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OPEC sees growing supply threat from rivals beyond U.S. shale

OPEC sees growing supply threat from rivals beyond U.S. shale

OPEC’s latest forecasts suggested a weaker outlook for global oil markets this year as surging supplies from competitors from Norway. They still committed to meeting in March to decide on future production policies. OPEC set to further lose market share in 2020. Brent gives up all gains made after Iranian general killed. Angolan output posts...

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Analysts see few surprises in 2020 as OPEC+ cuts trim surplus

Analysts see few surprises in 2020 as OPEC+ cuts trim surplus

Oil prices are likely to remain in check during 2020 as OPEC+ production cuts are offset by higher output from other countries. Oil prices were little changed on last Monday as Russia said an OPEC-led producer group may consider easing output cuts next year. The Trump administration on last Thursday renewed a waiver for companies...

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Talos Energy to spend $640 million acquiring Gulf of Mexico acreage and prospects

Talos Energy to spend $640 million acquiring Gulf of Mexico acreage and prospects

Talos Energy has entered into a series of definitive agreements to acquire a broad portfolio of U.S. Gulf of Mexico producing assets. Company announced that the Company has entered into a series of definitive agreements to acquire a broad portfolio of U.S. Gulf of Mexico producing assets. Company announced its financial and operational results for...

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OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia. China’s record imports of crude oil in November underscore both the challenges and risks facing OPEC. Brent rises 3% in wk;WTI up 7% in biggest weekly gain since June. It has long carried an outsized share of...

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Marathon investors say shareholders back removal of CEO

Marathon investors say shareholders back removal of CEO

Two activist investors in Marathon Petroleum say there is now broad-based shareholder support for immediate changes. Company announced that it has completed three separate transactions. Company announced today that it sent an irrevocable notice of early redemption. Marathon Oil, through its wholly owned subsidiaries, is the operator and majority shareholder of the integrated gas. The...

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OPEC output rises for first time since start of 2019 cuts

OPEC output rises for first time since start of 2019 cuts

The first increase since the group and its allies started a new round of output cutbacks. Saudi Arabia was successful in getting the Organization of the Petroleum Exporting Countries (OPEC). The OPEC+ alliance is poised to extend production cuts into 2020. It start of the year to shore up a weak global market. Oil prices...

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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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Oil bulls get bolder as OPEC cuts lessen odds of a relapse

Oil bulls get bolder as OPEC cuts lessen odds of a relapse

Oil’s bulls are getting bolder with manufacturing cuts orchestrated by OPEC taking maintain and U.S. Oil ended the week on a rebound, but investors remain wary. It’s tough to stay positive on crude when the world’s three oil superpowers are likely to increase production. That was the most important improve since August. Meanwhile, short-selling bets have plunged...

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Oil surges to yearly high amid signs of lower Saudi shipments

Oil surges to yearly high amid signs of lower Saudi shipments

Saudi Arabia signaled it will reduce oilNSE 0.63 % exports by as much as half a million barrels a day in December. Oil prices suddenly fell on weekend to their lowest levels in more than a year. Oil prices vaulted above $54 a barrel, the highest since November, as a steep drop in U.S. imports from Saudi...