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U.A.E. Sees `Logic’ for OPEC to Extend Oil-Output Cuts Accord

OPEC needs to extend limits on oil output to help rein in the remaining excess in global supply, but isn’t considering making deeper cuts, the United Arab Emirates energy minister said. The group is talking about prolonging production curbs when its members meet at the end of the month and won’t discuss any increase in the size of the cuts, Energy Minister Suhail Al Mazrouei said Monday in Abu Dhabi. About 158 million barrels in surplus oil inventories still need to be cleared, he told reporters. “The agreement aims at ...

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As Venezuela pumps below OPEC target, oil rivals begin filling gap

As Venezuela’s dilapidated energy sector struggles to pump enough crude oil to meet the country’s OPEC output target, rival producers within the exporters group have started to plug the gap, OPEC and industry sources said. The South American country’s oil output hit a 28-year low in October as state-owned oil giant PDVSA struggled to find the funds to drill wells, maintain oilfields and keep pipelines and ports working. Venezuela’s oil production, which has been falling by about 20,000 barrels per day (bpd) per month since last year, is on track ...

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Westwood Insight: Rig count doesn’t tell the whole story…

It is time to look beyond just the rig count as a measure of activity and production growth in the US tight oil plays. Westwood Global Energy forecasts an 18% increase in active rigs in 2018 but more rapid demand growth in certain service areas as operators focus on efficiency and delivering more for less. North American E&P companies are under pressure from investors to focus on cash generation over pure growth. Many companies, particularly independents, have scaled back the pace and streamlined their future developments plans. Anadarko Petroleum recently ...

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Iran’s Light Crude Near $64

Iran’s crude oil extended its impressive rally above $60 per barrel, as global markets continue to recover from a stubborn price crash over the last three years. Iran’s light crude gained $3.78, or 6.3%, reaching $63.82 a barrel in the week to Nov. 10 as Iran Heavy, one of the country’s main grades for export, rose $2.82, or 4.7% to $60.15 per barrel, Shana said, citing a report by the Oil Ministry on Saturday. According to OPEC’s monthly report published on Nov. 13, Iran Heavy traded up 3.9% in October ...

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‘Seize Middle East O&G opportunities’

The time is right for local players in the oil and gas services and equipment (OGSE) sector to pursue opportunities in the Middle East and boost their export earnings. Deemed as key export destination for Malaysian players, Malaysia Petroleum Resources Corp (MPRC) executive director Mohd Yazid Ja’afar said with a strong track record, players could leverage their capabilities to expand in the Middle East region. “With global oil and gas (O&G) development activities expected to increase following several years of spending reductions, the time is right to pursue opportunities to ...

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Oil production in Russia’s Krasnoyarsk territory to grow to 30 mln tonnes by 2020

Russia’s Krasnoyarsk territory by 2020 will increase the oil production to 30 million tonnes a year (by about 20%), member of the State Duma (parliament’s lower house) energy committee Viktor Zubarev told reporters on Monday. The region tops the list of oil producers in the Siberian Federal District – with the forecast for the current year of 24-25 million tonnes. “Regional authorities and the sector’s experts forecast the production will grow next year to 26 million tonnes, and by 2020 – to 29-30 million tonnes,” the legislator said, adding the ...

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BP’s oil output in Azerbaijan at 22 mln T in Jan-Sept

Oil output at the BP-led Azeri-Chirag-Guneshli oilfields in Azerbaijan totalled 22 million tonnes in January-September, BP-Azerbaijan said on Monday. The company also produced 7.4 billion cubic metres of natural gas and 1.7 million tonnes of condensate in the same period. Source: Reuters (Reporting by Nailia Bagirova; Writing by Dmitry Solovyov; Editing by Maria Kiselyova)

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Saudi Aramco shuts Jeddah refinery indefinitely – sources

State oil giant Saudi Aramco has shut down its 90,000 barrel per day crude oil refinery in Jeddah indefinitely, industry sources familiar with the matter said on Sunday. Aramco had for years been considering whether to shut the refinery because of age and environmental concerns. The facility, which started operating in 1967, served much of the country’s western region and its closure will increase demand at other Saudi facilities. It produced liquefied petroleum gas, gasoline, diesel, asphalt and jet fuel, and exported naphtha. One source said the facility would be ...

