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06 апреля, 19:00

Will Trump Use Tariffs To Protect U.S. Oil?

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“I would use tariffs, if I had to. I don’t think I’m going to have to,” U.S. President Trump told media on Sunday as quoted by CNBC, in response to questions regarding his next moves in propping up devastatingly low oil prices. Trump has been consistent over the last week or so in his belief that despite difficulties, Saudi Arabia and Russia will reach a deal to reduce production. He has given no indication, however, that the United States is willing to take part in this production control effort, which may compromise its…

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06 апреля, 18:30

Rockets Fired Near Iraq’s Southern Oil District

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Several rockets were fired and landed on Monday near a residential district in southern Iraq, where many foreign oil firms have their headquarters and where oil workers live, without causing damage or injuring people, sources with the police and oil firms told Reuters. The oil district near Iraq’s major city of Basra was largely empty because many foreign oil companies had evacuated their personnel due to the coronavirus pandemic. An employee at Halliburton in the area told Reuters that the rockets landed far from the site. Rocket fire is…

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06 апреля, 18:00

Russia To Cut 1 Million Barrels Per Day, But Under One Condition

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Russia may be willing to reduce its oil production by as much as 1 million bpd, or a little under 10 percent of its March average but only if the United States joins the cuts, Bloomberg has reported citing sources it said were familiar with the dominant sentiment in the industry. The report comes on the heels of a verbal escalation between Riyadh and Moscow after comments from Russian government officials prompted Riyadh to accuse Russia of trying to pit it against U.S. shale and blaming Russia of starting the price war by refusing to deepen production…

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06 апреля, 17:30

Oil Slides As OPEC Delays Meeting

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Oil prices took another nosedive today after during the weekend Russia and Saudi Arabia postponed a meeting scheduled for Monday as they went at each other’s throats trading blame for the price collapse. CNN reported, citing an OPEC source, that the meeting was rescheduled for Thursday. The Financial Times reported that Norway and Alberta would be joining the meeting. Earlier today, CNBC quoted the head of Russia’s sovereign wealth fund Kiril Dmitriev as saying that Russia and Saudi Arabia were “very, very close to a deal”.…

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06 апреля, 17:00

Russia, Saudi Arabia, ‘Very Close’ To Reaching Oil Output Deal

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Saudi Arabia and Russia are “very, very close” to reaching an agreement on how to react to the low oil prices, Kirill Dmitriev, chief executive at Russia’s sovereign wealth fund, the Russian Direct Investment Fund (RDIF), told CNBC on Monday. “I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close,” Dmitriev told CNBC on the day on which the former allies were set to hold a video meeting with other major…

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06 апреля, 02:00

OPEC’s Plan To Take Over The Global Oil Industry

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The first three months of 2020 have shocked the global energy market to its foundations. The toxic mix of coronavirus, a global economic recession, and an unexpected OPEC+ price spat have hit ever aspect of the energy industry. The ongoing global oil and gas glut, which will become even more prominent when oil storage space hits zero, is a major threat to IOCs, independents, and minnows. The unprecedented demand destruction forecasts of 20 million barrels per day will transform the oil industry as we know it.   The true impact of this…

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06 апреля, 00:00

The Oil Giant Drowning In Debt

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ExxonMobil saw its credit rating downgraded by Moody’s on Thursday from Aaa to Aa1, with a Negative outlook. Two weeks ago, S&P cut Exxon’s credit rating. The oil major’s struggles are growing, but they predate the pandemic and the collapse of oil prices.  It seems like years ago, but Exxon gave a bullish presentation to investors in early March as part of its annual Investor Day. In that presentation, CEO Darren Woods said that Exxon would was “leaning into this market when others have pulled back,” by which…

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05 апреля, 22:00

Big Oil Raises Debt To Ride Out Price Crash

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As prices crashed, the supermajors resorted to one of the last tools they have before starting to potentially consider the painful idea of cutting dividends, taking on more debt International oil majors reacted within days to one of the biggest and fastest oil price collapses in recent history. All slashed capital expenditure (capex) guidance, vowed to reduce operating costs, and suspended share buybacks.   But that wasn’t enough. So the supermajors resorted to one of the last tools they have before starting to potentially…

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05 апреля, 20:00

Risky Mining Projects Could Come At Huge Cost For Canadian Taxpayer

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On December 3rd, the British Columbia (B.C.) government put an end to commercial logging in the Skagit headwaters. The vast cross-border coalition of over 100 tribes, environmental groups and politicians committed to protecting the Skagit River watershed didn’t have long to savour their hard-won victory, however. The environmentally precious river remains threatened by the proposed construction of an open-pit gold and copper mine by one of Canada’s most notorious polluters: Imperial Metals.  Canadian authorities have yet to take…

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05 апреля, 18:00

North Sea Oil Faces Crisis

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Oil and gas production in the North Sea became viable due to the 1973 oil crisis. The Arab-Israeli conflict caused a serious disruption that led to skyrocketing prices. Energy security became an important issue, which supported the development of the North Sea’s energy resources. However, the industry has been in decline due to sustained lower prices in the past decade. The current crisis could be the final blow to an industry that was already struggling to survive. The North Sea enjoys several advantages that have made it an interesting…

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05 апреля, 04:00

Oil Industry Joins The Fight Against Coronavirus

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Ventilators from Tesla. Hand sanitizer from Anheuser Busch and fellow distillers. Face masks from General Motors. It sounds like something out of a science fiction—or possibly parody—novel, but it is, in fact, our new reality: the reality where businesses change to survive and help fight the pandemic that shook the world. And oil and gas players are joining the effort. Call it what you will -- an attempt to regain credibility in the public eye, a way to take advantage of a bad situation, or simply doing the only reasonable thing to…

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05 апреля, 02:00

Don’t Underestimate The Resilience Of U.S. Shale

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One of the biggest oil traders in the world, Mercuria Energy Group, sees U.S. shale as very resilient and refusing to shut production despite low crude prices. “In the United States, we are buying at levels close to zero but because of various pipeline, bank commitments they continue to sell. They keep on going because they hope when demand is back, they can come back to life. So shale is very resilient,” Mercuria’s chief executive officer Marco Dunand told Reuters in an interview published on Friday. Last month’s historic…