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OPEC Member Hopes for Alliance With Russia That Lasts ‘Forever’

OPEC’s fourth-largest oil producer is leading an effort to prolong cooperation with Russia and other allies far beyond the expiry of their joint supply cuts this year. “My hope is for it to last forever,” United Arab Emirates Energy Minister Suhail Al Mazrouei said in an interview with Bloomberg television. By working together they can “prepare for any unforseen surprises in the market, to avoid any glut or any shortage of supply.” The global oil market is finally recovering from several years of oversupply, in large part because of joint ...

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Oil group reports rise in confidence in North Sea projects

There has been a growing number of oil companies looking to invest in the development of emerging technologies, according to the Oil and Gas Innovation Centre (OGIC). The OGIC says this growth comes as North Sea operators continue to demonstrate the benefits of technology-led solutions in response to economic downturn. Access to advanced technology has always played a vital role in driving the oil and gas sector forward. However, the risks associated with bringing a new technology to market require significant financial investment to research, develop, test, and commercialise a ...

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Siberian Chill Is About to ‘Test’ Europe’s Energy Supplies

A rare weather event in the Arctic that is expected to bring freezing weather back to swathes of Europe has spurred jumps in energy prices. Prices for electricity, natural gas, coal and carbon rose across the region as colder weather is set to increase demand for heating. The chillier outlook is because of a weather event called sudden stratospheric warming, where the polar vortex of westerly wind is slowed down or reversed, pushing cold air flows from Russia west across Europe. When the same weather event happened in 2009 there ...

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BHP Sees Faster Shale Sale in Race to Exit $10 Billion Unit

BHP Billiton Ltd. is accelerating plans to exit its $10 billion U.S. shale unit, flagging that deals could be announced before the end of the year. The company, which has opened a data room for the Fayetteville field and will open others before the end of March, expects initial bids for the assets in the June quarter, according to a statement Tuesday. As recently as November it had set out a less optimistic timeline, saying then it hoped to offload the operations within two years. “We continue to progress a ...

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Brent Drops From 2-Week High as U.S. Warns of `Phenomenal’ Surge

Brent crude fell from a two-week high as the market weighed forecasts for a surge in U.S. production against OPEC’s success in accelerating the pace of draining a global glut. Futures fell 1.1 percent in London. The outlook for U.S. oil production in both 2018 and 2019 is “phenomenal,” Deputy Energy Secretary Dan Brouillette said in an interview. The latest discussions between OPEC and its allies concluded that the oversupply is dissipating at a faster pace than previously anticipated, people familiar with the matter said. Oil is struggling to regain ...

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OPEC’s widened tent would still be built on sand

OPEC wants to expand its tent. United Arab Emirates energy minister Suhail al-Mazroui said on Thursday that the group of oil-exporting countries was trying to extend its alliance on production restraint with Russia and other countries longer term. Fair enough – except it’s happening just as U.S. drillers are set to pump more oil than both Saudi Arabia and Russia this year. OPEC’s cuts have mostly helped U.S. producers though, which are pumping more now and are expected to capture the market that OPEC is forgoing over the next year. ...

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Feature: North Sea oil industry on recovery trajectory

The North Sea oil industry is often seen as living on borrowed time, yet in the face of setbacks, including a pipeline outage in December and looming problems around Brexit, companies continue to talk up prospects for this strategic oil-producing region. • Production volumes seen stabilizing • Majors voice confidence in North Sea • Infrastructure worries a question mark The three-week shutdown of the Forties pipeline at the end of 2017 due to a hairline crack, after it was bought by a relative newcomer, Ineos, from legacy owner BP, prompted ...

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Hedge funds lighten bullish positions in oil: Kemp

Petroleum markets were hit by a heavy bout of profit-taking in the second week of February as hedge funds liquidated some of the record long positions they accumulated over the previous seven months. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by the equivalent of 152 million barrels in the week to Feb. 13. Fund managers have now cut the combined net long position in Brent, NYMEX and ICE, U.S. gasoline, U.S. heating oil and European ...

