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12 декабря, 03:00

Global Market Turbulence Caps Oil Prices

The ink has barely dried on the highly-anticipated OPEC+ deal, but the oil market is moving on, growing concerned about other issues. Oil prices gained around 4 percent immediately after OPEC+ announced that it would slash output by 1.2 million barrels per day (mb/d) beginning in January. The deal was largely a success, with both OPEC and non-OPEC members, including Russia, signing on to collective supply curbs in excess of what the market expected. However, oil fell on Monday, with prices right back to where they were before the agreement was…

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12 декабря, 03:00

What Would A New OPEC Look Like?

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The global oil market is going through a metamorphosis, and if the signs are right, a possible long-term partnership between OPEC and its former rivals, especially Russia, looks to be forming. UAE Minister of Energy, and OPEC chairman, Al Mazrouie reported yesterday that Saudi Arabia has proposed a conference to institutionalize an OPEC and non-OPEC Alliance. Al Mazrouie indicated that there will be a cooperation agreement signed between non-OPEC, led by Russia, and OPEC in the next three months. Next to this, the UAE minister said that “the…

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12 декабря, 02:00

Citi: Oil Prices Are Going Nowhere Next Year

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We’ve been here before and since global oil markets are indeed cyclical, Citi’s new oil price forecast for 2019 should not come as much of a surprise. The bank forecasts that global oil prices will average $60 per barrel in 2019, remaining near current levels as OPEC+ led production cuts encourage American drillers to pump more crude oil. In its primary forecast, Citi said it sees Brent crude trading at $55 to $65 per barrel in 2019, as global oil stockpiles continue to rise through the middle of the year. Citi’s forecast comes…

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12 декабря, 01:00

Oil Majors Cautious But Upbeat About 2019

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After Chevron last week said it will increase its capex for 2019 for the first time in four years, this week two more oil majors joined the ranks of optimists in the oil industry: although they are not raising their budgets in any significant way. Hess Corp. and ConocoPhillips both expect to perform better next year. Conoco issued a statement presenting its spending plans on Monday, saying it would allocate US$6.1 billion for capital expenditures, expecting production of between 1.3 and 1.35 million bpd, excluding Libya, versus 1.356 million bpd…

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12 декабря, 00:45

Oil Prices Head Higher After API Reports Huge Crude Draw

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The American Petroleum Institute (API) reported a huge crude oil inventory draw 10.18 million barrels for the week ending December 7, compared to analyst expectations that we would see a draw in crude oil inventories of 2.990 million barrels. Last week, the API reported a build of over 5 million barrels. A day later, the EIA had a completely contradictory report showing a 7.3-million-barrel draw. Leading up to today’s data release from the API, crude oil prices were trading modestly up at 2:27pm EST, with WTI up $0.45 (+0.88%) at $51.45…

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12 декабря, 00:00

Trump Administration Talks Fossil Fuels At Polish Climate Summit

As countries meet in Poland from all over the world this week to discuss measures to mitigate the effects of climate change, US delegates showed up ready to discuss the role of coal and fossil fuels in the world’s energy mix, including the rising star of the energy world—natural gas. As one might imagine, such talk was met with staunch criticism from the forum’s nearly 200 attendees. “It is important to the overall climate discussion that we consider what’s realistic and pragmatic,” Wells Griffith, special assistant…

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12 декабря, 00:00

Nuclear Power Becomes Critical To Arctic Dominance

For many, the Northeast Passage through the Arctic could one day be a ‘Northern Suez Canal’. While icy waters have frozen such dreams, recent advances in nuclear technology might finally unlock the full economic potential of the once-daunting Arctic waters. There is no shortage of interest in the High North. In October, the Trump administration in the U.S. approved a project to extract oil from beneath the Beaufort Sea, though melting ice has since forced changes to those plans. That same melting ice, while raising major environmental…

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11 декабря, 23:30

India Hopes To Attract $300B Energy Investments In A Decade

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India hopes to attract around US$300 billion in investments in its energy sector in the coming decade, including in refineries, natural gas infrastructure and trade, and liquefied natural gas (LNG) facilities, India’s Petroleum Minister Dharmendra Pradhan said at an energy conference in Delhi on Tuesday. India is looking to boost its natural gas use to cut carbon emissions and is rolling out city gas distribution networks, building several long gas pipelines and a number of LNG terminals, the minister said. “As a next step, we would…

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11 декабря, 23:00

Russia Will Cut Oil Production By 60,000 Bpd In January

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Russia is planning to reduce its oil production by 50,000 bpd to 60,000 bpd in January as part of the new OPEC+ deal, and will not be cutting its 228,000-bpd share outright at the start of the agreement, Russia’s Energy Minister Alexander Novak said on Tuesday.   Russia has already drafted a timetable for how much oil production it would reduce each month until it reaches its share of the OPEC/non-OPEC production cut, Novak said, reaffirming Moscow’s position that its reduction would be gradual, just like in the previous agreement…

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11 декабря, 23:00

Uncertainty Lingers In Oil Markets Despite OPEC Cuts

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Oil prices bounced on Tuesday after losing ground on Monday as news of unexpected outages in Libya helped buoy sentiment. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge)¬ U.S. LNG export capacity is expected to more than double by the end of 2019, rising to 8.9 Bcf/d, up from 3.6 billion cubic feet per day (Bcf/d) currently. ¬ That will be enough to make the U.S. the third largest LNG exporter after Australia and Qatar. ¬ The U.S. only began exporting LNG in early 2016. Market Movers * ConocoPhillips (NYSE:…

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11 декабря, 22:00

$44B Aramco/ADNOC Indian Mega Refinery Delayed  

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The commissioning of a mega refinery and petrochemical complex worth US$44 billion and involving Saudi Aramco and ADNOC has been pushed out by two years to 2025, a top executive at the Indian consortium part of the project told Reuters on Tuesday. Ratnagiri Refinery & Petrochemicals Ltd (RPPL), the joint venture company responsible for the huge 1.2 million bpd complex construction and development, had initially scheduled the commissioning for 2023. According to the website of the joint venture, the refinery is expected to be commissioned by…

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11 декабря, 21:00

Will China Turn Its Back On U.S. LNG?

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There was a sigh of relief from global markets when the leaders of China and the U.S. met on the side-lines of the G20 summit to agree upon a temporary truce in their trade war. However, despite the good news, the existing 10 percent tariff on U.S. LNG has remained unchanged. According to White House Spokeswoman Sarah Sanders, China had agreed to immediately start importing more U.S. agricultural, energy, industry, and other products. The arrest of Huawei CFO Meng Wanzhou in Canada, however, is set to be the first test of this new truce. Playing…