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Oil output from Saudi, Kuwait shared zone on hold as relations sour

Saudi Arabia and Kuwait will struggle to resume oil production from jointly operated fields any time soon due to operational differences and souring political ties between the previously close Gulf OPEC allies, sources familiar with the matter said. The two countries halted output from the jointly run oilfields – Khafji and Wafra – in the so-called Neutral Zone more than three years ago, cutting some 500,000 barrels per day or 0.5 percent of global oil supply. As oil prices rose to a four-year high above $85 per barrel this year, ...

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India hopes to invite bids to fill south Indian oil storage – exec

India hopes to invite bids in three to four months to fill a storage facility in southern India with 19 million barrels of oil, the chief executive of Indian Strategic Petroleum Reserve Ltd said on Wednesday. The company will be inviting bids for crude for the Padur strategic petroleum reserve in the southern state of Karnataka which can hold 2.5 million tonnes of oil, Chief Executive H.P.S. Ahuja said. The Padur site located is about 5 km (3 miles) from the coast and 40 km from Mangalore Refinery and Petrochemicals ...

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UAE’s ADNOC starts producing new Umm Lulu crude oil stream

Abu Dhabi National Oil Company (ADNOC) started producing and exporting a new crude grade known as Umm Lulu this month, a company spokesman said on Wednesday. Umm Lulu is a blend produced from its Umm Lulu and SARB fields, operated by ADNOC Offshore, with initial production of 50,000 barrels per day (bpd) and is exported from Zirku Island in the United Arab Emirates. The fields are expected to contribute to ADNOC’s production capacity target of 3.5 million bpd by the end of 2018, the spokesman said last month. Source: Reuters ...

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Qatar’s breakeven oil price rises 95% between 2008 and 2018: Kamco

Qatar’s fiscal breakeven price of oil has risen 95% between 2008 and 2018 compared to high three-digit increases in the UAE and Saudi Arabia, according to Kamco, a regional economic think-tank. The fiscal breakeven price of oil in Qatar amounted to $47.1 per barrel in 2018 against $24.2 in 2008, Kamco said in its special report ‘Gulf Cooperation Council (GCC): A Decade since the Global Financial Crisis’. “Initiatives to shore up fiscal balances and transform economies in the GCC are now paramount as the fiscal breakeven oil price of major ...

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Global oil traders keen on India’s strategic crude reserves

In what will boost India’s energy security efforts, global oil traders such as Vitol Group, Trafigura Group Pte. Ltd and Glencore Plc have showed interest in partnering the country for its strategic crude oil reserves. As part of India’s evolving energy security architecture, the ministry of petroleum and natural gas is launching the road show for the second phase of Indian Strategic Petroleum Reserves on Wednesday. “Vitol, Trafigura and Glencore are interested in filling up the existing reserve at Padur under the first phase,” said a person aware of the ...

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U.S. crude slumps below $70 a barrel after large stock build

Oil prices fell on Wednesday, with U.S. futures settling below $70 a barrel for the first time in a month, after U.S. crude stockpiles rose 6.5 million barrels, almost triple what analysts had forecast, while exports dropped. Oil had been rising this week on worries about Iranian sanctions and tensions between the United States and Saudi Arabia after the death of Saudi journalist Jamal Khashoggi. U.S. crude oil CLc1 slumped $2.17, or 3 percent, to settle at $69.75 a barrel. “Today’s price decline to below our expected support at the ...

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Kuwait issues official selling price for new Super Light crude oil grade: sources

Kuwait Petroleum Corp has issued official selling prices for its new Super Light crude grade, industry sources said Wednesday. The OSP is benchmarked against the average of Platts Oman and Platts Dubai assessments, they added. KPC set the OSP for October at a premium of $2.30/b and the OSP for November at a premium of $3.05/b to Platts Oman/Dubai. A source with a Northeast Asian refiner noted that the Super Light OSPs were “rightly priced” at a premium to Saudi Arab Extra Light crude. Earlier this month, Saudi Aramco set ...

