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16 сентября, 00:56

Sub-$50 Oil Could Kill Shale

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Oil prices are at their highest levels in months on the back of strong demand and some key supply outages around the world. But the next price movements are unclear, as is the response from U.S. shale. As the International Energy Agency (IEA) noted last week, global oil supply fell in August by about 720,000 bpd—a large contraction after months of sizable gains. Much of that is probably temporary, particularly in the U.S. and Libya, two countries that saw unexpected outages. But the demand story is arguably more important: the IEA upgraded…

16 сентября, 00:56

Mexico’s 2018 Election Could Derail Its Oil Boom

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Three years ago, Mexico opened its energy sector to private investments in a landmark energy reform that ended more than seven decades of monopoly of its state firm, Pemex. Now Mexico has begun liberalizing gasoline prices as well. After an initially slow start to attracting foreign investment, Mexico’s offshore oil auctions have recently started paying off, after an alliance (including foreign firms) announced a “world class discovery” estimated to hold more than 1 billion barrels of oil in place—one of the major global…

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16 сентября, 00:46

Just How Big Is The Oil Market?

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Big Oil The Oil Market Is Bigger Than All Metal Markets Combined Ever since the invention of the internal combustion engine, oil has been one of the most crucial commodities on Earth. Without it, modern transportation as we know it would not be possible. Industries such as aviation, aerospace, automobiles, shipping, and the military would look nothing like they do today. Of course, as we now know, this has all come with some extreme drawbacks from an environmental perspective. And while new green technology and the lithium revolution will…

16 сентября, 00:45

BP Cuts North Sea Production Costs In Half

Dudley credits standardization, simplification In a talk he gave last week at the Society of Petroleum Engineers Offshore Europe conference in Aberdeen, BP CEO Bob Dudley said his company has cut production costs by half in the North Sea. “This focus on standardization, simplification and discipline on cost has contributed to our average production costs in the North Sea coming down from a peak of over $30 a barrel in 2014, to less than $15 a barrel today. Heading towards 2020, with all our major new developments coming into production, we…

16 сентября, 00:39

Investors Flock To The Next Big LNG Hot Spot

On June 1, 2017, Italian oil major Eni officially signed off on its Coral South Liquefied Natural Gas (FLNG) project in Mozambique, almost 6 years after the initial discovery of extensive gas reserves positioned Mozambique as potentially one of the world’s leading natural gas producers. Not only is the Coral South FLNG project expected to significantly contribute to Mozambique’s economic development, but it’s also proof that there are investors that still have confidence in a country that is struggling through an ongoing financial…

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16 сентября, 00:39

Will Shell’s Gas Gamble Pay Off?

Supermajor Royal Dutch Shell has decided to divest its Iraqi oil assets in a move to focus on its future in natural gas. The industry giant is seemingly breaking from its oil heritage to head full speed into the “Golden Age of Gas.” Shell’s decision to leave Iraq’s upstream oil assets is not without risk, however, as the market for natural gas is even more oversupplied than it is for crude oil. Reuters reported the move first, based on a letter from the Iraqi ministry of oil, followed by a confirmation from Shell. The Dutch…

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16 сентября, 00:33

China To Dictate Energy Growth In Coming Years

Natural gas, renewables expected to grow significantly The EIA released this year’s International Energy Outlook today, outlining expected trends in energy through 2040. The International Energy Outlook predicts that total world energy consumption will grow by 28 percent between 2015 and 2040, primarily driven by non-OECD countries. Non-OECD Asia will account for 60 percent of all energy consumption growth in the period. Significant growth is expected in natural gas and renewables consumption, with increases also seen in oil and…

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16 сентября, 00:33

BP And Azerbaijan Lock In Caspian Sea Oil Deal

The government of Azerbaijan signed a new production sharing agreement (PSA) with the consortium operating the Azeri-Chirag-Deepwater Gunashli oil field in the Caspian. The new deal gives Baku a much larger stake in the field and establishes Azerbaijan's economic ties to Europe for decades to come. The agreement, signed September 14, has taken five years to negotiate and runs until 2050. It sees Azerbaijan's state oil company Socar increase its stake in the field from 11.65 percent to 25 percent, with stakes held by its eight international…

16 сентября, 00:33

Ambitious Solar Project Takes Root In Tunisia

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The recent submission of proposals for the construction of a new solar park project in Tunisia highlight the country’s potential as a location for renewable energy projects at a time when domestic demand for power is rising rapidly. In early August UK company TuNur submitted its proposal to the Ministry of Energy, Mines and Renewable Energies to build the 4.5-GW park in the south of the country. If approved and carried out, the project would have the capacity to power more than 5m homes, or 7m electric vehicles across Europe once…

16 сентября, 00:33

Venezuela Publishes Oil Prices In Yuan For First Time

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In a move that is largely seen as Maduro giving Washington the middle finger, Venezuela has made good on its promise to layoff the U.S. dollar, publishing its oil prices in yuan on Friday. Last Friday, Maduro had announced the forthcoming change, but that threat came after 14 years of similar threats, made by former leader Hugo Chavez, who was sure the dollar would someday lose its place in the currency pecking order. Venezuela’s choice to price its oil in yuan is an interesting, if not toothless maneuver, that goes against earlier reports…

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16 сентября, 00:30

Is The Window Closing On Shale Opportunities?

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The energy story this week is still centered in the aftermath of Harvey and Irma – and how those storms will continue to impact the energy markets from both a supply and demand side. The obvious outcome in the Gulf Coast of Harvey has been a lot of crude oil waiting to be turned into product. Much of that crude was intelligently shipped into the Gulf Coast in front of the storm, swelling storage there and in Cushing. There is now a tremendous pressure among the refiners to restart operations as quickly as possible and restore product inventories…

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16 сентября, 00:25

Multiple Factors Suggest A Contrarian Trade In Oil

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Regular readers, god bless them, will be aware that I am a bit of a contrarian. Most dips are buying opportunities to me and commodity rallies result in my cursor hovering over the “Sell” button. It will come as no surprise to them, therefore, that with WTI rallying strongly in the last week and currently trading up around $50, I have been looking for a reason to sell. There are reasons for the run up such as the disruptions caused by Hurricane Harvey, but they are short-term in nature and the fundamental long-term reason for oil’s…