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Big Oil Urges OPEC: Keep Floor Under Oil Prices

October 30, 2017 Tsvetana Paraskova 0

The oil market and analysts already largely expect OPEC to extend the production cut deal beyond March 2018, which many feel would finally rebalance supply and demand.   OPEC’s new tagline is indeed all about restoring oil market stability and sustained stability in the global oil industry—these, OPEC says, are its main policy drivers. While the organization is said to favor extending the deal throughout 2018, and as its leader Saudi Arabia continues to spray the market with its ‘whatever it takes’ promises, now major…

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Puerto Rico Scraps $300M Power Grid Deal With Whitefish Energy

October 30, 2017 Tsvetana Paraskova 0

The Puerto Rico Electric Power Authority (PREPA) will cancel a US$300-million deal with Montana-based Whitefish Energy for restoring the power after Hurricane Maria hit the island, following criticism over the way the tiny Montana firm obtained the contract. The deal has been criticized by Puerto Rican officials and U.S. federal authorities after details emerged that the terms of the deal had not been obtained through competitive public bidding. Puerto Rico’s Governor, Ricardo Rosselló, asked on Sunday the electricity authority to…

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Iraqi Pipeline Disruption Takes 250,000 Bpd Off The Market

October 30, 2017 Tsvetana Paraskova 0

Crude oil from northern Iraq, including from the Kurdistan region, stopped flowing from the oil pipeline between Kirkuk and the Turkish Mediterranean port of Ceyhan early on Monday local time, Bloomberg reports, citing a port agent. According to a Kurdish shipping source who spoke to Reuters, the flows resumed on Monday after a technical stoppage for several hours that had completely halted the flow of crude. The flow was still reduced to 200,000-220,000 bpd, according to the source. The typical flow of the pipeline is some 600,000 bpd, and it…

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Bahrain Wants Qatar’s GCC Membership Frozen

October 30, 2017 Tsvetana Paraskova 0

In the latest chapter of the ongoing spat between some Arab countries and the world’s leading LNG exporter Qatar, Bahrain’s Foreign Minister Shaikh Khalid bin Ahmed bin Mohammed Al Khalifa has called for freezing Qatar’s membership in the Gulf Cooperation Council (GCC). In a series of messages on Twitter, Al Khalifa said that Bahrain would not attend the next GCC meeting if Qatar is present, and criticized it for refusing to comply with the demands of the Saudi-led coalition that had imposed a blockade on Qatar. Qatar, Bahrain,…

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Booming U.S. Oil Exports Could Hit A Bottleneck

October 30, 2017 Tsvetana Paraskova 0

U.S. crude oil exports have been setting new records lately, but as both the U.S. oil production and exports are set to increase, analysts and traders warn that booming exports may reach infrastructure limitations in two to three years, which would weigh on U.S. oil prices due to high domestic production with constrains in takeaway capacity. U.S. crude oil exports hit a record-high of 1.98 million bpd in the week to September 29, according to EIA data. This was the highest weekly average since the U.S. removed restrictions on crude oil exports…

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Brazil’s Pre-Salt Auction To Proceed Despite Injunction

October 27, 2017 Tsvetana Paraskova 0

The government of Brazil is confident that the auction for its promising pre-salt oil layer will proceed as planned today, after it had appealed an injunction ordering the suspension of the auction issued late on Thursday, Brazilian Mining and Energy minister Fernando Coelho Filho told Reuters. On Thursday, the leftist Workers Party sought an injunction, and a federal judge in the Amazonas state issued an injunction ordering the suspension of the today’s auction. The Workers Party is against foreign firms operating oil blocks and against…

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U.S. Fund, Co-Investors Buy Asian Firm In Record $5B Renewables Deal

October 25, 2017 Tsvetana Paraskova 0

Independent infrastructure fund manager Global Infrastructure Partners (GIP) is betting big on renewables by signing a binding agreement to buy Asia-Pacific’s largest independent renewable firm, Equis Energy, for US$5 billion including debt in a record renewable energy generation acquisition. GIP, together with co-investors—Canada’s Public Sector Pension Investment Board and CIC Capital Corporation, a wholly-owned direct subsidiary of China Investment Corporation—are buying Singapore-based Equis Energy in a transaction expected…

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Russia To Boost Oil Production In 2018 If OPEC Deal Not Extended

October 25, 2017 Tsvetana Paraskova 0

While the oil market is awaiting what Saudi Arabia and Russia—the leaders of the OPEC and non-OPEC producers part of the production cut deal—will decide on the future of the pact, Russia’s Energy Minister Alexander Novak was quoted as saying on Wednesday that Russia planned to increase its oil production next year, even if the global agreement is extended beyond March. “We forecast that in 2018 we will have small growth relative to the year 2017, but it will to a large extent depend on what decisions are taken on extending…

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Can Venezuela Avoid Default?

October 24, 2017 Tsvetana Paraskova 0

The oil and bond market participants have hardly had time to take a breather after Venezuela’s disputed regional election, as the cash-strapped crisis-stricken country has to make more than $2 billion in bond payments over the next week—payments that it can’t miss because it could otherwise trip the wire to bondholders just waiting for a default.   In the past week, the government of the country that sits on the world’s biggest oil reserves failed to pay bond coupons worth a total of $586 million. But these payments…

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OPEC’s Newest Member Looks To Raise Oil Production

October 24, 2017 Tsvetana Paraskova 0

OPEC’s newest member country, Equatorial Guinea, is seeking to lift its crude production after smaller oil companies acquired stakes in offshore oil fields operated by U.S. Hess Corporation, Equatorial Guinea’s Minister of Mines, Industry and Energy, Gabriel Mbaga Obiang Lima, told Bloomberg in an interview published on Tuesday. On Monday, Hess Corporation said that it had entered into an agreement to sell its interests in offshore Equatorial Guinea to Kosmos Energy and Trident Energy for a total consideration of US$650 million, effective…

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