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East-West naphtha paper spread supports arbitrage to Asia from Europe

The naphtha East/West paper spread has eased back from a two-year high seen earlier this week but remained strong enough to allow further arbitrage flows to Asia from Europe, sources said Wednesday The wider East/West — the spread between CFR Japan naphtha cargo swaps and the CIF NWE naphtha cargo swap — has been supported by a backlog of cargoes in Europe, drawn from the US Gulf Coast due to a weak market there. Once in Europe, those cargoes have met with soft buying interest from both gasoline blenders and ...

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North Sea crude oil shows resilience, differentials firm on Asian arbitrage window

The North Sea crude oil complex has firmed to fresh highs, supported by bidding interest for most of the BFOE grades in the Platts Market on Close process prompted by a window of arbitrage opportunity from Europe to Asia. North Sea grades have proven resilient relative to the wider European sweet crude oil market, where streams like Kazakh CPC Blend and Azeri Light were seen hitting fresh lows. Key grade Forties in particular has seen some of the most active bidding interest across the 10 days to month ahead window. ...

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U.S. oil service firms face tough quarter despite high crude prices

Even as crude prices hover near four-year highs, U.S. oilfield service firms’ third-quarter results due out in coming days will reflect a shaky recovery, as their customers face drilling constraints and pressure to hold down spending. Oil producers are holding off finishing new wells, and cost pressures from tight labor markets and U.S. tariffs on imported steel are driving up service firms’ costs. Meanwhile, shale producers including Devon Energy Corp and Oasis Petroleum Inc are doing more work traditionally handled by service companies. The west Texas drillers that drove the ...

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U.S. crude stockpiles rise for fourth straight week – EIA

U.S. crude oil stockpiles rose last week for the fourth straight week, led by a notable increase in inventories at the Cushing, Oklahoma, hub, while gasoline and distillate stocks fell, the Energy Information Administration said on Wednesday. Crude inventories rose 6.5 million barrels in the week to Oct. 12, nearly three times analysts’ expectations for an increase of 2.2 million barrels. Stocks at Cushing, the delivery hub for U.S. crude futures , rose by 1.8 million barrels, EIA said. Prices sunk on the news, with U.S. crude futures slipping through ...

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Oil Steadies Amid Broader Market Anxiety

Oil prices’ recent climb stalled Wednesday, with renewed jitters in broader markets outweighing supply concerns to drag prices lower. Brent crude, the global benchmark, was down 0.3% at $81.12 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were down 0.5% at $71.15 a barrel. Crude prices climbed to multiyear highs in recent weeks, with investors increasingly worried that as much as 2 million barrels a day of Iranian oil exports could be removed from the global supply when U.S. sanctions on ...

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The Permian Oil Boom Is Showing Signs of Overheating

At 10:30 p.m. on an 85F August night in Penwell, West Texas, a 69-year-old repairman is hammering away at the frame of an 18-wheeler in the forecourt of an abandoned truck stop. The song Free Bird by Lynyrd Skynrd blares from the radio. “I’m making more money than I ever did,” says Don Suggs, who spends nights inside a vacant, graffiti-covered shop nearby, where he sleeps in a hammock. Just six weeks earlier he was retired, living near Dallas. He’s here now, he says, “for one last hoo-rah.” Suggs’s sole ...

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Feature: Oil industry looks to new tech to keep US shale boom alive

US shale oil will continue to lead world oil supply growth well into the next decade fueled by further productivity gains despite emerging concerns that the tight oil boom is running out of steam, a major oil event in London heard last week. The US light, tight oil sector has bounced back after the oil price downturn and is expected to grow by a record 1.3 million b/d this year to over 5.7 million b/d. But while costs and well productivity are still improving, the attention of late has turned ...

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When Fear Trumps Markets: Is The $100/bbl Oil Inevitable?

Is $100 a barrel (bbl) inevitable? Brent crude is now trading at $82/bbl, a four-year high, and most analysts believe it won’t stop there. The geopolitical and global financial climate is certainly hospitable to rising oil prices: Saudi Arabia’s Jamal Khashoggi crisis, the specter of Iran sanctions, turmoil in heavy oil-producing states like Venezuela and Libya, and strong economic growth in China and India are driving a 1.5 million barrel per day (b/d) rise in global oil demand. There is a chance, however, that OPEC greed and global macroeconomic headwinds ...

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