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U.A.E. Pledges Further Oil Output Cuts Starting in September

The United Arab Emirates reiterated its commitment to the OPEC agreement on production cuts and said it would deepen its own curbs. The Abu Dhabi National Oil Co.’s shipments of Murban, Das and Upper Zakum crudes will be 10 percent lower from September, Minister of Energy Suhail Al Mazrouei said in a tweet on Tuesday. “The U.A.E. is committed to its share in the OPEC production cut,” he said. The move follows criticism on Monday from Saudi Minister of Energy and Industry Khalid Al-Falih of members of the Organization of Petroleum Exporting ...

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Chinese oil trader Unipec seeks closer ties with teapot refiners

State oil trader Unipec will develop “really strong” ties with China’s independent refiners, said a company executive on Tuesday, even as they present a growing challenge to its parent and Asia’s top refiner, Sinopec Corp. China issued crude oil import quotas to privately run refiners, often called “teapots”, for the first time in 2015, ending decades of exclusive access to overseas oil for state-run oil majors and further stimulating the nation’s voracious demand for crude imports. With about 2 million barrels per day (bpd) in crude import quotas this year, ...

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Macquarie: Oil Price Of $45 For 2020

The oil market could be a swamp that turns into a lake with a flood of supply dominating the delicate market picture until 2020. A July 2017 report from Macquarie’s Houston-based energy analyst Vikas Dwivedi looks at OPEC but more specifically those rebels in NOPEC – essentially North American producers who fall under the No Oil Producing and Exporting Cartels Act – who could keep the supply end of the delicate pricing formula weighted down for the next several years. While there have been rumors of how best the OPEC ...

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Oil Climbs From Seven-Week High on Signs U.S. Stockpiles Plunged

Oil extended gains from the highest close in seven weeks as industry data showed U.S. crude stockpiles plunged, easing a glut. Futures climbed as much as 1.5 percent in New York after rising 4.6 percent in the previous two sessions. Inventoriestumbled by 10.2 million barrels last week, the American Petroleum Institute was said to report. If the decline is replicated in government data Wednesday, it would be the biggest decrease since September. The United Arab Emirates reiterated its commitment to the OPEC agreement on production cuts and said it would deepen its own curbs. ...

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Saudi domestic crude oil demand to rise with new petrochemicals units

The startup of new petrochemicals units in Saudi Arabia should push the kingdom’s domestic crude oil demand to 2.9 million b/d by the end of the year, up 100,000 b/d from 2016, Riyadh-based Jadwa Investments said in a research note. New power plants are due to come online later this year, and new petrochemical units at the expanded PetroRabigh II complex at Jubail on the Red Sea, is expected to reach full capacity at the end of the year. PetroRabigh is a joint venture of state-oil giant Saudi Aramco and ...

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S&P Global Platts Preview Of U.S. Eia Data: Crude Stocks Likely To Drop On Fewer Saudi Imports, Healthy Demand

Continued low imports of Saudi crude oil and firm domestic petroleum demand are likely to lead U.S. oil inventories lower, according to an S&P Global Platts preview of this week’s pending U.S. Energy Information Administration (EIA) oil stocks data. Analysts surveyed by S&P Global Platts expect U.S. commercial oil inventories to have fallen 2.5 million barrels in the week ended July 21. U.S. crude stocks have fallen 18.59 million barrels during the past three weeks alone. The drawdowns have helped eat away at the U.S. surplus. Stocks as of July ...

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U.S. crude oil production forecast expected to reach record high in 2018

In EIA’s latest Short-Term Energy Outlook (STEO), total U.S. crude oil production is forecast to average 9.3 million barrels per day (b/d) in 2017, up 0.5 million b/d from 2016. In 2018, EIA expects crude oil production to reach an average of 9.9 million b/d, which would surpass the previous record of 9.6 million b/d set in 1970. EIA forecasts that most of the growth in U.S. crude oil production through the end of 2018 will come from tight rock formations within the Permian region in Texas and from the ...

