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Global oil demand still positive, Adipec forum in Abu Dhabi told

More than half of the world’s energy supplies will continue to come from oil and gas by 2040, highlighting the need for the oil industry to keep up with the rising demand, said Dr Sultan Al Jaber, Minister of State and Adnoc group executive officer, on the opening day of the Abu Dhabi Petroleum Exhibition and Conference. Taking place at the Abu Dhabi National Exhibition Centre, this year’s event is the largest one yet, with over 10,000 delegates from 167 countries taking part. In total, 150,000 visitors are expected to ...

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ICE looks to new Abu Dhabi exchange to expand to other crude grades -CEO

The head of Intercontinental Exchange Inc said it wants to use the new Murban crude oil futures contract it will launch next year in the United Arab Emirates to expand to other crude grades. “Over time, ICE futures Abu Dhabi – the goal is to start with Murban crude but to expand in a natural way,” CEO Jeffrey Sprecher told an energy conference in the UAE capital Abu Dhabi. “We will use Murban as a base to get deeper into Asia, I suspect,” he said. Source: Reuters (Reporting by Rania ...

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Frackers to Pump Less Oil and Gas To Push Up Prices

After pushing U.S. oil and natural-gas production to record levels, some shale companies plan to pump less. The pullback is sharpest among the country’s largest natural-gas drillers. Several producers, including EQT Corp. and Chesapeake Energy Corp., have said during third-quarter earnings that they may shrink output next year. But even more oil-focused shale companies are promising to rein in spending and forecasting slower growth. Diamondback Energy Inc., Callon Petroleum Co. and Cimarex Energy Co., all active in the Permian Basin in Texas and New Mexico, told investors last week they ...

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Aramco IPO Could Entice Saudi Locals Back to Stock Exchange

Saudi Aramco’s gigantic initial public offering could see retail investors returning to the Riyadh stock exchange as local individuals snap up shares in the world’s most profitable company. As much as 0.5% of the stock will be allocated to individual investors, the oil behemoth said over the weekend in its offering prospectus, while leaving potential buyers in the dark about the size of the stake it plans to sell and the pricing range. Were the company to fetch a valuation of $1.5 trillion — lower than the range aimed for ...

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Oil steadies after Trump dashes hopes on trade deal details

Oil prices ended Tuesday little changed after paring gains of about 1% following a speech from U.S. President Donald Trump that offered few new details about Washington’s trade talks with Beijing. Concerns about slower economic growth and oil demand due to the fallout from the 16-month trade dispute between the world’s two biggest economies have weighed on crude futures. Brent crude futures ended the session down 12 cents at $62.06 a barrel after trading between $62.85 and $61.82. West Texas Intermediate (WTI) crude futures settled down 6 cents at $56.80 ...

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Murban crude listing will not impact OPEC cuts compliance -UAE energy min

United Arab Emirates’ Minister of Energy Suhail al-Mazrouei said on Tuesday that he sees no conflict between his country’s compliance with OPEC output cuts and plans to list Murban crude oil by the Abu Dhabi National Oil Co (ADNOC). Intercontinental Exchange Inc will next year launch a new exchange in the UAE to list ADNOC’s flagship Murban crude grade. Mazrouei said the UAE remains committed to cuts agreed by the Organization of the Petroleum Exporting Countries, plus allies led by Russia. These countries have since January implemented an agreement to ...

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Aramco IPO May Ultimately Change Saudi Arabia’s Oil Policy

Markets are buzzing about the potential valuation of Saudi Aramco after the state-owned oil giant announced plans to hold an initial public offering (IPO). How much is the world’s largest oil company worth? It’s an important question given the difficult market for global oil equities these days. But it’s arguably not the most important one. The Aramco IPO should have significant ramifications for global oil markets and energy equities, and these should not be ignored amid the fervor overvaluation. How the IPO affects Aramco strategically and operationally is critical. Aramco ...

