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U.S. oil output falls for 2nd month to 12.08 mln bpd in June -EIA

U.S. crude oil output fell for a second straight month in June, dropping by 33,000 barrels per day (bpd) to 12.08 million bpd, the U.S. Energy Information Administration said in a monthly report released on Friday. Still, weekly U.S. crude production jumped to a new weekly record at 12.5 million bpd last week, based on separate EIA data. Texas crude output rose by 13,000 bpd to a new record at 4.98 million bpd in while production in North Dakota climbed 36,000 bpd to 1.40 million bpd in June, matching a ...

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Johan Sverdrup oil field to load 226,000 barrels per day in Oct.-trade source

The first loading programme for the giant Equinor-operated Johan Sverdrup oil field in Norway lists 11 cargoes in October, a trading source said on Friday after Equinor said loadings could come before a planned November start. This implies that loadings from Johan Sverdrup, the largest North Sea discovery in more than three decades, will average around 226,000 barrels per day in October. Equinor owns 40% of the field, Total 8.4%, Aker BP 11.6%, Petoro 17.4% and Lundin Petroleum 22.6 %. Source: Reuters (Reporting by Noah Browning, writing by Shadia Nasralla)

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Number of U.S. active drilling rigs continues to plunge this week

The number of active drilling rigs in the United States fell by 12 to 904 this week, 144 rigs down year on year, according to the weekly data released by Baker Hughes on Friday. According to the Houston-based oilfield services company, these active drilling rigs included 742 oil rigs operating in the U.S. oil fields, down 12; 162 gas drilling rigs, remaining level as last week. Of the 904 rigs, 876 are land drilling ones, down 11, and 28 offshore drilling ones, remaining level as last week. The only inland ...

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Saudi Arabia Creates New Ministry, Shrinking Falih’s Portfolio

Saudi Arabia created a new ministry for industry and mineral resources that’s separate from the current energy ministry, reducing the remit of Energy Minister Khalid Al-Falih. The shift was part of a series of royal orders by King Salman, issued just before the Islamic new year and reported Friday night by the official Saudi Press Agency. The existing Ministry of Energy, Industry and Mineral Resources, led by Al-Falih, will be renamed the Ministry of Energy and hand over its other files to the new ministry at the start of the ...

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Oil Market Surprise: Return Of The Bulls

After oil prices dropped about $10 a barrel since this spring, they now appear to be on an upward trajectory, despite continued fears that the trade war will cause a recession or that the imbroglio between Iran and President Trump (“I’ll see your limpet mine and raise you two tweets”) will reduce supplies. From $51 three weeks ago, WTI has recovered to about $56. Of course, given that this is the last week of August, just before Labor Day, it is easy to dismiss the move as based on thin ...

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U.S. sour crude prices slide ahead of low-sulfur fuel mandate: traders

U.S. sour crude prices this week tumbled to the lowest in a year alongside a drop in high-sulfur fuel oil as marine shippers gear up to meet environmental rules aimed at curbing emissions from ocean-going vessels, traders said. The International Maritime Organization’s (IMO) mandate for vessels to shift to cleaner burning marine fuels effective Jan. 1 will reduce demand for sour crudes, weakening demand for U.S. Gulf Coast grades such as Mars crude, traders said. Sour crude grades also have come under pressure as the spread between U.S. crude and ...

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Why oil prices will need to plummet if it’s to remain competitive in the mobility sector

Oil prices will need to fall to between $10 and $20 per barrel if it is to remain competitive in the mobility sector, according to a recent report from BNP Paribas Asset Management. The report’s author, Mark Lewis, told CNBC’s Squawk Box Europe Friday that such a view reflected how the economics of renewables were changing “very dramatically” and the way in which electric vehicles were becoming more competitive. “We have to be very clear here,” Lewis, who is global head of sustainability research at BNP Paribas Asset Management, added. ...

