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Oil Charts Show Demand Ailing in World’s Top Consuming Region

Oil investors concerned about supplies due to booming U.S. output and uncertainty over how OPEC and its allies will implement production cuts may have reason to worry about demand as well. A look at refining profits in Asia shows consumption may not be keeping with supplies in the world’s top oil-consuming and importing region. Even as countries such as China, South Korea and Japan gear up for lower temperatures during the year-end winter season when demand for fuels such as diesel typically peak, processing gains from turning crude into the ...

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Australian company targets ‘under-explored’ gas in Portugal

A search for hydrocarbons in Portugal’s onshore Lusitanian basin could reveal enough natural gas to supply the whole country for two-and-a-half years, according to the boss of Australis Oil & Gas, which has exclusive rights to two concessions in the area. “Portugal is relatively under-explored but there is a relatively high success rate,” Chief Executive Ian Lusted told Reuters. “But to date there have been no sizeable findings and there is no hydrocarbon production at all in the country.” According to the company, which won an eight-year- exploration licence in ...

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Iraq lifts oil production at Halfaya oilfield to 370,000 bpd

Iraq has increased production at its southern Halfaya oilfield by 100,000 barrels per day (bpd) to a total of 370,000 bpd, an oil official told Reuters on Wednesday. Halfaya, operated by PetroChina, is Maysan province’s largest field. Production rose after the completion of a new oil processing facility, Adnan Noshi, head of Maysan Oil Co which oversees oilfields in Maysan province, told Reuters on the sidelines of a ceremony to launch a new installation in Halfaya. Noshi said increasing production from Halfaya had raised the company’s overall output to around ...

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Angola Tries to Jump Start Oil Exploration to Halt Output Drop

Angola’s state-run oil and gas company is ramping up efforts to lure foreign investors and halt a decline in crude output. Once Africa’s biggest oil producer, output has tumbled in recent years due to under-investment in new projects and natural declines at aging fields. If it fails to halt this decline it will put severe strain on an economy heavily reliant on revenue from oil exports, already dealing with a weakening kwanza and about to receive a financial bailout from the International Monetary Fund. Angola emerged from a civil war ...

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Oil traders eye Cushing builds as Sunrise startup shifts flows

The sooner-than-expected startup of the extended Sunrise oil pipeline system in west Texas has shifted flows of crude and boosted inventories in Cushing, Oklahoma, close to a one-year high, with traders now bracing for builds into next year. Full pipelines have kept crude trapped in west Texas, but the startup of Plains All American’s extended Sunrise pipeline in November has helped send more crude from the Permian basin into Cushing, the delivery point for U.S. crude futures. Stockpiles at Cushing hit 38.2 million barrels last week, the highest since January ...

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Kazakhstan increases production of petroleum products

The volume of production of petroleum products in Kazakhstan increased by 9.3 percent, Minister of Energy Kanat Bozumbayev declared. A meeting of Kazakh Government chaired by the Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev which focused on the development of the fuel and energy industry in January-November 2018 was held on December 11. The main indicators of the fuel and energy industry show a positive growth trend for this period of time. The volume of oil and condensate production amounted to about 82.4 million tons, showing an increase ...

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UAE’s Fujairah oil inventory data for week ended Dec 10

Fujairah Oil Industry Zone on Wednesday published, via industry information service S&P Global Platts, the following weekly inventory data for oil products for the week ended Dec. 10. Volumes are in thousands of barrels. Figures in brackets represent volume change from prior week calculated by Reuters. Week Light Middle Residual Fuels Distillates Distillates 2018 Dec 10 9,733 (-270) 1,517 (-801) 6,489 (+488) Dec 3 10,003 (+1,243) 2,318 (+72) 6,001 (-163) Nov 26 8,760 (-881) 2,246 (-862) 6,164 (-1,611) Nov 19 9,641 (-560) 3,108 (+58) 7,775 (+999) Nov 12 10,201 (-639) ...

