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Venezuela’s oil woes deepen as Chinese contractor halts work

Venezuela’s oil woes deepen as Chinese contractor halts work

A Chinese oil contractor halted work on an expansion project in Venezuela. Venezuelan President Nicolas Maduro says an investigation will begin immediately regarding an explosion. Venezuela’s oil output continued its downward trend in July. It underscoring the difficulties for the Nicolas Maduro regime even at energy ventures backed by allies. One of Venezuela’s extra-heavy crude...

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OPEC sees ‘somewhat bearish’ oil outlook even as market tightens

OPEC sees ‘somewhat bearish’ oil outlook even as market tightens

Global oil markets face a “somewhat bearish” outlook for the rest of the year amid slowing economic growth. Fed cuts interest rates, signals it may not need to do more. ConocoPhillips missed Wall Street estimates for quarterly profit on last Tuesday. The long-running trade war, even though supplies will be tighter than previously thought. Copper...

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OPEC sees new oil surplus in 2020 as U.S. shale surges again

OPEC sees new oil surplus in 2020 as U.S. shale surges again

OPEC agreed to keep oil production restrained until early next year. Saudi Arabia and Russia have instead signed up for eternity. OPEC will extend production cuts into 2020. Oil surged to a five-week high after Saudi Arabia and Russia signaled their support. OPEC+ will agree to extend production cuts for at least another six months...

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Russia, Saudi Arabia agree to maintain oil cuts for as long as nine months

Russia, Saudi Arabia agree to maintain oil cuts for as long as nine months

Russian President Vladimir Putin struck a deal with Saudi Crown Prince Mohammed Bin Salman. Ten days ago, the political lethargy Russia had descended. Yandex is Russia’s biggest internet search engine. Mueller probed alleged Russian meddling in 2016 US elections. A Ilyushin 62 jet reportedly arrived in Caracas months. 2020 parliamentary elections will be based fully...

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Shale fight makes OPEC accept lowest market share since 1991

Shale fight makes OPEC accept lowest market share since 1991

OPEC has always pumped at least 30% of the world’s crude oil. OPEC and its allies look set to extend oil supply cuts on last week. OPEC members are set to meet on July 1 in Vienna. The oil ministry plans to amend the Petroleum & Natural Gas Rules 1959. Oil continued its revival from...

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Putin to meet with Saudi Prince just days before OPEC+ gathers

Putin to meet with Saudi Prince just days before OPEC+ gathers

Russian President Vladimir Putin plans to meet Saudi Crown Prince Mohammed Bin Salman. Vladimir Putin evoked images of national unity, history. Vladimir Putin banged in eight goals during an exhibition ice hockey game in Sochi. Donald Trump has spoken to Vladimir Putin about Special Counsel Robert Mueller’s investigation. North Korea is willing to abandon its...

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BP approves Thunder Horse South expansion Phase 2

BP approves Thunder Horse South expansion Phase 2

BP has sanctioned development of the Thunder Horse South Expansion Phase 2 project. BP’s profits fell almost 50 per cent in the third quarter as low oil prices continued to hit the sector. BP reported fourth-quarter earnings that missed analyst estimates after higher oil prices failed. Rising oil prices helped BP grow profits by 71...

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OPEC+ oil cuts jeoperdized by Iran waiver termination

OPEC+ oil cuts jeoperdized by Iran waiver termination

The threatens to squeeze oil supplies in an already tight market. It’s allies extended oil production cuts for nine more months after last year. OPEC said on last week that oil inventories had continued to rise despite a global deal. Oil prices have soared as hopes rise once more. The International Energy Agency (IEA) yesterday...

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Crude has surged >35% in 2018 as OPEC+ limit output

Crude has surged >35% in 2018 as OPEC+ limit output

West Texas Intermediate futures were little changed, poised for a fifth weekly increase. OPEC’s crude oil production down by 570,000 bpd from February. Saudi Arabia has threatened the United States to stop using dollars for its oil trades. It compared with a 2.8-million-barrel build in oil inventories in the previous week. The EIA released new...

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