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Oil prices dip but stay near eight-week highs on U.S. stock declines

Oil prices edged lower on Friday but were still near eight-week highs, buoyed by a decline in U.S. inventories and OPEC’s ongoing efforts to curb production. Brent crude futures <LCOc1> were down 8 cents, or 0.2 percent, at $51.41 per barrel at 0651 GMT. U.S. West Texas Intermediate (WTI) crude futures <CLc1> were down 10 cents, or 0.2 percent, at $48.94 per barrel. Both benchmarks rose to their highest levels since May 31 in the previous session, buoyed by a rally in U.S. gasoline futures after earlier support from OPEC’s ...

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Saudi tries to strengthen OPEC/non-OPEC hand with oil export gambit

Saudi Arabia’s oil minister Khalid al-Falih did his best to restore the confidence of the oil market at the recent Joint OPEC-Non-OPEC Ministerial Monitoring Committee meeting in St. Petersburg, by promising that it will cut its exports to a six-year low next month. S&P Global Platts senior editor Eklavya Gupte reads into some of the key statements made at this meeting, including Falih’s remarks that it will look to use export data as a key metric for compliance. Saudi Arabia certainly did its best at the OPEC/ non-OPEC Joint Ministerial ...

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Oil demand could peak in 10 years, says Shell CEO, sooner than others forecast

Demand for oil could peak by the late 2020s or early 2030s in a best case scenario, the CEO of Shell told CNBC, offering a faster timeline than other closely followed oil market prognosticators. To be sure, this does not reflect Shell’s baseline scenario. For oil consumption to start declining in 10 years, policy and technology will have to develop very quickly to expedite the transition to cleaner power, Ben van Beurden, chief executive officer at Royal Dutch Shell, said on Thursday. “Even in the most aggressive scenario, where policies ...

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UK car ban will have ‘massive impact on markets’

Wood Mackenzie took a closer look at the impact of the UK government’s proposal to ban the sale of new petrol and diesel cars by 2040, as outlined by the Environment Secretary, Michael Gove, in an interview to the BBC this morning. Alan Gelder, Wood Mackenzie’s senior vice president, refining and chemicals research, said: “If auto manufacturers can deliver this, then oil demand will peak and then decline swiftly. Judging by Mr Gove’s comments, this will have a massive impact on the refining sector and the oil markets.” He added: ...

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Europe’s oil giants recover from three-year slump

Europe’s major oil and gas companies have turned a corner after a three-year slump, reporting strong growth in profits as cost cutting paid off and vowing to press on with saving more money amid a fragile recovery in oil prices. Royal Dutch Shell, France’s Total and Norway’s Statoil reported sharp increases in cash flow from operations in the second quarter as profits beat analyst expectations, meaning they can all comfortably pay dividends and reduce debt. Shell led the charge, more than tripling profits in the second quarter from a year ...

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S&P Global Platts Analysis of U.S. Energy Information Administration (EIA) Data

U.S. crude oil inventories fell sharply in the week that ended July 21, as robust refinery runs and strong gasoline demand combined to pull barrels out of storage, according to the U.S. Energy Information Administration (EIA) Wednesday and a commentary by John (Jack) Laursen, S&P Global Platts Oil Editor. Crude oil stocks declined by a larger-than-expected 7.208 million barrels to 483.415 million barrels and have now fallen 25.798 million barrels or 5.1% in the past four reporting weeks. Analysts surveyed by S&P Global Platts were looking for crude stocks to ...

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U.S. to Face Renewed Competition in Asian LPG Market

U.S. LPG exports to Asia will meet stiff competition from the Middle East in the next five years, according to ESAI Energy’s newly published Global LPG Five-Year Outlook. As the report details, Asia-Pacific imports will increase 380,000 b/d in the next five years, but that will not be enough to absorb incremental exports from the U.S. and Middle East. The result will be greater competition for market share in China and other key markets. According to ESAI Energy’s bottom-up forecast of country-level supply and demand, a coming slowdown in Indian ...

