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Iraq Sees No Need For Further OPEC Oil Output Cuts

September 20, 2017 Tsvetana Paraskova 0

Iraq doesn’t see a need for more collaborative oil production cuts currently, but it would support consensus within OPEC if such need arises, Iraqi Oil Minister Jabbar al-Luiebi said on Tuesday, adding that it was still too early to decide on actions to take beyond March next year. OPEC and the non-OPEC producers that are part of the deal are discussing several options, including extending the cuts and even deeper cuts, yet it’s premature to decide on now, according to the Iraqi minister. Some producers favor extending the deal for…

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Iran Looks To Ramp Up Production

September 19, 2017 Tsvetana Paraskova 0

Iran’s crude oil production is expected to grow to 4 million bpd by the end of the current Iranian year, March 20, 2018, the chief executive of the National Iranian Oil Company (NIOC), Ali Kardor, told Iran’s news agency Tasnim on Tuesday. Iran is currently pumping over 3.8 million bpd of oil, the manager added. Exports of crude oil and gas condensates now exceed 2.6 million bpd, but are further expected to increase as the country plans to raise its output in the second half this year and in early 2018. OPEC’s third-largest producer,…

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New Saudi Railway Expected To Reduce Dependence On Crude Oil

September 18, 2017 Tsvetana Paraskova 0

Saudi Arabia plans to soon issue contract tenders for a 1,000-mile railway between the Red Sea and the Persian Gulf, and to extend links to serve oil giant Aramco, Saudi Railway Company’s chief executive Bashar Al Malik told Bloomberg in an interview published on Monday. Saudi Arabia has been planning the 1,000-mile Red Sea-Persian Gulf link—Land Bridge—since 2008, but tabled it after Saudi Arabia and private companies failed to initially agree on the financial terms of a deal. The Saudis are now “moving ahead to implement…

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Will Low Oil Prices End Saudi Arabia’s Gas Subsidies?

September 18, 2017 Tsvetana Paraskova 0

Although Saudi Arabia has managed to narrow its budget deficit, the Kingdom continues to feel the fiscal pressure of low oil prices, and is mulling over the phasing out of gasoline subsidies, and making gas prices level with varying international prices, Bloomberg reported on Monday, citing a person familiar with the plan. Under the plan, Saudi Arabia is said to be studying raising gasoline prices by the end of 2017 to bring them to parity with international prices—which would mean a rise of about 80 percent for octane-91 grade gasoline compared…

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Nigerian Workers Stop Oil Product Loading As Union Goes On Strike

September 18, 2017 Tsvetana Paraskova 0

Oil workers in Nigeria stopped on Monday the loading of oil products, natural gas, and aviation fuel as the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) joined an indefinite nationwide strike of its current affiliate United Labour Congress of Nigeria (ULC), demanding better conditions and pay as well as recognition of the ULC.    Electricity union workers have also joined in the strike. The ULC is a breakaway union from the Nigeria Labour Congress (NLC). ULC split from the NLC last year over power struggles, and the NUPENG…

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Oil Spill Threatens Athens Beaches

September 15, 2017 Tsvetana Paraskova 0

Greek authorities continued to struggle on Friday to clean up an oil spill that occurred last Sunday when an oil tanker sank near the country’s main port, Piraeus, with the fuel now spreading to Athens beaches. Environmental groups and opposition parties are now accusing the government of managing poorly the clean-up activities, and is calling for resignations. A 45-year-old oil tanker, Agia Zoni II, carrying more than 2,500 metric tons of fuel oil and marine gas oil, sank early on Sunday off the island of Salamis, some seven miles off the…

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Brazil’s Pre-Salt Areas Attract 17 Major Oil Bidders

September 14, 2017 Tsvetana Paraskova 0

As many as 17 companies have registered to bid next month in two rounds of exploration license awards in Brazil’s pre-salt layer, Brazilian Oil and Gas Secretary Marcio Felix said on the sidelines of an event on Thursday. Brazil is eager to award new exploration licenses in the most promising blocks in its pre-salt layer as it tries to boost its economy and attract more foreign investment. Before Felix gave the exact number of the different bidders in the two rounds, the country’s oil and gas regulator ANP had previously said that 10…

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Does Russia Really Need The OPEC Deal?

September 14, 2017 Tsvetana Paraskova 0

OPEC and Russia are coordinating the first joint OPEC/non-OPEC deal to curb oil output since 2001, but the apparent unity in the face of lower-for-longer oil prices doesn’t disguise the fact that the cartel and Russia have separate agendas for production, expansion, and global market shares.   Earlier this week, in its latest Monthly Oil Market Report, OPEC revised down its forecast for Russia’s oil supply growth by 70,000 bpd for 2018. This means an anticipated net increase of 60,000 bpd for Russia’s oil output in 2018.…

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Alberta Banking On An Oil Sands Boom

September 14, 2017 Tsvetana Paraskova 0

Alberta Premier Rachel Notley cut the ribbon that marked the official opening of an oil sands expansion project near Fort McMurray on Wednesday. The new project is expected to produce 20,000 bpd of oil by mid-2018, thanks to a US$1.64 billion (2 billion Canadian dollars) investment. Japan Petroleum Exploration Co (Japex) and Nexen Energy ULC—a wholly owned subsidiary of China’s CNOOC—started last month the production of ultra-heavy crude oil from the Hangingstone Oil Sands Project. Japex and Nexen launched production using the…

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WTI Breaks $50 As Bullish Sentiment Builds

September 14, 2017 Tsvetana Paraskova 0

Buoyed by strong global oil demand growth and reduced OPEC supply, U.S. benchmark WTI jumped above the psychologically important US$50 threshold on Thursday, topping that level for the first time in five weeks and aiming for the highest closing since the end of May. At 12:30pm EST today, WTI traded up 1.74 percent at US$50.16, while Brent was up 1.05 percent at US$55.74. Brent is now above the US$55 psychological level for the first time since May 25, when OPEC decided to extend the production cuts as-is in a move that largely disappointed a market…

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