All publications by tag «OIL»
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2016, November, 9, 18:35:00
PERTAMINA'S INCOME: $2.83 BLN
Pertamina’s income surged from USD 914 million to USD 2.83 billion, thanks in part to efficiency gains that resulted in a USD 834-million reduction in operational costs.
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2016, November, 8, 18:35:00
DEMAND WILL UP AGAIN
OPEC raised its outlook for oil use in 2018, 2019 and 2020, when it sees demand reaching 98.3 million barrels a day, or 900,000 more than the group projected in its previous annual outlook.
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2016, November, 8, 18:30:00
BOTTOM IS GOING
Oil producers would love to see higher prices, but OPEC so far has been unable to cut output.
In September, OPEC agreed to have a committee look at potentially cutting production to 32.5 million to 33 million barrels a day, shaving off 700,000 barrels a day — some 2 percent of overall production.
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2016, November, 7, 19:00:00
OIL PRICE: ABOVE $46
Brent crude futures LCOc1 were trading at $46.29 per barrel at 0705 GMT, up 71 cents, or 1.56 percent, from their previous close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 730 cents, or 1.66 percent, at $44.80 a barrel.
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2016, November, 7, 18:55:00
OPEC CAN'T CUT
OPEC, which pumps about 40 percent of the world’s oil, meets on Nov. 30 in Vienna to try to implement its first cuts in eight years after agreeing to trim output in Algiers at the end of September. Two years ago Saudi Arabia faced an impasse, Al-Naimi said, commenting on OPEC’s decision to pump without limits.
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2016, November, 7, 18:40:00
MEXICO'S POTENTIAL: $415 BLN
After a decade of volatile GDP growth and steadily increasing gas and power demand, Mexico continues to progress toward an unbundling of the monopolies Pemex and CFE once held over its gas and power sectors. According to a recent study by Wood Mackenzie, these reforms have created the potential for approximately US$415 billion in investment over the next two decades as the country builds pipelines, develops a renewables market to meet clean energy targets, and sets the stage for M&A.
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2016, November, 7, 18:35:00
WORLDWIDE RIG COUNT DOWN 466
The worldwide rig count for October 2016 was 1,620, up 36 from the 1,584 counted in September 2016, and down 466 from the 2,086 counted in October 2015.
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2016, November, 7, 18:30:00
U.S. RIGS UP 12
U.S. Rig Count is down 202 rigs from last year's count of 771, with oil rigs down 122, gas rigs down 82, and miscellaneous rigs up 2.
Canadian Rig Count is down 31 rigs from last year's count of 185, with oil rigs down 3, gas rigs down 29, and miscellaneous rigs up 1.
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2016, November, 2, 18:50:00
OIL PRICE: ABOVE $47 AGAIN
U.S. West Texas Intermediate crude CLc1 fell by 70 cents to $45.97 by 0611 ET and Brent crude LCOc1 was down 69 cents at $47.45. Both contracts were at their lowest since Sept. 28.
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2016, November, 2, 18:45:00
SHELL & BP PRICES: $50
The UK-listed oil majors both said they were planning for prices per barrel in the low $50s in 2017 — only a little above current levels — in a sign of the industry adapting to “lower-for-longer” market conditions.