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Norway’s Jan oil output lags, while gas beats forecast

Norway’s oil production fell by 10 percent year-on-year to 1.46 million barrels per day in January and lagged the Petroleum Directorate’s (NPD) forecast for the month by 0.5 percent, the industry regulator said. January natural gas output fell by 0.1 percent year-on-year to 361.9 million cubic metres per day, exceeding the NPD’s forecasts by 1.3 percent, it added. Norway last month predicted its 2019 oil output would fall to a 30-year low, although it is expected to rebound next year following the start-up later this year of the Johan Sverdrup ...

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Oil dips below 2019 highs as surging US supply counters OPEC cuts

Oil prices slipped away from 2019 highs on Wednesday, with surging U.S. supply and slowing economic growth tempering upward pressure from supply cuts led by producer club OPEC and from Washington’s sanctions on Iran and Venezuela. U.S. West Texas Intermediate (WTI) crude oil futures hit 2019 highs of $56.39 per barrel on Wednesday but had slipped back to $56.16 per barrel by 0746 GMT, which was slightly above their last settlement. International Brent crude futures were at $66.41 per barrel, down 4 cents from their last close, though still not ...

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Oman Crude Jumps To 3-Month High Near $67

Oman crude traded near a three month high on Monday at the Dubai Mercantile Exchange (DME) as output curbs by OPEC tightened global supply while trade talks between the US and China lifted global financial markets. Oman crude price (April delivery) jumped 2.2 per cent to close at US$66.85 per barrel on Monday at the DME, Oman News Agency reported. Oman crude price traded at US$65.39 per barrel at the closing on Friday. Average price of Oman crude for March delivery has stabilised at US$59.36 per barrel, which is US$2.03 ...

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CNPC reports strong output, sales in January

China National Petroleum Corporation (CNPC), the country’s largest oil and gas producer and supplier, reported strong output and sales in January. The company’s Daqing Oilfield, China’s largest oilfield situated in the northeastern Heilongjiang Province, saw crude oil output reach 2.73 million tonnes, exceeding the monthly target by 0.8 percent, according to a CNPC announcement. The oilfield achieved “a strong start to the year” in production, the company said. The oilfield produced 441 million cubic meters of natural gas, 1.61 percent above the monthly target. The company’s overseas businesses also realized ...

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Saudi Arabia’s oil deal with Russia is now ‘more fragile than ever,’ analyst says

A rolling oil pact between Russia and Saudi Arabia which seeks to support prices by reducing output looks to be on shaky ground with only the Arab nation appearing to fulfil its promises. Late last year, OPEC producing countries, and non-OPEC producers, led by Russia, agreed to cut supply by 1.2 million barrels per day(bpd), an arrangement known as OPEC+. Saudi Arabia agreed to account for the bulk of OPEC nation cuts and has confirmed it will drop its crude oil production by a further 400,000 barrels per day to ...

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Adnoc now Fitch’s top rated oil and gas company globally

The Abu Dhabi National Oil Company said on Tuesday that it has been assessed by Fitch to be among the most creditworthy oil and gas producers in the world. The outcome represents a strong validation from one of the world’s leading credit ratings agencies of Adnoc’s strategy and transformation into a more commercially driven and innovative organisation. As a result of Adnoc’s “high upstream output, significant reserves and strong profitability”, Fitch Ratings assigned the group a standalone credit rating of AA+, which is the maximum given to companies in the ...

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Venezuela lacks investment to boost crude production, says advisor to central bank

Venezuela does not have sufficient resources for boosting its oil production and redirecting export supplies now, Advisor to the Central Bank of Venezuela and former Venezuelan Ambassador to Russia (2003-2005) Carlos Mendoza Pottela said in an interview with TASS. “Currently it is very difficult to say how much funds will be needed to raise crude production,” he said, adding that “it will take several years to resume production,” and “in today’s state resources are insufficient to boost output.” According to the official, “the US is the main buyer of (Venezuelan ...

