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Nothing Seems to Be Stopping America’s Oil Growth Engine

America’s oil production continued its unrelenting ascension last month, rising another 90,000 barrels per day (BPD) from December’s level to an average of 12 million BPD, according to the U.S. Energy Information Administration. That has the U.S. on track to produce 12.4 million BPD this year and 13.2 million BPD in 2020, which would obliterate last year’s record output of 10.9 million BPD, a number that shattered the previous mark that stood for 48 years. Fueling America’s high-octane oil growth is the Permian Basin , which stretches across parts of ...

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Europe feels strain from tighter sour crude oil market

European refiners are feeling the pinch from purchasing sour crude grades at higher prices, hurting already weakening refining margins. Refineries in this region are often complex and so feast on a diet of heavy and medium sour crudes such as Russia’s Urals, Iraq’s Basrah Light, UK’s Forties and Saud Arabia’s Arabian Light. US sanctions on Iran and Venezuela’s state-owned PDVSA have meant less heavy sour crude is being exported to Europe. OPEC and non-OPEC cuts are also reducing crude flows to this region, putting pressure on refining and pushing prices ...

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Oil Prices Are Poised To Move Higher Into April

Oil is poised to run higher to late April but is likely to first pull back later in this coming week. Oil had been unusually weak in view of the rising cycles. Price came within 10 cents of breaking the former January 25th low on the 11th but then rallied more than 8% in a week. Price reached $55.66 which is significant. This is the 38.2% retracement level of the October-December decline. The passing of this barrier will confirm that the situation has changed and that the prior decline is ...

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Oil hovers below 2019 highs on OPEC cuts, trade talks in focus

Oil stayed within sight of its 2019 high of almost $67 a barrel on Tuesday, supported by OPEC-led supply cuts although concern about slowing economic growth that would curb demand weighed. The supply curbs led by the Organization of the Petroleum Exporting Countries have helped crude prices to rise more than 20 percent this year. U.S. sanctions against OPEC members Iran and Venezuela have also tightened the market. Brent crude slipped 28 cents to $66.22 a barrel by 1011 GMT, not far from the 2019 high of $66.83 reached on ...

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Oil’s best start ever signals more upside ahead, but expert Tom Kloza sees the big gains fizzling

It’s already a year for the record books. U.S. crude oil, also known as West Texas Intermediate (WTI), is seeing its best start ever. According to the Oil Price Information Service’s Tom Kloza, there’s not much that could derail the rally through the second quarter. “We’re going to see higher prices than we see right now,” the firm’s co-founder and global head of energy analysis said Thursday on CNBC’s “Futures Now.” However, Kloza, who’s known for predicting the 2015 crude collapse, said his forecast comes with a caveat: It’ll be ...

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Hedge funds accelerate oil buying: Kemp

Investors bought crude oil futures and options at the fastest rate for almost six months in the week to Feb. 12. Hedge fund managers are becoming steadily more bullish on the outlook for oil prices as Saudi Arabia makes deep cuts in production, sanctions hit Venezuela and Iran, and the U.S. and China inch towards a trade deal. Hedge funds and other money managers were net buyers of 32 million barrels of Brent crude futures and options in the week to Feb. 22, according to position records published by ICE ...

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Gazprom Neft’s reserves-to production ratio at 163 pct in 2018

Gazprom Neft, the oil arm of Russian gas group Gazprom, said on Monday its hydrocarbon reserves replacement ratio stood at 163 percent in 2018. The company also said that its proved and probable hydrocarbon reserves under Petroleum Resources Management System standards rose by 2.2 percent last year to 2.84 billion tonnes of oil equivalent. Source: Reuters (Reporting by Vladimir Soldatkin and Maxim Rodionov. Editing by Jane Merriman)

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Indonesia signs new contracts for three oil and gas blocks

The Indonesian government on Monday signed contracts with three oil and gas companies to operate South Andaman, South Sakakemang and Maratua oil and gas blocks. Mubadala Petroleum Holding RSC Ltd will operate South Andaman block off the shores of Indonesian Aceh Province. A consortium led by Spain’s Repsol SA signed the contract to operate South Sakakemang block in South Sumatra. Repsol already made discovery in a nearby Sakakemang block, according to Greg Holman of Repsol Indonesia. Maratua block in Kalimantan will be operated by a unit of state energy firm ...

