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How The Oil Industry Fared Under The Last Nine U.S. Presidents

With the 2020 presidential election looming — and with many claims and counterclaims about a president’s impact on the oil industry — I thought it might be of interest to review the history of U.S. oil production and consumption over the past 50 years. Here are the highlights from each president’s term in office. Richard Nixon was inaugurated as the 37th president on January 20, 1969. When President Nixon took office, U.S. oil production was nearing a peak after over 100 years of increasing production. Imports made up 10% of ...

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U.S. oil majors pitch more campaign cash to Democrats as frack battle looms

The two largest U.S. energy firms, Chevron Corp CVX.N and Exxon Mobil Corp XOM.N, have increased their share of campaign donations to Democrats this year, according to latest filings, amid a looming battle over fracking. The vast majority, 85% of all oil and gas donations this election, have flowed on behalf of U.S. President Donald Trump, other Republican candidates and conservative causes, according to data from campaign researcher the Center for Responsive Politics (CRP). However, oil majors have put more money into Democratic coffers as some polls show Democratic challenger ...

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North Dakota’s oil output up 12% in Aug as more wells resume output

North Dakota’s oil production rose about 12% to 1.16 million barrels per day (bpd) in August as more wells and drilling rigs resumed production after a drop earlier this year, the state’s regulator said. Producers in the state shut about 5,000 wells pumping 300,000 bpd as prices tumbled into negative territory in April. Output in the United States, while still well below the peak 13 million bpd reached in January, has been gradually rising with U.S. crude futures holding around $40 a barrel over the past several months. The additional ...

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What’s on the minds of CEOs?

We hosted the CEOs from Shell, Total, Eni and SSE as well as senior executives from numerous other leading oil and gas companies and utilities over three days at our EMEA Energy Summit last week. Here’s my take on what we talked about. Upstream – different strokes for different folks BP’s plan to divest 40% of its upstream production by 2030 is the single boldest, and most contentious, move in the Euro Majors’ embrace of decarbonisation. BP’s revolution will speed its portfolio away from hydrocarbon molecules towards electrons. For the ...

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Only a quarter of BP’s 10,000 job cuts to be voluntary

BP is set to make around 7,500 compulsory redundancies after roughly 2,500 staff – or just over one in ten of those eligible – applied for voluntary severance, according to an internal memo seen by Reuters and company sources. The oil major announced plans in June to lay off almost 15% its 70,000-strong workforce as part of Chief Executive Bernard Looney’s plan to cut costs and “reinvent” the business for a low carbon future. Many layoffs will come from office-based staff including BP’s core oil and gas exploration and production ...

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In this market, who would be an oil minister?

It was clear that this year in the oil business was going to be anything but plane sailing when the price of US benchmark WTI dipped temporarily below zero, and OPEC+ — the alliance of OPEC member countries and 10 other producers led by Russia — agreed in April to make historic production cuts. The road toward balancing the markets may be bumpier than expected, and on Saturday oil was trading about 6 percent down on its August highs. The Joint Ministerial Monitoring Committee (JMMC), co-chaired by the Saudi and ...

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U.S. oil and gas rig count rises by most since January: Baker Hughes

U.S. energy firms this week added the most oil and natural gas rigs since January as producers return to the wellpad with crude prices holding around $40 a barrel over the past several months. The oil and gas rig count, an early indicator of future output, rose for the fifth week in a row, increasing 13 to 282 in the week to Oct. 16, energy services firm Baker Hughes Co BKR.N said in its closely followed report on Friday. RIG-USA-BHIRIG-OL-USA-BHIRIG-GS-USA-BHI The total rig count fell to a record low of ...

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Steel products output rises 3% in H1

Production of steel products in Iran hit over 7.265 million tons during the first half of the current Iranian calendar year (March 20-September 21), which was three percent higher than the figure of the same period of time in the past year. Production of the mentioned products also rose nine percent in the sixth month of this year, from that of the previous year. Over 1.251 million tons of steel products were produced in the sixth month of the present year. In a bid to prevent the exports of unprocessed ...

