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News

Conoco Boasts $40 Per Barrel Breakeven

Conoco Boasts $40 Per Barrel Breakeven

Nov 09, 2017 at 09:33 | Irina Slav

It may sound a bit strange amid rising oil prices that one of the largest oil companies in the world is boasting it can break even at below US$40 a…

U.S. Weekly Oil Output Hits All-Time High

U.S. Weekly Oil Output Hits All-Time High

Nov 08, 2017 at 15:49 | Zainab Calcuttawala

Government data indicates American output hit an all-time high last week, signaling the resilience of North American drilling as oil prices begin another recovery. The U.S. produced 9.62 million barrels of…

Citi: Don’t Expect OPEC To Extend Production Cuts

Citi: Don’t Expect OPEC To Extend Production Cuts

Nov 08, 2017 at 15:49 | Zainab Calcuttawala

Citigroup predicts that companies planning to profit off of an OPEC deal extension next month are setting themselves up to be disappointed. So far, most hedge funds bet that…

Senators Call For Investigation Of Enbridge Pipeline

Senators Call For Investigation Of Enbridge Pipeline

Nov 08, 2017 at 15:44 | Tsvetana Paraskova

U.S. Senators Debbie Stabenow and Gary Peters of Michigan are raising serious concerns about the conditions of Enbridge’s Line 5 Pipeline running through the Straits of Mackinac and are

ConocoPhillips Extends Share Buybacks Through 2020

ConocoPhillips Extends Share Buybacks Through 2020

Nov 08, 2017 at 11:58 | Tsvetana Paraskova

ConocoPhillips (NYSE:COP) plans to extend share buybacks for another year to boost capital spending to $5.5 billion annually through 2020, based on a flat real WTI price of…

Tajikistan, Uzbekistan Strengthen Energy Relations

Tajikistan, Uzbekistan Strengthen Energy Relations

Nov 08, 2017 at 11:30 | Eurasianet

A source at a state-run natural gas company in Tajikistan has told media that they are finalizing negotiations to resume the import of gas from Uzbekistan after a five-year hiatus.…

China Relaxes Rules For Teapot Refiners

China Relaxes Rules For Teapot Refiners

Nov 08, 2017 at 11:25 | Tsvetana Paraskova

In a rather unexpected move, China raised the crude oil import quotas for “non state trade”—basically for independent refiners—by 55 percent for 2018 compared to 2017, signaling that it could…

Shell To Hand Over Majnoon Stake To Iraq’s Basra Oil By 2018

Shell To Hand Over Majnoon Stake To Iraq’s Basra Oil By 2018

Nov 08, 2017 at 10:16 | Tsvetana Paraskova

After months of negotiations, Shell has agreed to hand over its stake in Iraq’s large Majnoon oil field to state-held Basra Oil Company by the end of the first half…

Bakken Oil Production Rises As Oil Prices Jump

Bakken Oil Production Rises As Oil Prices Jump

Nov 08, 2017 at 09:30 | Irina Slav

Crude oil production in the Bakken shale in North Dakota has been experiencing some major challenges lately, but it is firmly on the growth path, said the state’s Department of…

API Reports Yet Another Crude Inventory Draw

API Reports Yet Another Crude Inventory Draw

Nov 07, 2017 at 15:52 | Julianne Geiger

The American Petroleum Institute (API) reported a draw of 1.562 million barrels in United States crude oil inventories, against an S&P Platts’ survey of analysts that expected inventories would draw…

Goldman’s Venezuelan “Hunger Bonds” Deal Backfires

Goldman’s Venezuelan “Hunger Bonds” Deal Backfires

Nov 07, 2017 at 13:27 | Zainab Calcuttawala

The $2.8 billion Venezuelan bond deal made by Goldman Sachs, which brought the bank harsh criticism from its peers and activists, is now making the Wall Street major a

OPEC Prepares For Peak Oil Demand In Late-2030s

OPEC Prepares For Peak Oil Demand In Late-2030s

Nov 07, 2017 at 13:25 | Zainab Calcuttawala

Oil demand could peak in the 2030s if the electric car boom proceeds as promised by the world’s green energy innovators, according to OPEC. The annual release of the…

Chevron Bets On Canada Shale After Majors’ Oil Sands Exodus

Chevron Bets On Canada Shale After Majors’ Oil Sands Exodus

Nov 07, 2017 at 11:54 | Tsvetana Paraskova

After selling part of its Canadian downstream business, Chevron is now betting on Canadian shale development in a welcome move for the local oil industry that has seen oil majors…

BP Joins Shell In World’s Largest Oil Hedge

BP Joins Shell In World’s Largest Oil Hedge

Nov 07, 2017 at 11:37 | Tsvetana Paraskova

BP has helped Mexico to carry out its annual oil hedge program in which the country spent the equivalent of $1.25 billion to lock in oil export prices for 2018,…

Aramco Oil Reserves Audit Unlikely To Be Completed In 2017

Aramco Oil Reserves Audit Unlikely To Be Completed In 2017

Nov 07, 2017 at 10:53 | Tsvetana Paraskova

The independent audit of how much oil reserves Saudi Aramco really has is taking longer than initially planned—not because of surprises, but because the Saudis want to make sure that…

Iraq, Iran In Negotiations To Ship Oil From Kirkuk Fields

Iraq, Iran In Negotiations To Ship Oil From Kirkuk Fields

Nov 07, 2017 at 08:56 | Irina Slav

The energy ministries of Iraq and Iran are negotiating the shipment of crude oil from the fields around Kirkuk to the Kermanshah refinery in Iran, the head of SOMO, Alaa…

U.S. Oil Refiners Look To IRS For Major Tax Credit

U.S. Oil Refiners Look To IRS For Major Tax Credit

Nov 07, 2017 at 08:55 | Irina Slav

Refiners in the U.S. are contemplating a claim that the addition of butane to gasoline qualifies for a US$0.50 per-gallon tax credit. The liquefied petroleum gas was defined as an…

Italy May Sell Eni Stake To Pay Off National Debt

Italy May Sell Eni Stake To Pay Off National Debt

Nov 06, 2017 at 16:15 | Zainab Calcuttawala

Italy could soon sell its stake in Eni to pay down debts, a source close to the matter told reporters on Monday. The price of the stake in Eni…

Nigeria To Back OPEC Extension If Conditions Are Favorable

Nigeria To Back OPEC Extension If Conditions Are Favorable

Nov 06, 2017 at 16:08 | Zainab Calcuttawala

Nigeria would back an extension of OPEC’s production cut deal to the end of 2018 “as long as the right terms are on the table” relative to Abuja’s planned economic…

Uncertainty Builds As Speculation Rocks Venezuelan Bond Market

Uncertainty Builds As Speculation Rocks Venezuelan Bond Market

Nov 06, 2017 at 16:01 | Zainab Calcuttawala

Bonds sold by the Venezuelan government and its state-owned oil company PDVSA moved in opposite directions on Monday as speculation about an upcoming default grew. President Nicolas Maduro’s regime may…

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