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Azeri oil output down by 0.8 pct to 3.334 mln tonnes in January

Azerbaijan’s oil and gas condensate output fell by 0.8 percent year-on-year in January 2019 to 3.334 million tonnes, the State Statistics Committee said on Monday. Gas production rose in January to 3.062 billion cubic metres (bcm) from 2.487 bcm a year ago. Azerbaijan produced 38.758 million tonnes of oil in 2018, almost unchanged from 2017, and 30.592 bcm of gas, up from 28.563 bcm produced in 2017. Source: Reuters (Reporting by Nailia Bagirova; writing by Margarita Antidze; editing by Jane Merriman)

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Saudi Arabia signs oil agreement to supply Pakistan -minister

Saudi Arabia has signed an agreement to supply Pakistan with crude oil and petroleum products to secure its fuel needs, Saudi Energy Minister Khalid al-Falih said on Sunday on Twitter. Saudi Crown Prince Mohammed bin Salman arrived in Pakistan on Sunday and said Saudi Arabia has signed investment agreements worth $20 billion during his visit to the country. Source: Reuters (Reporting by Hesham Hajali; Editing by Sandra Maler)

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Russia’s Gazprombank freezes accounts of Venezuela’s PDVSA: source

Russian lender Gazprombank has decided to freeze the accounts of Venezuelan state oil company PDVSA and halted transactions with the firm to reduce the risk of the bank falling under U.S. sanctions, a Gazprombank source told Reuters on Sunday. While many foreign firms have been cutting their exposure to PDVSA since the sanctions were imposed, the fact that a lender closely aligned with the Russian state is following suit is significant because the Kremlin has been among Venezuelan President Nicolas Maduro’s staunchest supporters. “PDVSA’s accounts are currently frozen. As you’ll ...

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Oman Offers 6 Oil Blocks In 2019 Licensing Round

Oman’s Ministry of Oil and Gas on Sunday announced the launch of six petroleum concession blocks for bidding in the 2019 licensing round. The ministry announced the launch of new blocks for investment in oil and gas sector in a tweet. As per the announcement, blocks 58, 70, 73, 74, 75 and 76 will be tendered during 2019 licensing round. The 2019 licensing bid round, which started on Sunday, will end on May 30. ‘Oman has put into place a successful programme to enhance oil output in order to meet ...

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Oil gains as investors grow optimistic over OPEC output deal

Oil rose for a fifth day on Monday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC’s supply cuts will prevent a build-up in unused fuel, though concern over China’s economy tempered gains. Brent futures were last up 16 cents at $66.41 a barrel by 1850 GMT, having touched a 2019 high of $66.83 earlier in the day, while U.S. futures rose 47 cents to $56.04 a barrel. Oil has risen nearly 25 percent so far this year and is ...

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Mixed Signals For Oil Prices

Portfolio managers’ overall bullish position is up nearly 100 million barrels over the past nine weeks. But, with two monthly outlooks released so far this year, EIA has been keeping its WTI and Brent spot forecasts at about the same level, $54.50 and $60.75 respectively. Hardly an exhaustive list here, but I do see mixed signals for the oil market. Here are 4 reasons to be bullish on oil. Rising Demand. Just this past week, EIA forecast that global oil demand will rise another 1.5 million b/d this year and ...

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US independents balance the books

The Lower 48 E&P sector is under pressure from investors demanding greater capital discipline, positive free cash flow and increasing returns. There’s a tug-of-war between value and volume, and value has emerged as the winner. The Lower 48’s independents, who traditionally pursued growth at all costs, must now rein in their impulses and focus on delivering returns to their shareholders. How does this affect their 2019 spending plans, and how do they manage volatile oil prices? Roy Martin, from WoodMac’s corporate analysis team, said: “As US independents release their budgets ...

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