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Italy’s political instability starting to weigh on economic growth prospects, say experts

Italy’s sustained political crisis is starting to act as a drag on Italy’s already slow-growing economy, said economic analysts recently. The political situation in Italy has been unstable ever since the country’s general election nearly 18 months ago, with the League and the Five-Star Movement — the two parties backing the government of Prime Minister Giuseppe Conte until it collapsed on Aug. 20 — consistently clashing over reform plans. But things took a turn for the worse over the last month, when the League, the nationalist party led by Matteo ...

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Stronger Construction Activity in China Boosts Nonmanufacturing Sector

An official gauge of activity outside China’s factory gates showed slightly faster expansion this month due to strength in construction activity. China’s official nonmanufacturing purchasing managers index edged up to 53.8 in August from 53.7 in July, the National Bureau of Statistics said Saturday. A reading above 50 indicates expansion, while a figure below that level suggests contraction. The subindex measuring construction activity rose to 61.2 from 58.2, while a component of the index measuring sentiment among service providers fell to 52.5 from 52.9 over the period. The new orders ...

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France to begin one-month no deal Brexit dress rehearsal – minister

France will test run measures it has prepared for Britain’s exit from Europe for a month so that companies are fully-prepared ahead of Britain leaving the bloc at the end of October, its minister in charge of customs said on Friday. Gerald Darmanin will meet Michael Gove, the British minister in charge of coordinating ‘no-deal’ Brexit planning, in Calais later on Friday to show how France is preparing for Britain’s departure from the EU on Oct. 31. Businesses have been warning of long tailbacks for lorries transporting goods between mainland ...

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Turkish economy to contract in Q2, log zero growth this year

Turkey’s economy is expected to shrink in the second quarter, its third straight quarterly contraction as it grapples with the effects of recession, and a Reuters poll on Thursday also pointed to zero growth in 2019 as demand and investment slows. The poll of 18 economists showed the economy shrinking 2% year-over-year in the second quarter, based on the median, and estimated annual growth of 0% for 2019, as last year’s currency crisis continues to weigh on the major emerging market. Forecasts for the second quarter ranged from a 1% ...

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Global maritime leaders set for big Dubai event

The Dubai Maritime City Authority (DMCA) has completed its preparations ahead of hosting the UAE Maritime Week 2019, held under the patronage of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, as part of the enhanced efforts to establish the UAE’s leadership as a first-class maritime destination and a strong competitor on the global maritime map. The fifth edition, taking place from September 22 to 26, will highlight the achievements of the UAE’s maritime sector and emphasize Dubai’s leadership in ...

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Sustainable shipping key to India’s future, says CSL chief

With autonomous ships on the anvil, they are going to be driven and even repaired remotely, the CMD of Cochin Shipyard Limited (CSL), Madhu S. Nair, has said. Ships were now controlled digitally. India had produced some of the finest marine engineers, who had created an excellent image for the country worldwide. Still, much had to be done to make optimal use of India’s vast coastline and inland waterways. Care had to be taken to ensure that whatever was done was environmentally sustainable, lest nature hit back in different forms, ...

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OOCL: Asia-Europe Trade – Service Update

In response to the expected low demand in the market, we would like to inform you of the withdrawal of the following Asia-Europe sailings: Asia – North Europe Service – Loop 1, o Westbound: ETA Shanghai on October 13 in Week 41 o Eastbound: ETA Felixstowe on November 13 in Week 46 – Loop 3, o Westbound: ETA Xiamen on October 9 in Week 41 o Eastbound: ETA Hamburg on November 12 in Week 46 – Loop 4, o Westbound: ETA Xingang on October 3 in Week 40 o Eastbound: ...

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Indonesian minister expedites ore export ban

Indonesia’s Energy and Mineral Resources Minister Ignasius Jonan said he has signed a new regulation on restricting ore exports, according to a voice recording verified by a ministry spokesman. Jonan, speaking to journalists in Yogyakarta, said nickel ore exports will be allowed until end-December. The ban will be expedited from a previous January 2022 date “according to the President’s direction”, Jonan said in the recording. Indonesian President Joko Widodo in a speech to the parliament earlier this month vowed that the government will push for more onshore processing for its ...

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