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Aramco Board Targeted In Anti-Corruption Crackdown

November 6, 2017 Irina Slav 0

A string of arrests of senior government officials in Saudi Arabia has also struck Aramco board member Ibrahim al-Assaf, a former Finance Minister in the Kingdom. The situation apparently remains volatile and the arrest could spell further trouble for Aramco’s IPO next year. The arrests came after late on Saturday King Salman surprised the public with the unveiling of a new government agency, an anti-corruption committee. The committee is headed by his son, Crown Prince Mohammed bin Salman (MBS), and by the end of the week it had made 11…

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Niger Delta Chief Calls On Avengers To Stop War

November 6, 2017 Irina Slav 0

After on Friday the Niger Delta Avengers threatened oilfield operators in the region with a “brutish, brutal and bloody” end to the ceasefire agreed earlier this year, a local community chief has been quick to approach the militant group with a request to hold off the resumption of violence. Edwin Clark, the leader of the Pan Niger Delta Forum, has asked the NDA to have more patience. The PNDEF has been negotiating with the government about the terms of the peace agreement with NDA and other militant groups. In a statement issued by…

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Big Oil CEO Slams Saudi Energy Reform

November 3, 2017 Irina Slav 0

Total’s chief executive Patrick Pouyanne has warned that Saudi Arabia’s social and economic reforms might be a bit too ambitious, and might not go as smoothly, not to mention as quickly, as their proponents seem to believe. Speaking at an event in London, Pouyanne said “You don’t change into a secular regime just like that,” reminiscing about the situation in Russia after the toppling of its last Soviet leader, Mikhail Gorbatchev. Chaos, Pouyanne said, was the first stage of the transition. The Saudi Vision 2030 program,…

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BP Boosts The Bullish Case For Oil

November 2, 2017 Irina Slav 0

BP is buying back shares the company issued to cover its dividend payout amid the oil price crash. The news was widely seen as a clear indication that one of the world’s supermajors has successfully adjusted to the new price normal and is now settling in the business-as-usual rut once again. Yet this is a new rut of strict cost controls, continuous efforts to keep lowering production costs, and working to mend the reputation stain left by the 2011 Deepwater Horizon disaster. The combination of these factors, along with higher oil prices,…

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U.S. Oil Exports Hit A Record High

November 2, 2017 Irina Slav 0

Crude oil exports from the United States hit another record last week, at 2.133 million bpd, as production also continued growing, the Energy Information Administration said. This is the first time U.S. oil exports have breached the 2-million-bpd level. The authority said average daily production stood at 9.55 million barrels, up by 46,000 bpd from a week earlier and from 8.52 million bpd a year earlier. The EIA data is largely in line with U.S. export data calculated by French energy data provider Kpler. Kpler, which tracks crude oil cargoes globally,…

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Tesla Still Struggling With Production, But Skies Are Beginning To Clear

November 2, 2017 Irina Slav 0

After releasing its worst quarterly figures ever, Tesla said it will delay the full-scale production of its Model 3 to early 2018, from December this year. Now, the company plans to churn out 5,000 Model 3s weekly starting some time in March next year, after announcing a total production of just 260 cars of the affordable model in the third quarter and deliveries of 220. Plans were to produce 1,500 Model S between July and September. The biggest problem seems to be the new battery that Tesla is developing. This battery should make the Model 3 cost-effective,…

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U.S. Gasoline Demand Climbs To Record Highs

November 1, 2017 Irina Slav 0

Gasoline demand in the United States reached the highest on record in August this year, at 9.77 million bpd, or up by 83,000 bpd from August 2016. That’s according to the Energy Information Agency, which added that this was the fourth monthly increase in demand in the past five months. The increase is rather modest, however, and the next few months could see declines, as the last quarter of the year is a traditionally weak period for gasoline demand. Prices for the most popular fuel rose palpably in September, following the demand…

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Oil Prices Fly Higher On EIA Report

November 1, 2017 Irina Slav 0

The Energy Information Administration confirmed a draw in crude oil inventories, boosting the rally of WTI that almost brought the U.S. benchmark to US$55 a barrel. According to the authority, inventories fell by 2.4 million barrels in the week to October 27, to 454.9 million barrels. A day earlier, the American Petroleum Institute had estimated crude oil inventories had fallen by more than 5 million barrels, while analysts polled by S&P Platts expected a draw of 1.4 million barrels, with gasoline stockpiles expected at 1.7 million barrels…

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Violence Ensues Following Kurdistan President Resignation

October 30, 2017 Irina Slav 0

Kurdistan’s President Masoud Barzani announced his resignation three days before the end of his term in office, with violence erupting against the autonomous region’s parliament, according to tweets from Erbil. A number of protesters stormed the parliament in Erbil while the legislators voted for distributing the presidential powers of Barzani among several agencies. Barzani said he remained committed to the Kurdish independence cause, adding he was confident that the nation will one day attain independence. The news comes after an…

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