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Brazilian steelmaker CSN to raise steel prices in Nov -exec

Brazilian steelmaker Companhia Siderurgica Nacional CSNA3.SA will raise steel prices by 10% in Brazil, starting in November, as the company sees strong demand for its products in Brazil, an executive said in a conference call on Friday. Director Luiz Fernando Martinez said CSN is also in talks with carmakers to raise steel prices by at least 30%. The company has decided to reprice products to close the gap with international prices and also to face higher costs with iron ore and coal, Martinez added. Shares in CSN were up 2% ...

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Weekly US coal train loadings rise to seven-week high: STB

US coal train loadings rose to a seven-week high in the week ended Oct. 9, as loadings from all four major basins increased on the week, Surface Transportation Board data showed Oct. 16. Data filed to the STB by the four major Class I railroads — CSX, Union Pacific, BNSF, and Norfolk Southern — show US loadings averaged 73.4 trains/day, up 4.8% from 70 trains/d in the prior week but 21.6% lower than the 93.6 trains/d averaged in the year-ago week. The 73.4 trains/d was the second-highest weekly average in ...

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U.S. Budget Gap Tripled to Record $3.1 Trillion in Fiscal 2020

The U.S. budget deficit tripled to a record $3.1 trillion in the fiscal year that ended Sept. 30 as the government battled the global coronavirus pandemic that has plunged the country into a recession, taken more than 217,000 American lives and thrown millions out of work. As a share of economic output, the budget gap in fiscal year 2020 hit roughly 16.1%, the largest since 1945, the Treasury Department said Friday, when the country was financing massive military operations to help end World War II. Federal debt totaled 102% of ...

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ECB’s Knot: interest rates likely to stay low for years

Interest rates in the euro zone are very likely to remain at their current historically low levels in the coming years, European Central Bank (ECB) governing council member Klaas Knot said on Sunday. “At this moment, I don’t see any factors looming on the horizon that would make me think that interest rates will change significantly in the coming years”, the Dutch central bank president said in an interview on Dutch public television. Source: Reuters (Reporting by Bart Meijer; Editing by David Clarke)

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China is open to taking on more debt if that’s what it takes to support the economy

As China recovers from the coronavirus pandemic, the country’s central bank is more open to increasing loans to an already debt-heavy system than it is to cutting back. The People’s Bank of China on Wednesday disclosed data for the first three quarters of the year that showed steady loan growth. Total social financing, a broad measure of credit and liquidity in the economy, rose by nearly 3.5 trillion yuan ($522 billion) in September to a total of 280.07 trillion yuan. That was a 13.5% increase from a year ago — ...

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Singapore September exports rise 5.9% y/y, slower than forecasts

Singapore’s September non-oil domestic exports (NODX) rose 5.9% from a year earlier, driven mainly by electronics shipments, official data showed on Friday, but were slower than forecasts. That compared with a 7.7% increase in August, and lower than the 10.8% rise forecast by economists in a Reuters poll. Exports of electronics jumped 21.4% from a low base a year ago. On a seasonally adjusted month-on-month basis, exports contracted 11.3% in September after a 10.5% rise in the previous month, Enterprise Singapore said in a statement. The pace of drop was ...

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Humbled US shale sector on recovery path with disciplined approach: executives

The US shale sector could be on a path to recovery after a destructive boom-bust period, with plentiful opportunities still available, but a more disciplined approach is needed, executives from US upstream companies ConocoPhillips and Parsley Energy said. Speaking at the Energy Intelligence Forum, ConocoPhillips chief technical officer Greg Leveille struck a contrite note on behalf of the shale sector, saying it had out-run demand levels ahead of this year’s crisis, and had now to focus on low-cost, high quality prospects, coupled with technological improvement. Parsley CEO Matt Gallagher said ...

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