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Chevron wins 90-day Venezuela sanction waiver extension

Chevron wins 90-day Venezuela sanction waiver extension

The Trump administration extended Chevron’s waiver to operate in Venezuela, allowing the second-largest U.S. oil explorer. Company has established new goals to reduce net greenhouse gas (GHG) emission intensity. Chevron U.S.A. Inc. announced it will donate $500,000 to help support local public schools. Company announced the sanction of a waterflood project in the St. Malo...

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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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Chevron lays groundwork for Venezuela exit before waiver expires

Chevron lays groundwork for Venezuela exit before waiver expires

Chevron appears to be laying the groundwork to leave Venezuela in the event that the U.S. declines. Chevron Corporation announced that its 50 percent owned affiliate, Tengizchevroil (TCO), will proceed with the development. It extend a waiver allowing it to continue operating in the country. The record annual net oil-equivalent production of 2.93 million barrels...

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Putin’s budget has lowest break-even oil price in over a decade

Putin’s budget has lowest break-even oil price in over a decade

Oil prices may be recovering, but Russian President Vladimir Putin isn’t taking any chances. On August 10, opposition supporters held a mass protests in the Russian capital. Russia’s President Vladimir Putin has urged the United States to begin new arms talks. Russian President Vladimir Putin has taken a step towards cooling tensions with Georgia. It’s...

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Venezuela importing the most fuel since U.S. sanctions started

Venezuela importing the most fuel since U.S. sanctions started

Venezuela is importing fuel at a rate not seen since the U.S. imposed crippling sanctions on the country. A Chinese contractor has agreed to shore up Venezuela’s derelict refining network to ease fuel shortages. US imposed sanctions on Venezuelan individuals linked to Maduro’s government. US President Donald Trump has signed an executive order imposing an...

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Chevron warns future Venezuela events may hurt earnings

Chevron warns future Venezuela events may hurt earnings

The last major U.S. oil producer in Venezuela is warning that developments in the crisis-torn South American. Chevron U.S.A. Inc. has awarded Schlumberger subsidiary OneSubsea a 20-year subsea equipment. Chevron Corp. is seeking approval to modify its plans for a liquefied natural gas export facility. Chevron U.S.A. Inc. has completed its $350 million acquisition of...

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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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Oil supply to swamp demand, squeeze OPEC in 2020, IEA says

Oil supply to swamp demand, squeeze OPEC in 2020, IEA says

Global oil supplies will increase far more than demand next year. Crude is still up from about $40 a barrel a year ago and a 12-year low near $27. Opec agreed in November to cut output by about 1.2 million barrels a day. Even if its actions force an increase in prices, America’s frackers will...

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OPEC warns that trade tensions are hurting global oil demand

OPEC warns that trade tensions are hurting global oil demand

OPEC said that international trade tensions are hurting demand for oil. Members of the Organization of the Petroleum Exporting Countries are close to reaching an agreement on extending production cuts. On coming week the International Energy Agency will publish its first forecast of oil market balances in 2020. Iran has no plans to leave the...

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Norwegian production figures show decrease in condensate

Norwegian production figures show decrease in condensate

Preliminary production figures for April 2019 show an average daily production of 1,729,000 bbl of oil. Scandinavian Airlines (SAS) is teaming up with aircraft maker Airbus. Norway’s traditional national costume, the bunad, plays a central role in special festive events. The talks have begun nicely to move toward agreements of peace. Norway will quickly find...

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