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Oman’s oil and gas sector allocated investments of $10 billion-$15 billion: minister

Oman’s oil and gas sector has been allocated investments of between $10 billion and $15 billion over the next three years, Emirates’ News agency (WAM) cited its oil and gas minister as saying. These will be “mostly concentrated in the petrochemical industries, in addition to the presence of many investments for foreign companies in the energy sector”, Minister Mohammed bin Hamad al-Rumhy said. The minister, who is attending an energy conference in the UAE capital Abu Dhabi, also affirmed Oman’s commitment to the OPEC+ agreement. He said an oil price ...

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Shanghai crude oil futures close higher

Crude oil futures closed higher Tuesday in daytime trading on the Shanghai International Energy Exchange. The most active crude oil contract for December delivery was up 5.1 yuan (about 73 U.S. cents) to close at 457.2 yuan a barrel. The total trading volume for 9 listed crude oil futures contracts on the exchange was 171,044 lots, with a turnover of about 77.9 billion yuan. China launched the crude oil futures trading, which is open to overseas investment, in March 2018. Source: China.org.

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Is OPEC stuck in a cycle of endless cuts?

In its latest annual World Oil Outlook (WOO) report, published last week, the Organization of the Petroleum Exporting Countries (OPEC) predicted its oil production and market share to fall in the years to come. This view of the future says a lot about the cartel’s policies in facing the ever-growing U.S. shale which is casting a dismal shadow over the future role which OPEC members are going to be playing in the global oil market. According to the latest WOO report, OPEC expects its production of crude oil and other ...

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Dubai futures: EFS narrows on strengthening Middle East crude demand in Asia

Benchmark Dubai crude future’s discount to ICE Brent narrowed in mid-morning trade in Asia Tuesday as demand for Middle East sour crudes began picking up for January. At 11 am in Singapore (0300 GMT), the January Brent/Dubai Exchange Futures for Swaps spread or EFS was notionally pegged at $3.48/b, down from $3.63/b assessed at the close of trading in Asia Monday. The EFS is used by crude traders as an indicator of the premium of Brent-linked low sulfur crudes over Dubai-linked high sulfur grades. A narrower EFS indicates a stronger ...

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The US shale revolution won’t stall despite headwinds, global oil experts say

U.S. shale oil production has shown some signs of moderation in recent months and production growth could be slowing, but experts told CNBC at Abu Dhabi’s influential oil & gas summit that the U.S. shale revolution won’t be stopped any time soon. The U.S. is expected to become a net energy exporter in 2020, exporting more energy products ranging from oil to natural gas, than it imports, according to the U.S. Energy Information Administration (EIA). Jason Bordoff, professor and director at Columbia University’s Center on Global Energy Policy and a ...

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Shale Growth Projected to Stall By 2021

Earlier this summer, it seemed that U.S. shale oil growth was beginning to slow. But then production growth picked back up headed into the fall, and is presently at 12.6 million barrels per day (BPD) – equal to its all-time high. But a new market outlook from data provider IHS Markit projects that shale oil growth will slow in 2020, and then flatten in 2021. Raoul LeBlanc, Vice President for North American uncoventionals, forecasts the strongest headwinds for the shale industry since the oil price collapse in 2015: “The combination ...

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Iran’s oil sector given boost by new oil discovery

Iran’s oil sector received a boost of a new discovery at the Namavaran reservoir, which holds around 22 billion barrels of crude in place. Oil minister Bijan Zanganeh said the find was the second largest in the country and could be the key to unlocking the OPEC member’s oil and gas potential, which remains stunted because of stringent US sanctions along with a lack of investment. “With a 10% oil recovery rate, the exploitable oil will be 2.2 billion barrels,” he told journalists. Zanganeh said the oil in place was ...

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India’s top refiner expects diesel demand to recover in six months

India’s diesel demand is expected to recover in the next six months as a longer-than-usual monsoon season that affected transportation and industry has ended, the chairman of top domestic refiner Indian Oil Corp (IOC) said. Diesel consumption usually tapers in monsoon season as rains hit construction and mobility. Any longer-term slowdown in fast-growing India’s fuel use could dim prospects for global oil demand. “Fuel demand, especially diesel, is falling … In (July-September) normally demand is low because of monsoons, excess rain and floods,” Indian Oil’s Sanjiv Singh said. India’s fuel ...

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