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Indian ONGC To Bid For Israel’s Offshore Oil & Gas Blocks

September 4, 2017 Tsvetana Paraskova 0

In what could be a first major official energy deal between the two countries, India’s state-owed ONGC plans to bid for exploration rights of oil and gas blocks offshore Israel, Indian Oil Minister Dharmendra Pradhan told Reuters on Monday. “We will definitely bid for Israel’s oil-and-gas blocks,” Pradhan told Reuters, after Indian Prime Minister Narendra Modi visited Israel in July, which laid the foundations for wider industry cooperation between the two countries, including in the energy sector. In August, a senior-level…

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Brent Prices Fall After North Korean Nuclear Test

September 4, 2017 Tsvetana Paraskova 0

Brent prices were down on Monday morning after investors shied away from crude oil markets and instead turned to safer-haven gold futures after North Korea conducted its sixth and most powerful nuclear test over the weekend. At 09:40 am CST on Monday, Brent Crude was down 0.23 percent at US$52.63. Meanwhile, spot gold prices today touched a one-year high as investors flocked to safer asset classes. WTI Crude, the U.S. benchmark, was holding steady, up 0.38 percent at US$47.47. Trading in crude futures today is expected to be thin due to the Labor…

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Brent Prices Fall After North Korean Nuclear Test

September 4, 2017 Tsvetana Paraskova 0

Brent prices were down on Monday morning after investors shied away from crude oil markets and instead turned to safer-haven gold futures after North Korea conducted its sixth and most powerful nuclear test over the weekend. At 09:40 am CST on Monday, Brent Crude was down 0.23 percent at US$52.63. Meanwhile, spot gold prices today touched a one-year high as investors flocked to safer asset classes. WTI Crude, the U.S. benchmark, was holding steady, up 0.38 percent at US$47.47. Trading in crude futures today is expected to be thin due to the Labor…

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Goldman Sachs: Oil Majors See Upside At $50 Oil

September 4, 2017 Tsvetana Paraskova 0

Although oil prices are now half what they used to be three years ago, Big Oil is better positioned now than it was when oil prices were sky high, Michele Della Vigna, co-head of European equity research at Goldman Sachs, told CNBC in an interview on Monday. In the dizzy spending days between 2010 and 2014, when oil prices were above US$100, those high prices were actually “dreadful time” for the international oil majors, because everyone was eating the lunch, and Big Oil’s competitive positioning was destroyed, according to Della…

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China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold

September 1, 2017 Tsvetana Paraskova 0

The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports. The crude oil futures will be the first commodity contract in China open to foreign investment funds, trading houses, and oil firms. The circumvention of U.S. dollar trade could allow oil exporters such as Russia and Iran,…

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China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold

September 1, 2017 Tsvetana Paraskova 0

The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian Review reports. The crude oil futures will be the first commodity contract in China open to foreign investment funds, trading houses, and oil firms. The circumvention of U.S. dollar trade could allow oil exporters such as Russia and Iran,…

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Latin America Looks Toward Oil Cargo Sitting Offshore Venezuela

September 1, 2017 Tsvetana Paraskova 0

Latin American countries that import U.S. fuel cargoes, mostly from the Gulf Coast, are scrambling to find alternatives to U.S. shipments after Hurricane Harvey battered Texas and Louisiana, leading to massive flooding at refineries, and disruptions at port operations. Regular Latin American buyers of U.S. fuel such as Mexico, Brazil, and Colombia are now eyeing a fleet of two dozen tankers loaded with some 7 million barrels of fuel that have been sitting off the Venezuelan coast for weeks, Reuters reports, citing trading and shipping sources.…

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Has Iraq Stopped Cheating On The OPEC Deal?

September 1, 2017 Tsvetana Paraskova 0

OPEC’s no.2 Iraq is currently producing 4.32 million bpd of oil, below the 4.351 million bpd ceiling it had pledged in the production cut deal, Iraq’s Oil Minister Jabbar Al-Luaibi said on Friday, in what is the first sign that one of the worst-compliant producers so far may have finally started to stick to its commitment—a couple of months after the original agreement was set to expire. Despite Iraq’s optimism, its central government doesn’t yet have the full picture of the oil exports of the Kurdistan Regional Government,…

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Russia To Fund Arctic Oil, Economy Development With $2.75B

August 31, 2017 Tsvetana Paraskova 0

Russia will be financing the development of the Artic continental shelf and the economy of the local areas with more than US$2.75 billion (160 billion rubles) by 2025, Russia’s Prime Minister Dmitry Medvedev said at a cabinet meeting on Thursday.   Russia’s program for Arctic development rests on three pillars—boosting economic growth, developing sea infrastructure, and developing the continental shelf with modern technology and equipment, Medvedev said. Neither sanctions nor low oil prices are deterring Russia’s ambitions…

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Aramco Is Using Advanced Tech To Search For New Oil Reserves

August 31, 2017 Tsvetana Paraskova 0

Saudi Aramco is deploying advanced seismic testing technology to explore again areas of the desert known as the Empty Quarter, a move that could help it to raise its proved oil and gas reserves ahead of the planned listing of 5 percent in the company next year, expected to be the world’s biggest IPO ever. Aramco’s crew is exploring an area spanning 15,400 square kilometers (5,946 square miles) around Turayqa—an onshore conventional gas field discovered in 2013, which contains no oil. Part of that desert area has been explored…

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