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November 2016

November 2016
2016, November, 21, 19:00:00
IRAQ'S THREE PROPOSALS
The Organization of the Petroleum Exporting Countries agreed in September to reduce output to help draw down a global supply glut that is weighing on oil prices, but left the details of the plan to be worked out later. The group is holding a so-called “technical meeting” at their Vienna headquarters Monday and Tuesday to discuss the mechanism for implementing the September agreement. The technical meeting will prepare for OPEC’s ministerial meeting Nov. 30 in Vienna.
November 2016
2016, November, 21, 18:55:00
RUSSIAN INVESTMENTS TO IRAN
A senior official at the National Iranian Oil Company (NIOC) said on Friday that the country has signed three memoranda of understanding (MoU's) with three leading Russian oil companies for bilateral cooperation.
November 2016
2016, November, 21, 18:50:00
OPEC'S CAUTIOUS OPTIMISM
"I came here to meet with the Iranian petroleum minister just before attending the crucial meeting of OPEC members in Algiers and Minister Zangeneh assured me here that he would do and Iran would do everything possible to reach the consensus and to work for it," the official added.
November 2016
2016, November, 21, 18:45:00
NORWAY'S OIL PRODUCTION UP TO 30%
Preliminary production figures for October 2016 show an average daily production of 2 099 000 barrels of oil, NGL and condensate, which is an increase of 486 000 barrels per day (approx. 30 percent) compared to September.
November 2016
2016, November, 21, 18:40:00
U.S. OIL DEMAND UP
Domestic crude oil production in October was higher compared to the prior month, but was lower than the prior year, and the prior year to date. At an average of 8.6 million barrels per day, U.S. crude oil production in October decreased 8.0 percent from October 2015, but increased from September by 0.2 percent. October’s crude oil production was the third highest since 1985 and the second highest year to date in 31 years, since 1985.
November 2016
2016, November, 21, 18:35:00
U.S. ENERGY SECURITY
Our national energy security depends on our ability to produce oil and natural gas here in the U.S., and this decision could very well increase the cost of energy for American consumers and close the door on creating new jobs and new investments for years. We are hopeful the incoming administration will reverse this decision – consistent with the will of American voters.
November 2016
2016, November, 21, 18:30:00
U.S. RIGS UP 20
U.S. Rig Count is down 169 rigs from last year's count of 757, with oil rigs down 93, gas rigs down 77, and miscellaneous rigs up 1. Canadian Rig Count is up 18 rigs from last year's count of 166, with oil rigs up 33 and gas rigs down 15.
November 2016
2016, November, 21, 16:15:00
SAUDI PAID $10.7 BLN
With its oil revenues slashed by low crude prices, the government of the world’s largest oil exporter has cut spending sharply this year and reduced or suspended payments owed to construction firms, medical establishments and even some of the foreign consultants who helped to design its economic reforms.
November 2016
2016, November, 18, 18:50:00
OIL DEMAND 2040
Global oil demand won’t stop growing before 2040 despite pledges made at the Paris climate change summit last year to cap greenhouse-gas emissions.
November 2016
2016, November, 18, 18:45:00
RUSSIAN DECISION: $6 BLN
Russia’s decision earlier this year to engage in talks with OPEC about limiting oil output has added more than 400 billion rubles ($6 billion) to the nation’s budget, according to two officials familiar with government calculations.