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Could India Support Oil Bulls As Its Crude Demand Spikes To Record Highs?

As oil market bulls pin their hopes on rising demand for crude in India to support benchmark futures prices, the country certainly hasn’t disappointed, if the latest available data is anything to go by. The burgeoning economy, which recently overtook Japan, to be the world’s third-biggest oil importing nation after the China and the U.S., took in a record 4.93 million oil barrels per day (bpd) in January from the global markets, according to ship tracking and market data published by Thomson Reuters Oil Research & Forecasts on Thursday (February ...

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The Amazing Rise In U.S. Oil Production Demands Policy Support

Despite the rise in oil prices that have retracked a bit, surging U.S. crude oil production continues to amaze. We are at levels not seen in nearly 50 years, and the U.S. Energy Information Administration (EIA) reports that U.S. crude oil production averaged 10.2 million b/d up 100,000 b/d from the December level. EIA says that average annual U.S. crude production will increase from 9.33 million b/d in 2017 to 10.6 million b/d in 2018 to 11.2 million b/d in 2019. So, this year and next we will surpass the ...

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S&P Global Platts Launches Market Masters Oil Trading Game

S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, today announced that it launched the Market Masters commodities trading game. Intended for entertainment and instruction, the oil market game allows players to navigate a simulation of a fast-changing market and turn market events to their advantage as they compete to maximize virtual profit and top the global leaderboard. Although designed to simulate commodities trading, players are not engaging in actual trading. Inspired by real-world market dynamics, the S&P Global Platts Market ...

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How soon will electric vehicles make a significant dent in oil demand?

Khalid Al-Falih may be right when he claims the oil industry has nothing to fear from electric vehicles (EVs). Saudi Arabia’s oil minister unsurprisingly is a robust defender of the internal combustion engine (ICE). Contrary to the views of Tesla Inc.’s headline grabbing founder Elon Musk, the kingdom’s top energy official expects the conventional gasoline powered road vehicle to remain the bedrock of passenger road transport for generations to come. “Today 6.5 billion people live in the developing world,” said Khalid Al-Falih, in his opening speech at the International Energy ...

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GETI 2018 calls for digital revitalisation of workforces to take full advantage of the upturn

The second annual Global Energy Talent Index (GETI), the world’s largest energy recruitment and employment trends report, is released today, showing that oil and gas businesses must embrace automation and digitalisation to reshape and revitalise their workforces. The report by Airswift, the global workforce solutions provider for the energy, process and infrastructure sectors, and Energy Jobline, the world’s leading jobsite for the energy and engineering industries, indicates that a clear majority (77 per cent) of professionals believe automation and digitalisation are positive developments for the sector, overriding any concerns respondents ...

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Crude assumptions: Oil price likely to fall back on higher US production, say analysts

Oil prices are likely to be higher in 2018 than they were last year, but are likely to lose some of their recent momentum as shale producers in the US ramp up activity, according to two new reports from analysts at Gulf banks. The National Bank of Kuwait (NBK) said in its note on Saturday said that after falling in six of the last eight sessions, the Brent crude price closed at $65.53 on Wednesday, meaning the year-to-date price moved into negative territory for the first time this year. This ...

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Oil markets mixed as U.S crude, Brent move in opposite directions

Oil markets were split on Tuesday, with U.S. crude still carrying momentum from Friday’s gains due to a holiday on Monday while international Brent prices eased. U.S. West Texas Intermediate (WTI) crude futures were at $62.31 a barrel at 0740 GMT, up 63 cents, or 1 percent, from their last settlement. A holiday in the United States on Monday meant that Friday’s gains were being pushed into Tuesday for WTI, traders said. Ongoing supply reductions from Canada to the United States due to pipeline reductions were supporting WTI, traders said. ...

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