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Oil output increased 3pc in FY17

Pakistan’s oil production grew three per cent to 88,189 barrels per day (bpd) in 2016-17, according to a research note issued by Topline Securities. Temporary shutdowns suffered by some major oil companies affected production at the start of 2017. As a result, oil production averaged 95,000bpd initially. Oil production went up 10pc year-on-year to about 91,000bpd during June. However, on a month-on-month basis, it was up 11pc, owing to the low-base effect. Nashpa field, which accounts for 26pc of Pakistan’s total oil production, experienced a brief shutdown in May. Although ...

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Barclays Oil Sale Triggers a Huge Number of Trades in Exotic Options

Barclays Plc sold the last part of its oil book to an unidentified buyer, triggering a surge in trading of exotic options written in the era of higher crude prices, according to people familiar with the matter. The sale was signaled by several large options trades at 9:35 a.m. on Monday in London in some of the world’s major oil markets including West Texas Intermediate crude, where 48 million barrels of contracts changed hands. That represents more than a quarter of the entire volume on an average trading day. Barclays ...

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Cramer Remix: The jig is up! Signs that US oil producers could be slowing down

Despite the extended pullback in the crude oil space, Schlumberger’s conference call gave Jim Cramer some renewed hope that things could be looking up for the sector. “First, [CEO Paal Kibsgaard] feels that there’s genuine restraint among Russia and Saudi Arabia, those are the two most important worldwide producers. Second, he explains that in the rest of world, producers have so dramatically under-invested in the last three years that it will take some time for them to ramp back up as their current fields deplete, leading, perhaps, to more constrained ...

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Asia-Pacific Crude-Ruby premium rises; more Sept supplies offered

Premiums for September-loading regional crude continued to edge higher on the back of firm Asian refining margins, but fresh offers for a combined 2.42 million barrels late in the trading month could put a lid on the price hike. VIETNAM *RUBY: State-marketer PV Oil and Malaysia’s Petronas jointly awarded its Ruby sell tender at a premium slightly higher than August levels that were done at a mid-$2.00 per barrel premium to dated Brent, a source with knowledge of the tender said. The cargo was likely awarded to a North Asian ...

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Prelude arrives in Australia – a new era for the LNG industry

Shell Australia today confirmed that its Prelude floating liquefied natural gas (FLNG) facility has arrived in Australian waters. Prelude is the first deployment of Shell’s FLNG technology, that will see a 488 metre long floating facility extracting and liquefying gas at sea, before it is exported to customers around the globe. The project is located approximately 475km north-north east of Broome in Western Australia. Shell Australia Chairman Zoe Yujnovich said the arrival of the Prelude FLNG facility signalled a new era for the Australian LNG export industry, with the first ...

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Britain launches new oil and gas licensing round

Britain’s oil regulator has launched a licensing round for access to 813 oil and gas exploration blocks or partial blocks in the British part of the North Sea, it said on Tuesday. The Oil and Gas Authority’s (OGA) 30th licensing round offers access to mature areas in the Southern, Central and Northern North Sea, the West of Shetland and East Irish Sea. The round is open for 120 days until Nov. 21, the OGA said in a statement. Decisions will be made in the second quarter next year. Britain wants ...

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Middle East Crude-Oman slips as Sept trade winds down

Oman weakened in the Middle East crude market on Tuesday as most refiners have completed their purchases for September-loading cargoes while Dubai was unchanged, supported by Shell’s purchases. All three Abu Dhabi grades and Banoco Arab Medium were still available, a sign that the market remained well supplied. Taiwanese refiner CPC will not be buying spot September-loading sour crude as its needs are covered by term supplies. IRAQ: Basra Heavy’s premium for August cooled to around $1 a barrel to its OSP for free-destination cargoes after SOMO raised prices. Basra ...

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Oil rallies 3 percent as U.S. shale shows signs of slowdown

Oil rose 3.3 percent on Tuesday to the highest close in more than a month, a day after U.S. oil producer Anadarko said it would cut capital spending plans and Saudi Arabia vowed to reduce crude exports to help curb global oversupply. Brent crude futures rose $1.60 or 3.3 percent to settle at $50.20 a barrel, the first time the benchmark closed above $50 since June 6. U.S. West Texas Intermediate futures rose $1.55 or 3.3 percent to settle at $47.89 a barrel, the highest close for that benchmark since ...

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