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Transocean Ltd. Reports Fourth Quarter, Full Year 2018 Results

• Total contract drilling revenues were $748 million, compared with $816 million in the third quarter of 2018; • Revenue efficiency(1) was 96%, compared with 95% in the prior quarter; • Operating and maintenance expense was $497 million, compared with $447 million in the prior period; • Net loss attributable to controlling interest was $242 million, $0.48 per diluted share, compared with net loss attributable to controlling interest of $409 million, $0.88 per diluted share, in the third quarter of 2018; • Adjusted net loss was $171 million, $0.34 per ...

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Iran oil output doubles in 5 years: Minister

Iranian Oil Minister Bijan Zangeneh said the country’s petrol production capacity had more than doubled since 2013. Addressing the opening ceremony of Phase III of Bandar Abbas Gas Condensate Refinery (also called the Persian Gulf Star Refinery) on Monday, the Oil Minister Bijan Zangeneh said Iran’s petrol production capacity currently stood at 101 million liters per day from 50 ml/d back in 2013. He said 76 ml/d of Euro-4 and 5 petrol was produced in the country, adding inauguration of the first three phases of the refinery had realized a ...

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India’s fuel demand rose 6.4% year-on-year in January

India’s fuel demand rose 6.4 percent in January compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 18.34 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. Sales of gasoline, or petrol, were 13.2 percent higher from a year earlier at 2.37 million tonnes. Cooking gas or liquefied petroleum gas (LPG) sales increased 11.0 percent to 2.31 million tonnes, while naphtha sales fell 1.2 percent to 1.26 million tonnes. Sales of bitumen, used for making roads, ...

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Brent dips as demand worries weigh, U.S. oil prices hit 2019 high

Oil prices were mixed on Tuesday as concerns about global crude oil demand and uncertainty over the latest round of U.S.-China trade talks countered investor optimism around tightening supplies. Brent crude slipped 5 cents to settle at $66.45 a barrel, hovering below its 2019 high of $66.83 reached on Monday. U.S. crude was up 50 cents to $56.09 a barrel, its highest since November 2018. Washington’s sanctions on oil out of Venezuela, a top supplier of sour crude to the United States, has helped support U.S. futures prices, said Phil ...

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Russian, Saudi leaders say ready to continue hydrocarbons cooperation: Kremlin

Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz confirmed they are ready to continue cooperation on hydrocarbons during a phone call Tuesday, the Kremlin said in a statement. “When exchanging views on the situation on global hydrocarbons markets, Russia and Saudi Arabia confirmed they are ready to continue coordination,” the Kremlin statement said. Russia and Saudi Arabia have ramped up energy cooperation in recent years, working together to establish the OPEC/non-OPEC production agreement as well as bilateral agreements on joint energy investment. Officials said previously that they are ...

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Russia’s Surgut sells April ESPO crude at lower premiums

Russia’s Surgutneftegaz has sold two ESPO crude cargoes loading in April at slightly lower premiums than the previous month on the back of a stronger Dubai benchmark, trade sources said on Tuesday. * The producer sold the cargoes loading on March 31-April 5 and April 3-8 at premiums of $2.60-$2.75 a barrel to Dubai quotes, they said * A Japanese refiner and a western trading company may have purchased the cargoes, the sources said * Dubai strengthened against Brent this month, narrowing the gap between the two benchmarks DUB-EFS-1M * ...

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Oil Hits Three-Month High on Tightening Supply

— Oil prices briefly hit a three-month high on Tuesday, boosted by falling exports from Saudi Arabia. Investors also continued to monitor trade talks between the U.S. and China for their implications for global growth. — Brent crude, the global oil benchmark, was trading down 0.5% at $66.20 a barrel on London’s Intercontinental Exchange, having earlier peaked at $66.65, the highest level since November. — West Texas Intermediate futures, the U.S. oil standard, were up 0.6% at $56.28 a barrel on the New York Mercantile Exchange. HIGHLIGHTS Saudi Exports Drop: ...

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U.S. shale executives predict oil production constraints to remain

Drilling curbs by oil producers in the largest U.S. shale field will continue until transport bottlenecks ease and investors stop punishing companies for increasing capital spending, executives at an energy conference said. The price of crude in the Permian Basin of West Texas and New Mexico fell sharply last year, selling as much as $18 below U.S. benchmark prices, as a lack of pipeline capacity landlocked some oil output and as investors pushed producers to reduce spending and boost shareholder returns. On Thursday, the regional price of crude was at ...

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