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Saudi oil minister says oil market is rebalancing

Saudi Arabia’s Oil Minister Khalid al-Falih said on Friday oil markets are rebalancing and he expected inventories to continue declining this year. “The oil markets, it’s clear, are rebalancing,” said Falih, who is on a two-day India visit since Thursday. “This is a period of soft demand as we all know because of seasonality. Refineries are undergoing maintenance as well as low consumer demand but the data speaks for itself.” “Many agencies have documented the decline in inventories and I think that’ll continue in 2018,” Falih said, adding that he ...

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Exxon, BHP Axe Lengthy Sale of 50-Year-Old Australia Oil Fields

Two of the world’s biggest energy producers have abandoned the sale of some of Australia’s oldest oil fields after running a 20-month sales process. Exxon Mobil Corp. and BHP Billiton Ltd. will retain ownership and operation of fields, licenses and associated infrastructure held in the Gippsland Basin Joint Venture after concluding a sale process, Exxon’s Esso Australia unit said Friday in a statement. The two companies reached a joint decision not to progress with the sale of offshore assets owned by the venture, a BHP spokesperson added in an email. ...

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UAE says not seeing oil investments at right level yet

United Arab Emirates Energy Minister Suhail al-Mazrouei said that the current oil price level was not encouraging the flow of investments yet that the oil industry needs. Speaking at an energy conference in London, Mazrouei, who holds the OPEC presidency this year, said the exporting group was not targeting a specific oil price but rather seeking a balanced oil market. “Am I seeing the right investments coming to the market? Not yet,” he said, when asked whether he sees oil at $60-65 as the sweet spot for the oil industry. ...

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CNPC set to boost oil productions in Middle East

CNPC, China’s top state energy company, aims to boost its annual crude oil production in the Middle East region by 10.8 million tonnes from its key operations in Abu Dhabi, Iraq and Iran, the company said on Friday. In January, CNPC’s Middle East operations were pumping at a total daily rate of 4.07 million barrels, CNPC said, without giving further details. CNPC is set to start production at phase three of Halfaya project in Iraq in the third quarter of 2018, CNPC said, without giving a target production number. CNPC ...

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Why lower oil prices not bad news?

On a wider and longer-term basis, lower oil prices have been welcome, Bernard Looney, Chief executive, Upstream at BP said during the International Petroleum Week in London. Firstly, it has been good for billions of consumers, he said, adding that affordable energy lifts people from poverty and stimulates economies. “However, I think this change has also been very good for our industry. It has forced us to confront inflation and waste. Those issues were obscured in a $100 world, but they were brutally exposed in a $50 one,” said Looney. ...

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Row over Kenyan oil revenues threatens to delay production

In the decades before oil was discovered in the northern Kenyan region of Turkana South, 100,000 poor villagers living in arid scrubland relied on a lone church-run health centre in Lokichar town for medical help. Since Tullow Oil found crude there six years ago, the London-listed company has funded a 40-bed referral hospital, school classrooms and dormitories, provided village water points graded roads, and paid for scholarships to generate goodwill. Seeing the potential benefits of oil, residents of the poorest of Kenya’s 47 counties now want the central government to ...

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Kashagan oil output crosses 300,000 b/d, but ‘giant’ increases unlikely: Shell executive

Kazakhstan’s giant Kashagan oil field is achieving new production highs every month and has done better than 300,000 b/d, but development beyond the current phase is likely to be about “discretionary step-ups” rather than giant steps, Shell country chair and vice president Olivier Lazare said Thursday. Speaking at the IP Week conference in London, Lazare declined to specify the current production level, saying there were still reliability issues with the first phase, which started producing in 2016 after more than $50 billion of investment and multiple delays, and has a ...

