Tuesday, December 11, 2018

Dale Hudson News

OPEC Agrees Oil Output Cut, No Final Figure Yet

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OPEC agreed on Thursday a tentative deal to cut oil output but has not yet come up with a final figure, an OPEC delegate said.Saudi Energy Minister Khalid al-Falih said earlier that the Organization of the Petroleum Exporting Countries needed non-OPEC Russia to come on board with cuts.

Oil Falls as High Inventories Outweigh Likely OPEC Cuts

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Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November…

Saudi Energy Minister Goes to OPEC with a Weak Hand: Kemp

Saudi Arabia’s energy minister, Khalid al-Falih, must play a bad hand of cards as well as he can at next week’s meeting of OPEC and non-OPEC oil producers in Vienna.Falih’s challenge is to get other countries on board with output cuts to avert another crash in oil prices next year while disguising…

Oil Markets Face Unprecedented Uncertainty

Fatih Birol (Photo: IEA)

Oil markets are entering an unprecedented period of uncertainty due to geopolitical instability and a fragile global economy, the head of the International Energy Agency said on Tuesday.Concerned about an emerging production overhang similar to the one that led to a price slump in 2014, the Organization…

Turkey Warns Against Energy Exploration with Greek Cypriot Govt

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Turkey warned energy companies on Sunday against working with the Greek Cypriot government in carrying out exploratory drilling in the eastern Mediterranean, saying such activities could damage regional stability.The eastern Mediterranean is believed to be rich in natural gas, and attempts to tap resources there have revived tensions between Turkey and Greece…

Oil Slips as Pessimism Over Supply Resurfaces Despite OPEC Pledge

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Oil fell on Monday, surrendering earlier gains as investors weighed up the effectiveness of a potential cut in supply from OPEC and possibly other exporters in the face of rapidly rising global output.Brent crude futures were down $1.04 at $65.72 a barrel at 1447 GMT, having retreated from a session high of $67.64.

Oil Gains on Talk of Supply Cut

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Oil rose nearly 1 percent on Friday on expectations that the Organization of the Petroleum Exporting Countries and its allies would agree to cut output next month, though prices were set to for a weekly drop on underlying concerns that the global market was oversupplied.OPEC kingpin Saudi Arabia…

Oil Down After Trump Urges OPEC Not to Cut Supply

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Oil prices fell more than 2 percent on Tuesday after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market.Brent dropped $1.97 a barrel, or 2.8 percent, to a low of $68.15 before recovering to around $68.52, down $1.60, by 1420 GMT. U.S. light crude was $1.35 lower…

Oil Rises as Saudi Arabia Seeks to Tackle Oversupply

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Oil prices rose on Monday after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day next year.Saudi Arabia, the world's largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day…

Lukoil: No Need to Cut Output in 2019

(File photo: Lukoil)

Russia's Lukoil sees no need to cut crude output in 2019, CEO Vagit Alekperov said on Monday, as global producers discuss the situation in oil markets.Russia is part of a group of OPEC and non-OPEC oil-producing nations that teamed up two years ago in an effort to rebalance the market. The group…

Hedge Funds Enforce Correction to Oil Market's Course

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Hedge funds have sold the equivalent of almost half a billion barrels of crude oil and refined products in the last six weeks, as worries about slowing demand replaced earlier concern over sanctions on Iran.Hedge funds and other money managers cut their combined net long position in the six major…

Oil Falls as U.S. Crude Enters 'Bear Market'

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Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand of lower economic growth and trade disputes.Benchmark Brent crude fell below $70 a barrel for the first time since early April, down more than 18 percent since reaching four…

Oil Drops as Rising Global Supply Forces Price U-Turn

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Oil neared three-month lows on Thursday, surrendering early gains as investors focused on global crude supply, which is increasing more quickly than many had expected.Chinese data earlier in the day that showed record oil imports offered some temporary respite to bearishness that has developed in…

Rosneft Snubs Government Oil Meeting

Rosneft Chief Executive Igor Sechin, a critic of OPEC and long-standing ally of President Vladimir Putin (File photo: Rosneft)

Russia's largest oil firm, Rosneft, snubbed a meeting chaired by Energy Minister Alexander Novak on Thursday aimed at consulting domestic energy companies as leading global producers signal a possible cut in crude output.A return to oil production curbs by OPEC and its allies next year cannot be ruled out…

Oil Refiners Face Rollercoaster Ride as Fuel Margins Seesaw

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Oil product margins have been tossed around on a wild rollercoaster ride in October, as factors like impending Iran sanctions, the China-U.S. trade war and upcoming shipping regulations yank fuel profits up, down and back again.Some profit margins, known as crack spreads in the industry, including for Asian fuel oil and gasoil have boomed…

Hurricane FPSO Leaves Dubai After Upgrade, Shetlands First Oil Seen in H1

(Photo: Hurricane Energy)

The Aoka Mizu floating production, storage and offloading (FPSO) vessel ordered by Hurricane Energy has left Dubai following a series of upgrades, the company said, another milestone for the group as it seeks to extract so-called fractured basement oil in Britain.Hurricane specializes in recovering…

Tehran Says Saudi Arabia Unable to Replace Lost Iranian Oil

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Iran's Oil Minister Bijan Zanganeh has dismissed as "nonsense" claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market."(Mohammed) bin Salman's remarks and such bragging can only satisfy (U.S. President Donald) Trump. No one else will believe him. Iran's oil cannot be replaced by Saudi Arabia nor any other country…

Rising Use of Plastics to Drive Oil Demand to 2050 - IEA

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Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said on Friday.Despite government efforts to cut pollution and carbon emissions from oil and gas, the Paris-based agency said it expected the rapid growth of emerging economies…

Shell's LNG Canada Seen as Tip of Megaproject Iceberg

Photo courtesy of Shell

The launch of a massive liquefied natural gas (LNG) export project in Canada has finally fired the starting gun on a wave of plan approvals around the world, needed to avoid a supply crunch after 2020.Royal Dutch Shell said it would export LNG from Western Canada by 2025 after approving a $14 billion project…

Russia sees hard-to-recover oil output rising 10 percent in 2018

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Production of hard-to-recover oil in Russia is expected to rise by 10 percent to 43 million tonnes (860,000 barrels per day) this year, boosted by tax incentives, Russian Deputy Energy Minister Pavel Sorokin said in an interview.He also said the government had no immediate plan to reduce oil exports in order to curb an increase in domestic fuel prices.Russia is pinnin