OPEC+ Extends Output Cuts
OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars.The alliance, known as OPEC+, has been reducing oil supply since 2017 to prevent prices from sliding amid increasing competition from the United States, which has overtaken Russia and Saudi Arabia to become the world's top producer.Asked by reporters whether agreement had been reached, Saudi Energy…
CNPC to Develop New Shale Oilfield
China's state-owned CNPC has started developing a new offshore shale oilfield near the Bohai Rim Basin, the company said via its official newspaper on Thursday.CNPC aims to produce 50,000 tonnes of shale oil from the Bohai Rim Basin in 2019 and to achieve production capacity of 1 million tonnes by 2028.The new drilling venture is in response to president Xi Jinping's call to step up national energy security, CNPC said.Shale oil production from China's continental crust created huge technological difficulties because of the unique geological formations…
Oil Edges Up Despite Trump's OPEC Pressure
U.S. crude inventories seen up for sixth week; prices helped by OPEC cuts, U.S. sanctions.Brent oil edged up to $65 a barrel on Tuesday as Saudi Arabia and the rest of OPEC were expected to stick to their production cuts, despite renewed pressure from U.S. President Donald Trump.Prices slid on Monday, when many traders were out of the office attending IP Week, a series of industry events in London, after Trump called on OPEC to ease its efforts to boost the oil market. Prices were "getting too high"…
Brent Hits 2019 High on U.S.-China trade Hopes
U.S. crude stocks rise to 454.5 mln barrels as crude exports from U.S. hit record 3.6 mln bpd.Oil prices rose on Friday, supported by OPEC's ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute.International Brent crude futures hit a new 2019 high of $67.60 a barrel, up 53 cents from Thursday's close.Further gains were tempered by U.S. crude oil production hitting a record 12 million barrels per day (bpd) and a surge in exports from the country.By 1125 GMT, U.S.
Brent Crude Rises but Set for First Yearly Drop Since 2015
Oil prices rose more than 2 percent on the final day of the year, mirroring gains in stock markets, but were on track for their first annual decline in three years as concerns of a persistent supply glut lingered.Hints of progress on a possible U.S.-China trade deal, with U.S. President Donald Trump saying he had a "very good call" with Chinese President Xi Jinping, helped bolster sentiment for oil.Brent crude futures were up 75 cents at $53.96 a barrel by 1357 GMT but rose over $1 to a high of $54.82 in earlier trade.U.S.
PetroChina Strikes Large Flows in Tarim Exploration Well
PetroChina Co Ltd struck sizeable oil and gas flows in an exploration well in the Tarim basin of the remote northwestern region of Xinjiang, marking a breakthrough in exploring an earlier untapped region, parent CNPC said on Thursday.Zhongqiu-1 well tested a daily natural gas flow of 330,000 cubic metres and 21.4 cubic metres of condensate, a super light crude oil, CNPC said on its news portal news.cnpc.com.cn.The well is located in the southern part of Kuche trough in the Tarim basin and part of an exploration zone with a size of 5,200 square kilometers.PetroChina aims to build by 2020 an annual o
Philippine Senators Ask Duterte to Disclose China Energy Plan
Philippine opposition senators have demanded President Rodrigo Duterte reveal details of joint energy exploration plans with China, warning such a deal risked affirming Chinese territorial claims that are not recognized under international law.Early this year, the two countries set up a joint panel to work out how to explore offshore oil and gas in areas that both claim, without addressing the explosive issue of who has the sovereign rights to them."Signing the Chinese deal will make the Philippines recognize an unlawful 'co-ownership' with China…
China's Top Gas Field to Produce Record Amount of Gas This Year
China's Changqing oil and gas field, operated by state energy giant PetroChina, is expected to produce record amount of natural gas this year exceeding 38 billion cubic meters (bcm), as more wells were brought online, its parent company CNPC said on Monday,Changqing, in northern China, the largest gas producer in the country, has nearly 11,000 wells in production by late September, after over 100 new wells started pumping, CNPC said on its news website.At 38 bcm, the output at Changqing makes up about a quarter of China's total gas production.State oil and gas firms have been stepping up domestic p
UAE's Adnoc Awards USD 1.6bln Contract to China’s CNPC
The Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth AED 5.88bn (US $1.6bn) for the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 square kilometres, as the company continues to identify and unlock new opportunities and maximize value from its hydrocarbon resources and deliver on its 2030 smart growth strategy.Adding to the 2D and 3D seismic data already acquired across Abu Dhabi, the new seismic survey will cover an area of up to 30…
Oil Breaks Above $70 as Trade War Shadow Wanes
Dispute between top two oil consumers has rattled markets; China promises to open economy further, cut import tariffs. Oil broke above $70 a barrel on Tuesday, extending strong gains from the previous day, as investors grew more optimistic that a trade dispute between the United States and China may be resolved without greater damage to the global economy. Brent crude futures were up $1.39 at $70.04 a barrel by 1131 GMT, while West Texas Intermediate crude futures rose $1.23 to $64.65 a barrel. The oil price has risen by nearly 4.5 percent in the last two trading days.