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Shell profits triples on stronger refining, oil prices

Royal Dutch Shell more than tripled its profits in the second quarter to beat forecasts boosted by strong refining operations and a rise in oil prices. The Anglo-Dutch oil and gas company also reported a huge recovery in cash flow to $12.2 billion and a drop in debt as its cost reduction efforts in recent years paid off. It has sold some $25 billion of assets since acquiring BG Group last year. The strong results came despite a dip in oil and gas production versus the previous quarter as a ...

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Noble to sell oil and North America gas, power units

Singapore-listed commodities trader Noble Group has agreed to sell its North American natural gas and power unit to Switzerland-based trading firm Mercuria for $248mn and plans to shed its global oil business to cut debt and free up capital to fund its surviving operations. The firm said it also is seeking a new investor to recapitalize its coal and metals businesses and will pursue further strategic alliances, including possible deals with Mercuria, to provide the capital to underpin growth in those operations. It said the move “reinforces the group’s focus ...

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Here are the critical levels for crude oil now

Crude oil rose for the third straight session on Thursday, trading near two-month highs on the back of a reported drop in U.S. stockpiles. Now, as this inventory data sends crude oil higher for its third straight session, some strategists see an additional bullish catalyst in rising global uncertainty. “Everyone has been kind of thinking that oil prices are going to continue to remain low. But the reality is there are many other things that are going around the globe, specifically a lot of geopolitical risk. And what that does ...

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China’s CNPC overseas equity oil, gas output rose 11.6 pct in H1

Oil and gas production at China National Petroleum Corp’s (CNPC) overseas fields rose 11.6 percent during the first half of 2017 versus the same time a year ago, the company said in a report released on news.cnpc.com.cn on Thursday. CNPC, the parent of Asia’s top oil and gas producer PetroChina, produced 44.31 million tonnes, about 1.79 million barrels per day, of oil equivalent from fields where it holds equity during the period, it said in the report. Projects in Kazakhstan, the Middle East, Southeast Asia, and other places increased their ...

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API American Petroleum Institute welcomes Senate support for U.S. offshore energy development

API welcomed a letter sent today by 36 U.S. Senators to Interior Secretary Zinke in support of the safe and environmentally responsible development of our nation’s offshore energy resources as the administration begins developing a new five-year offshore oil and natural gas leasing program. ‘We welcome the Senate’s support for an offshore leasing plan that will fully embrace our nation’s energy potential and provide enormous benefits to American consumers and businesses,’ said API Upstream Director Erik Milito. ‘Developing our abundant offshore energy resources is a critical part of continuing the ...

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Total: Second quarter and half year 2017 results

Total’s Board of Directors met on July 26, 2017, to review the Group’s second quarter accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said: “In a price environment that remains volatile, Total again delivered an excellent set of quarterly results with adjusted net income of $2.5 billion, a 14% increase compared to a year ago, and operating cash flow before working capital changes of $5.3 billion, a 33% increase, while Brent only increased by 9%. In the first half of the year, the Group generated more than $3.1 ...

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New policy to increase investments in Nigeria’s oil, gas sector: minister

The new National Petroleum Policy will ultimately remove barriers affecting investment and development of the oil and gas sector in Nigeria, Minister of Petroleum Resources, Ibe Kachikwu, said. The 100-page document was very comprehensive on all aspects of the oil industry, the minister said in a statement reaching Xinhua in Lagos, Nigeria’s economic hub. Kachikwu also reiterated that the ministry was pushing for a refining processing environment to move away from exporting to refining petroleum products, given the volatility in crude oil price regime. The set goals and strategies inherent ...

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Statoil: 2017 second quarter and first half results

Statoil reports adjusted earnings of USD 3.0 billion and adjusted earnings after tax of USD 1.3 billion in the second quarter of 2017. IFRS net operating income was USD 3.2 billion and the IFRS net income was USD 1.4 billion. The second quarter was characterised by: • Solid earnings and strong cash flow. Net debt ratio [5] reduced to 27.5% • Good operational performance and high regularity. Around 5% production growth expected in 2017 • Project deliveries and efficiency improvements on track “Our solid financial results and strong cash flow ...

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