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Petronas sets Dec crude price factor at $5.40/bbl

State oil firm Petronas has set the price factor for Malaysian Crude Oil (MCO) for December at $5.40 per barrel, up 40 cents from the previous month, the company said on Wednesday. * The monthly price factor is added to the average of Platts’ dated Brent prices published in the month to derive the Malaysian crude official selling price (OSP) * Petronas changed its OSP mechanism effective January 2017, basing its benchmark price on a basket of four Malaysian crude grades – Labuan, Miri Light, Kikeh and Kimanis Source: Reuters ...

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Alberta’s Output-Cut Mandate May Be Driving Oil Prices Too High

Alberta’s plan to boost crude prices through mandatory production cuts is working a little too well. Just over a week after Premier Rachel Notley announced that oil producers will be required to curtail output by 8.7 percent, the price of heavy Canadian crude has more than doubled, in some cases rendering Western Canadian Select too expensive to ship south to U.S. Gulf Coast refiners. Alberta’s heavy oil trades at about $41 a barrel, about $9 less than on the U.S. Gulf Coast, according to traders and data compiled by Bloomberg. ...

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Oil ends lower on Iran comments despite Libya, OPEC supply cuts

Oil ended lower on Wednesday after reports that Iran’s oil minister said divisions exist within the Organization of the Petroleum Exporting Countries, leading futures to give up earlier gains on OPEC-led production curbs and export cuts from Libya. Crude pared gains late in the session after reports that Iran’s Oil Minister Bijan Zanganeh told state television that the cartel had been unfriendly toward OPEC’s third largest producer. OPEC last week agreed to production cuts only after Iran, whose crude exports have been depleted by U.S. sanctions since early November, greenlighted ...

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U.S. crude stocks dip, gasoline builds – EIA

U.S. crude stocks fell last week, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.2 million barrels in the week to Dec. 7, compared with expectations for a decrease of 3 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.1 million barrels, EIA said. Refinery crude runs fell by 51,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.4 percentage points. Gasoline stocks rose by 2.1 million barrels, compared with analysts’ expectations ...

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Is Fresh OPEC+ Output Cut Enough to Boost Oil & Energy ETFs?

After a long discussion, OPEC and Russia finally reached an agreement to cut output by 1.2 million barrels per day during the two-day OPEC meeting in Vienna to drain supply glut and boost prices. Under the deal, OPEC and Russia will cut 800,000 bpd and other top non-OPEC oil producers will be responsible for the rest (read: Output Cut Quota Not Decided Yet: Short Oil & Energy ETFs). OPEC’s 14 members – before Qatar’s leaving this month – control 35% of global oil supplies and 82% of proven reserves. With ...

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STEO highlights: EIA cuts Brent, WTI 2019 forecasts nearly $11/b amid supply glut

The US Energy Information Administration on Tuesday reduced its forecasts for WTI and Brent spot prices in 2019 by nearly $11/b, largely due to record global output, particularly in the US, and lower-than-expected demand. In its Short-Term Energy Outlook, EIA forecast WTI to average $54.19/b in 2019, down $10.66/b from the agency’s forecast last month, and Brent to average $61/b in 2019, down $10.92/b from last month’s forecast. The dramatically reduced price forecast comes after Brent traded within a range around $17.49/b in November, its most volatile month since 2012, ...

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Russia to curb oil output in baby steps while Saudis cut 80 times faster

Russia played a big part in making possible a new OPEC+ deal to curb production, but initially it’s letting Saudi Arabia shoulder the bulk of actual cuts. OPEC’s largest ally aims to reduce its January production by at least 50,000 to 60,000 barrels a day compared with October levels, Russian Energy Minister Alexander Novak said Tuesday. That’s about 11,000 barrels a day below November output, Bloomberg calculations based on government data show. If Saudi Arabia sticks to its plan, it will cut supply about 80 times faster, with a promised ...

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India’s fuel demand fell 1.8 percent year on year in November

India’s fuel demand fell 1.8 percent in November compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 17.27 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. Sales of gasoline, or petrol, were 8.7 percent higher from a year earlier at 2.32 million tonnes. Cooking gas or liquefied petroleum gas (LPG) sales decreased 7.8 percent to 1.84 million tonnes, while naphtha sales surged 10.4 percent to 1.21 million tonnes. Sales of bitumen, used for making roads, ...

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