Six-Month Low as Field Shuts

Libya’s crude production dropped to about 500,000 barrels a day, the lowest since September, as exports from the nation’s second-largest terminal at Zawiya were disrupted. The OPEC nation’s output has fallen from about 700,000 barrels last week since production halted at Sharara in southwest Libya following the shutdown of the pipeline that links the field to Zawiya, according to a person familiar with the matter who isn’t authorized to speak to the media and asked not to be identified. Shipments from Zawiya, west of Tripoli, are now under force majeure. ...

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This is what’s really behind the recent US oil production boom

When OPEC points at U.S. oil producers, it always blames the shale drillers for oversupplying the world market. But while shale is in resurgence, the real source of recent growth has been the offshore drillers in the Gulf of Mexico. According to Bank of America Merrill Lynch, U.S. oil production growth between September and December was almost entirely the result of offshore wells, which increased production by 220,000 barrels a day in that period. Offshore projects are much more long-term investments. They are far more costly to develop and take ...

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Russia Can Wait for $70 Oil Before Re-Entering Arctic Waters

Russia can wait for a sustained recovery in oil prices before drilling again in Arctic waters, relying for now on less costly regions even as rival producer Norway accelerates development of its northerly fields. “We estimate production costs for the Russian Arctic offshore in the range of $70 to $100 a barrel,” Energy Minister Alexander Novak said by email. These reserves “are our backup stock,” he said before the International Arctic Forum in Russia’s Arkhangelsk that began Wednesday. While crude is languishing at around $51 a barrel — less than ...

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Brazil to start oil sales from production sharing contracts -exec

Brazil will start to sell oil and natural gas from production sharing contracts with oil companies around September, the head of the state firm managing these contracts, Ibsen Flores, told Reuters on Tuesday. Flores, the president of Brazil’s state-controlled company Pre-sal Petroleo SA (PPSA), said companies working through the relatively new contracts are expected to start giving the government its cut of the oil production around September. Production sharing contracts were introduced during the leftist governments of Luiz Inacio Lula da Silva and Dilma Rousseff, as Brazil sought to gain ...

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Oil firms after data; Brexit, Fed give dollar support

Stocks rose slightly on Wall Street on Wednesday and a global equities index ticked lower, while crude futures hit a nine-day high after a smaller-than-expected build in U.S. inventories. The U.S. dollar rose with support from remarks by various Federal Reserve officials. Chicago Fed President Charles Evans said he favors further interest rate hikes this year, while Boston Fed President Eric Rosengren said the Fed should raise rates three more times in 2017. Weighing on the euro and pound, Prime Minister Theresa May formally began Britain’s divorce from the European ...

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Kazakh minister sees higher March oil output, questions OPEC cuts

Kazakhstan’s energy minister, Kanat Bozumbayev, has again cast doubt on the country’s commitment to cut oil output under an agreement with OPEC, telling state media that March output was again likely to be on the high side and suggesting the trajectory of production was upward. The comments, carried by state news agency Kazinform, came after Kazakh officials failed to attend a meeting in Kuwait over the weekend intended to discuss last November’s agreement between OPEC and non-OPEC producers on reducing output, and a possible extension beyond its six-month term. Speaking ...

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As Trump targets energy rules, oil companies downplay their impact

President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. But the top U.S. oil and gas companies have been telling their shareholders that regulations have little impact on their business, according to a Reuters review of U.S. securities filings from the top producers. In annual reports to the U.S. Securities and Exchange Commission, 13 of the 15 biggest U.S. oil and gas producers said that compliance with ...

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Eni CEO says Mexico oil find likely bigger than estimates

Italy’s Eni said on Wednesday it expected that its recent discovery off the coast of Mexico would hold more than the 800 million barrels of oil it originally estimated. “This is an important find and we’ve found new layers of good light oil that make us think there’s more,” Chief Executive Claudio Descalzi said at an oil and gas conference. Eni said earlier this month it had found “meaningful” reserves of oil off the coast of Mexico after becoming the first international oil company to drill a well in the ...

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Asia Naphtha/Gasoline-Cracks supported by strong demand

Asia’s gasoline crack hit a four-week high of $10.10 a barrel on a supply shortage from the United Arab Emirates while naphtha was supported by firm demand from petrochemical makers. * NAPHTHA INTER MONTH DIFFERENTIAL: Asia’s naphtha front-month price for first-half May was $2.50 higher than first-half June, making this the widest backwardation in a week between the values of the prompt and following months. * SPOT DEALS: South Korea’s Hanwha Total bought naphtha for first-half May arrival at Daesan at premiums below $1 a tonne to Japan quotes on ...

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U.S. crude oil stockpiles build as products draw down -EIA

U.S. gasoline stocks and distillate stockpiles dropped sharply last week as refinery runs jumped, while crude inventories grew less than anticipated, a relief for those hoping for a long-anticipated drawdown in petroleum stocks, the Energy Information Administration said on Wednesday. Crude inventories rose 867,000 barrels in the week ending March 24, compared with analysts’ expectations for an increase of 1.4 million barrels. Total inventories were nearly 534 million barrels, EIA data shows, a record. Gasoline and distillate stockpiles were down more than expected as refinery run rates increased, giving some ...

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Oil Gains as Libyan Crude Drop Offsets What OPEC Curbs Couldn’t

Oil rose after a pipeline halt reduced output in OPEC member Libya, countering concerns that a U.S. surplus shows little sign of diminishing. Libya’s output was said to fall to about 500,000 barrels a day after a pipeline carrying crude from the Sharara field — its biggest — stopped operating. Clashes between armed groups in the nation have previously led to market disruptions, and the latest news drove New York oil futures up as much as 1 percent after boosting them 1.3 percent on Tuesday. Prices are headed for two ...

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Goldman takes on the Brent spreads: Kemp

Progress towards oil-market rebalancing and the need for an extension of production cuts by OPEC and non-OPEC countries has become the most contentious issue in the oil market. “We believe that the rebalancing of the oil market is in fact making progress despite the record high U.S. crude inventories,” Goldman Sachs analysts said in a note to clients on Sunday. Goldman expects oil stocks in the OECD to fall to the five-year average in terms of demand cover by the end of 2017, even if OPEC brings production back on ...

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