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Here’s hoping the refining investments come off

The review of Opec’s World Oil Outlook 2017 does not end with what was discussed last week with respect to energy and oil’s supply and demand balances to 2040. If demand for liquid fuels, including crude, is forecasted at 111 million barrel a day (mbd), then there is a need to expand the refineries to meet demand. The current refinery distillation capacity is about 97 mbd, but the expansion also requires meeting individual product demand and their evolving specifications. Hence the need for conversion, desulphurisation and octane improvement is part ...

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Pakistan’s oil industry warns over fuel oil consumption cuts

Pakistan’s oil industry has issued a warning to the government over the impact that current fuel oil consumption restrictions are having on the country’s power and refinery sectors. Fuel oil stocks rising across supply chain Imminent refinery shutdowns likely Heavy demurrages from import delays feared LNG changing power feedstock landscape The government on October 27 ordered power plants running on fuel oil to halt generation in order to tackle the problem of smog involving Punjab, Pakistan’s most industrialized and populated province. As a result, consumption of fuel oil at 18 ...

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Oil eases as traders; investors grow edgy ahead of OPEC

Oil prices slipped on Monday, extending recent weakness ahead of an OPEC meeting next week, while a rally in the dollar negatively affected commodities across the board. Brent crude futures LCOc1 were down 84 cents at $61.86, or 1.4 percent, by 11:37 a.m. EST (1637 GMT), while U.S. West Texas Intermediate (WTI) crude futures fell 70 cents, or 1.2 percent, to $55.85 a barrel. Oil has been under pressure for the last two weeks since peaking in early November; U.S. crude has lost 2.6 percent. The Organization of the Petroleum ...

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Is the science on climate change ‘settled?’: Fuel for Thought

First, one should be discomfited by that lightning-rod shorthand for certitude; science is never “settled.” Saying so is the antithesis of science. The scientific method by definition suggests a permanent state of open-mindedness, of questioning the common wisdom, of rigorously testing and retesting the hypothesis. Where does one draw the line between acceptance of scientific consensus and blind faith? That said, it isn’t necessary to don sackcloth and ashes to see troubling trends in climate data. It isn’t fanaticism to dismiss the silly charge that the climate change issue is ...

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Spread Between US, Global Oil Benchmarks Narrows Further

Brent crude futures continued to trail the U.S. benchmark in Asian trading on Monday, further narrowing a spread between the world’s two main oil contract types. –January light, sweet crude on the New York Mercantile Exchange was recently up 0.1% at $56.77 a barrel in the Globex training session. Brent was down 0.2% at $62.58. –Prices have been pulling back a bit lately, with Brent falling faster, as investors continue to await what comes out of next week’s meeting of the Organization of the Petroleum Exporting Countries. A further extension ...

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Iran says majority of OPEC members support extending oil output cuts

Iran’s oil minister said on Monday that a majority of OPEC members support extending output cuts but a final decision will be taken at their next meeting on Nov. 30. The Organization of the Petroleum Exporting Countries together with a group of non-OPEC producers led by Russia has reduced output since January 1 under an agreement set to run until next March. Producers are curbing their output in hopes of supporting prices and reducing inventories. OPEC will meet at the end of the month to discuss the policy. “The majority ...

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Rosneft expands cooperation with Motor Oil Hellas

Rosneft, Petrocas Energy (Rosneft’s Group subsidiary) and Motor Oil Hellas Corinth Refineries signed a three-lateral agreement about intentions in the crude and oil product supply. The document defines the intentions of parties for arrangement of the mutual supplies of feedstock and oil products during the next 5 years and implies potential possibility of increasing of these volumes to 7.5 mtpa. The signed agreement brings the cooperation with Greek partners to a new level and sets a foundation for stable and long-term relations in the field of supply of crude and ...

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