Philippines Eyes Exploration Deal with China in S.China Sea
The Philippines is looking to seal a pact with China within a few months to jointly explore for oil and gas in a part of the busy South China Sea waterway claimed by both countries, a Philippine official said on Monday. In February, the two countries agreed to set up a special panel to work out how to jointly explore for offshore oil and gas in areas both sides claim, without needing to address the touchy issue of sovereignty. "We're trying to see if we can achieve an agreement, hopefully within the next couple of months…
China's CEFC Investigation Hits $9 billion Russian Oil Deal
Chinese conglomerate CEFC had already started paying for a stake in Russian oil giant Rosneft when the economic crime police took its chairman Ye Jianming away, halting the $9.1 billion deal in its tracks, according to three sources close to the matter. The fate of the deal, one of the largest Chinese investments in Russia, has become a litmus test of how far President Xi Jinping's government is prepared to go with a crackdown on financially risky activities among big-spending conglomerates.
China Says to Have "Prudent" Oil Exploration with Philippines
China will prudently advance cooperation with the Philippines on joint oil and gas exploration in the South China Sea, China's top diplomat State Councillor Wang Yi said on Wednesday after meeting his Philippine counterpart. Any potential deals between Manila and Beijing on energy exploration in the disputed waterway should be agreed with a company and not the Chinese government, a senior Philippine official said earlier this month. China claims most of the South China Sea, a key trade route and home to areas that are believed to hold large quantities of oil and natural gas.
Trump Troubled About Oil Flow into North Korea
U.S. President Donald Trump on Thursday said he was "very disappointed that China is allowing oil to go into North Korea" and that such moves would prevent "a friendly solution" to the crisis over Pyongyang's nuclear program. "Caught RED HANDED - very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!" Trump wrote in a post on Twitter. China earlier on Thursday said there had been no U.N.
China Cash Boosts African FLNG Projects
China aims to become lowest-cost seller of FLNG plants; its shipyards to build floating plants for African projects. China plans to pour almost $7 billion into floating liquefied natural gas (FLNG) projects in Africa, betting on a largely untested technology in the hope that energy markets will recover by the time they start production in the early 2020s. Western banks are wary due to the depressed state of the shipping and gas markets, as well as the technical difficulties of pumping gas extracted from below the ocean floor…
China Threatened War If Philippines Drills for Oil -Duterte
Philippine President Rodrigo Duterte said on Friday Chinese counterpart China Xi Jinping had warned him there would be war if Manila tried to enforce an arbitration ruling and drill for oil in a disputed part of the South China Sea. In remarks that could infuriate China, Duterte hit back at domestic critics who said he has gone soft on Beijing by refusing to push it to comply with an award last year by the Permanent Court of Arbitration in The Hague, which ruled largely in favor of the Philippines.
China, Saudi Arabia Mull Billions in Energy Deals
King seeking investments after launching reforms; Saudi Arabia, China looking at refinery, petrochemical projects. Saudi Arabia's King Salman oversaw the signing of deals worth potentially $65 billion on the first day of a visit to Beijing on Thursday, as the world's largest oil exporter looks to cement ties with the world's second-largest economy. The octogenarian monarch, who has overseen the launch of an ambitious economic reform plan since his accession two years ago, is on a month-long Asian tour.
Harsh Jail Sentence for Former Sinopec President
Found guilty of taking about $4.9 mln in bribes, Wang Tianpu gets 15-1/2 years. A Chinese court has jailed Wang Tianpu, the former president of energy giant Sinopec Group, for 15-1/2 years for graft, state media reported on Tuesday, citing a court verdict. Wang, who took top positions at Sinopec Group between 2003 and 2014, was found guilty of accepting bribes of about 33.48 million yuan ($4.9 million) and embezzling state properties worth 795,934 yuan ($116,063), state news agency Xinhua said.
Big Oil Frets About China-U.S. Trade Tensions
Saudis say tensions make many countries anxious; China a key engine for global oil demand growth. Oil executives and Middle East producers are concerned that trade tensions between the United States and China risk clouding the outlook for global energy demand growth and a recovery in the price of oil. "It is not unique to our country to feel a certain level of anxiety (about tensions). But there is a lot of wisdom on both sides... I hope this anxiety will prove unfounded," Saudi Energy Minister Khalid al-Falih told Reuters.
Duterte Aligns Philippines with China to Resolve Sea Dispute
Philippine President Rodrigo Duterte announced his "separation" from the United States on Thursday, declaring he had realigned with China as the two agreed to resolve their South China Sea dispute through talks. Duterte made his comments in Beijing, where he is visiting with at least 200 business people to pave the way for what he calls a new commercial alliance as relations with longtime ally Washington deteriorate. "In this venue, your honours, in this venue, I announce my separation from the United States…