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Saudis Need $70 Oil To Break Even

October 31, 2017 Tsvetana Paraskova 0

Saudi Arabia needs oil prices at $70 per barrel in 2018 in order to breakeven, the International Monetary Fund (IMF) said on Tuesday in its Regional Economic Outlook on the Middle East and Central Asia. The Saudi breakeven oil price to achieve zero deficit in 2017 is $73.10, according to the IMF, compared to $96.60 for 2016. Among the oil exporters in the region, Saudi Arabia has cut its breakeven oil price by the most between 2016 and 2017, but its budget breakeven price of oil is not the lowest in the region. The lowest breakeven price for 2017…

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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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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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Shell: Breakeven For Brazilian Pre-salt Less Than $40

October 25, 2017 Tsvetana Paraskova 0

Shell is confident that it can produce oil from Brazil’s promising prolific pre-salt layer for less than $40 per barrel, that’s why the supermajor is taking part in this week’s Brazilian auction, Wael Sawan, Executive Vice President Deepwater at Shell, told Reuters on Wednesday. The pre-salt layer holds high-quality and prolific oil reserves, and recent Brazilian reforms have made them more attractive assets, Sawan told Reuters on the sidelines of an oil industry event in Rio de Janeiro. Shell believes that it can extract oil…

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