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Saudis Lose Market Share To OPEC Rivals

October 10, 2017 Irina Slav 0

Iraq and Iran increased their crude oil shipments abroad last month, taking advantage of lower Saudi exports to key destinations to expand their international market share. Data from Bloomberg suggests that Iraq, OPEC’s number-two exporter, shipped 3.98 million bpd to foreign clients in September—the highest daily rate since last December. Iran, for its part, exported 2.28 million bpd in September, the highest since February. One analyst from Energy Aspects, Richard Mallinson, told Bloomberg that “Iraq and Iran are both very opportunistic…

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Oil Stable After OPEC Chief Suggests ‘’Extraordinary Measures’’

October 9, 2017 Irina Slav 0

Brent crude and West Texas Intermediate started the week with gains after yesterday OPEC’s Secretary General, Mohammed Barkindo, said the cartel may have to take some “extraordinary measures” to restore the oil market stability. The jump follows a 3.3-percent decline last week, the sharpest weekly fall in four months. “There is a growing consensus that, number one, the re-balancing process is underway. Number two, to sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability…

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Gulf Of Mexico Output Falls Nearly 100% After Hurricane Nate

October 9, 2017 Irina Slav 0

As of Sunday, 92.61 percent of crude oil production capacity in the Gulf of Mexico was shut in, the Bureau of Safety and Environmental Enforcement said. In barrels, this amounted to 1.62 million per day, with 298 platforms and 14 rigs evacuated, representing 40.43 percent and 70 percent of platforms and rigs in the Gulf, respectively. Another 10 rigs, dynamically positioned ones, were moved from their locations as a precaution. Nate, which made final landfall in Mississippi, has been moving inland and has in the process weakened back into a tropical…

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Gulf Of Mexico Oil Producers Begin Evacuation Ahead Of Nate

October 6, 2017 Irina Slav 0

After Chevron said on Wednesday it was preparing to begin shutting down two platforms in the Gulf of Mexico ahead of a tropical storm raging in the Caribbean, now more oil and gas producers in the Gulf have followed suit as Tropical Storm 16 was upgraded to Nate, currently wreaking havoc on Costa Rica and Nicaragua and soon heading for the US. Nate brings heavy rains and is expected to strengthen into a hurricane before it makes landfall in Louisiana. Its route, Reuters notes, will take it through an area thickly populated with oil and gas platforms,…

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World’s Biggest Oil Trader Questions Its Own Fate

October 6, 2017 Irina Slav 0

Vitol’s chief executive, Ian Taylor, said he expected the shift to electric vehicles and non-fossil fuel sources of energy to shrink the oil industry. Speaking at an event in London, the executive said crude oil demand could peak some time around 2028-2030. Vitol is responsible for the trade of around 7 percent of global oil, which makes it the biggest oil trading firm in the world. Taylor admitted he is concerned about the company’s place in a new, less oil-dependent, world. An additional cause for worry is the shrinking pool of talent,…

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Aramco CEO Rejects Russia LNG Project Investment Report

October 5, 2017 Irina Slav 0

Saudi Aramco has no plans at this point to invest in Arctic LNG 2, Russian Novatek’s second LNG project, the Saudi company’s chief executive Amin Nasser told media. He was in Moscow as part of a delegation led by King Salman—the first visit of a reigning Saudi monarch to Russia and a clear signal of the deepening ties between the two oil market rivals. “We are not discussing this at this stage. We are looking at opportunities for working together with the different companies. But what you mention in particular – nothing…

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Nat Gas Exports Could Add $73B To U.S. Economy

October 4, 2017 Irina Slav 0

Higher natural gas exports from the U.S. in the years to 2040 could add between US$50 billion and US$73 billion to the economy and create 220,000-452,000 new jobs, ICF said in a press release from the American Petroleum Institute. The authors of the report, titled Impact of LNG Exports on the U.S. Economy: A Brief Update, note that its purpose was to check whether there is really a cause for worry that raising LNG exports would lead to higher natural gas prices at home as well as other, related negative consequences. The report is a revision of…

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The Bearish Backlash In Energy This Fall

October 3, 2017 Irina Slav 0

It’s been an exciting summer for fossil fuels and renewables, with natural gas production hitting a year-to-date high, global crude oil stocks finally starting to decline, and demand for solar power installations booming as costs shrink. This fall is also shaping up to be an exciting one, but not necessarily in a positive way for the energy industry—fossil fuel and renewables alike. Nat Gas Prices Will Remain Subdued The Energy Information Administration’s latest Natural Gas Monthly report found that natural gas production in…

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Citi: An Oil Supply Squeeze Is Inevitable

September 28, 2017 Irina Slav 0

It’s somewhat tradition for oil analysts to produce a flurry of new forecasts after every sharp move in prices, and the latest rally in WTI and Brent is no exception. In just the last couple of days we’ve seen one analyst predict prices of $80 per barrel, while a panel of several other analysts forecast a price drop if OPEC ends its production cut deal as planned in March 2018. Now Citi has joined in with a warning: whatever OPEC does, supply will likely get tighter next year. That’s in stark contrast with the general mood, which…

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Aramco Optimizes Oil Trading Operations Ahead Of IPO

September 28, 2017 Irina Slav 0

Saudi Aramco will enter crude oil trading as part of valuation-boosting efforts ahead of its planned IPO in 2018, unnamed sources close to the company told Reuters. Aramco Trading Company has so far dealt in oil products, base oil, and petrochemicals. As per the new plan, the trading arm of the state oil giant will step in as supplier of non-Saudi crude oil blends to Aramco’s ventures abroad, including the biggest refinery in the United States, Motiva. Instead of Motiva going to the market to buy non-Saudi oil, Aramco Trading Company will…

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