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Oil rises more than 1 percent as Libyan outage supports

Oil prices rose more than 1 percent on Friday, supported by a dip in Libyan production and upbeat comments from Saudi Arabia that an OPEC-led effort to erode stockpiles is working. Brent crude futures rose 78 cents, or 1.2 percent, to $67.17 a barrel. The global benchmark was on track for a second straight week of gains, gaining 3.6 percent so far. West Texas Intermediate (WTI) crude futures increased 81 cents, or 1.3 percent, to $63.58 a barrel by 12:20 p.m. EST. WTI was set for a 3.1 percent weekly ...

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Dollar climbs to cap strong week as bears grow wary

The dollar edged higher against a basket of major currencies on Friday, extending its recovery from a three-year low last week, as the potential for a more aggressive U.S. Federal Reserve prompted investors to pare bearish bets against the greenback. The dollar index, which measures the greenback against a basket of six other major currencies, was up 0.12 percent at 89.847. The index hit a three-year low of 88.253 on Feb. 16. “You have seen sentiment around the dollar shift,” said Charles Tomes, senior investment analyst and trader at Manulife ...

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Oil services firms Schlumberger, Subsea 7 extend collaboration with JV talks

Schlumberger, the world’s largest oilfield services firm, and smaller peer Subsea 7 said on Friday they were entering exclusive talks to form a joint venture to deliver subsea installations and services for oilfields. In recent months oil firms have returned to profits due to higher oil prices and the benefits of deep cost cuts they made during the downturn. But their suppliers are still feeling the squeeze and trying to cope with low profitability. Since 2015 Schlumberger and Subsea 7 have collaborated for some of their work in designing, building ...

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U.S. Energy Dominance: Markets Trump Policy In 2017

Over the last year President Trump has repeatedly emphasized his commitment to making America a dominant player in the world energy markets. This rhetoric has underpinned a set of policies designed to deregulate and encourage oil and gas activity. But a quick look into the nature of those policies and current energy markets reveals a more complex story, one where the 2017 growth in U.S. oil and gas industry is tied to market forces and already existing liberal trade policies that ended the ban on U.S. crude exports and expedited ...

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India offers Saudi Arabia stake in second phase of strategic oil reserve

India has offered Saudi Arabia a stake in the second phase of the south Asian nation’s yet-to-be-built strategic oil reserves, Oil Minister Dharmendra Pradhan said in New Delhi on Friday. The government also discussed with Saudi Arabia investment opportunities in a proposed oil refinery with 1.2 million barrels per day of capacity on the west coast of India and a petrochemicals project in the south of India, Pradhan said. Pradhan said India has sought reasonable oil prices from Saudi Arabia that will make crude economical to Indian state-owned refineries without ...

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Oil Heads for Second Weekly Gain After Surprise Stockpile Drop

Oil headed for a second weekly increase as a surprise pullback in U.S. crude inventories compounded signs that a global glut is easing. Futures in New York are up 1.5 percent this week after closing at the highest level in two weeks on Thursday. While the U.S. is pumping near record volumes, exports also jumped to a four-month high last week, helping drain the nation’s stockpiles. Oil stocks in the biggest U.S. storage hub plunged to the lowest level in more than three years. While crude struggled after the best ...

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Boom time for scenarios

Any oil-related news must strain to be heard above the tumult of IP Week. It is a distracting few days of networking, back-slapping and conspicuous entertainment. BP’s Energy Outlook rose above the hubbub.Its headline — global demand for liquid fuels will plateau within 15 years — ensured a place on the front pages. Liquids consumption in the transport sector is replaced as the main source of demand growth after 2030 by non-combusted uses, as uptake of electric vehicles (EV) gains momentum. This is of course not a forecast, but a ...

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LNG market set for more ‘accentuated’ seasonal price swings: Vitol

The global LNG market is likely to see more notable swings in price between the winter and summer months, the head of LNG at trading house Vitol said, as demand in countries such as China falls off in the summer and strengthens in the winter. While reaffirming Vitol’s belief the LNG market is structurally oversupplied, Pablo Galante Escobar said at the IP Week conference in London that there would be increased pressure on LNG prices in the summer. “Seasonality will be much more accentuated — we expect to see weaker ...

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