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All the latest in Oil, Gas, Commodity news and analysis

What Gold Can Tell You About Oil Prices
by Brian Noble
30 Mar 2017 at 12:27pm
It?s human nature to pay close attention to market indicators when they seem to be working and show neglect or indifference when they?re not. That is not, however, necessarily the way to buy low and sell high. Take the WTI crude oil to gold ratio. This is one of the oldest indicators in the market, comparing the price of the world?s most traded commodity with the world?s oldest store of value. For that reason, there is a large data set from which to draw. In addition, gold has always played an important role in commercial?

Iraq Signals It Is Improving Compliance With OPEC Cuts
by Tsvetana Paraskova
30 Mar 2017 at 12:18pm
As part of the OPEC deal, Iraq has cut its oil production by more than 300,000 bpd, and so far in March its average output stands at 4.464 million bpd, according to Iraq?s state oil marketing company SOMO. Iraq?s compliance to OPEC?s cuts is 90 percent, SOMO director Falah al-Amiri said on Thursday, as reported by Reuters. Earlier this month, Iraq?s Oil Minister Jabar al-Luaibi said the country?s compliance rate had reached 85 percent. Under OPEC?s agreement, Iraq vowed to voluntarily cut its output from a 4.561-million-bpd?

Nigeria Moves Closer To Overhauling Oil Industry Governance
by Tsvetana Paraskova
30 Mar 2017 at 12:10pm
Nearly a decade after Nigeria first drafted its Petroleum Industry Bill, Nigeria?s Senate will be asked next month to discuss and approve the bill aimed at overhauling the governance in the country?s oil industry in a bid to stem corruption and mismanagement. ?We will break the PIB jinx soon?, Senate President Bukola Saraki tweeted on Thursday, retweeting a statement that the Senate will receive the final report on the bill on April 25. ?Barring any last minute changes, the Senate Joint Committee on Petroleum (Upstream,?

Russia Reaches 2/3 Of Oil Output Cut Target
by Irina Slav
30 Mar 2017 at 10:33am
Russia has cut crude oil production by 200,000 barrels daily, Energy Minister Alexander Novak said. That?s two-thirds of the amount it agreed to cut under the OPEC-non-OPEC agreement closed at the end of last year. The 300,000-bpd reduction that Russia agreed to represents 2.7 percent of its October output, which exceeded 11 million bpd. This went up to 11.23 million bpd in November ? the month that was taken as the basis, from which individual cut quotas were assigned. The country, which was the largest non-OPEC producer that signed?

Venezuela Eyes Investment In Sudan?s Ailing Oil & Gas Sector
by Irina Slav
30 Mar 2017 at 10:09am
Venezuelan and Sudanese government officials are discussing possible investments in the oil and gas industry of Sudan. Both countries are experiencing serious economic woes, Venezuela reeling from the severe blow from low oil prices and mismanagement of the state oil company that plunged it into a recession, and Sudan trying to recover from the loss of 75 percent of its crude oil revenues after South Sudan seceded. Currently, Sudan produces approximately 100,000 barrels of oil daily, with its remaining reserves estimated at 3.5 billion barrels.?

Abu Dhabi?s Taqa Books Biggest Loss Ever On Oil Assets Write-Down
by Tsvetana Paraskova
30 Mar 2017 at 9:51am
Low oil prices have been not only weighing heavily on the financials of western oil majors, but also led to Abu Dhabi National Energy Company -- also known as Taqa -- writing down billions of dollars worth of oil and gas assets that resulted in a huge loss for 2016, the biggest loss the company has ever recorded. State-controlled Taqa said on Thursday that it booked a net loss of $5.2 billion (19 billion dirhams), mostly due to impairment of $4.6 billion (16.9 billion dirhams), primarily related to oil and gas assets in response to lower commodity?

Mysterious Outage In Libya Could Drive Oil Prices Higher
by Dave Forest
30 Mar 2017 at 8:41am
It?s been a rollercoaster ride for Libya?s oil sector the last few months. With production from this important OPEC player swinging wildly with unstable politics in the country. And news this week suggests things just got worse for Libya?s oil industry ? in a major way. Unnamed sources in the country told Bloomberg Wednesday that Libya?s largest oil field, Sharara, has been suddenly shut in. With the pipeline carrying crude from this massive operation having been completely idled. As a result, sources said Libya?s?

ConocoPhillips Exits Most Canadian Operations
by Irina Slav
30 Mar 2017 at 8:05am
ConocoPhillips has struck a deal with Cenovus Energy to sell oil sands and gas operations in west Canada, following in the footsteps of international oil major, Shell, which recently exited Canada?s oil sands industry, and Marathon Oil?s oil sands divestment. The Conoco deal is worth US$13.3 billion (C$17.7 billion) and includes Conoco?s 50-percent stake in the Foster Creek Christina Lake project, which the U.S. company ran together with Cenovus as operator, and most of its conventional offshore natural gas assets in the Deep?

Head Of Venezuela?s PDVSA To Be Replaced As Oil Production Declines
by Julianne Geiger
29 Mar 2017 at 4:37pm
Petroleos de Venezuela SA (PDVSA) is bracing for more management changes, as its current president Eulogio Del Pino is preparing to exit the role as head of what Forbes once called ?The World?s Worst Oil Company?, according to sources familiar with the matter and reported by Bloomberg. Del Pino?s replacement is expected to be Venezuela?s current oil minister, Nelson Martinez, who would ultimately wear two hats: head of the state-run oil giant and Venezuela?s oil minister. This most recent management change?the?

Exxon Sells Operated Fields Offshore Norway
by Tsvetana Paraskova
29 Mar 2017 at 4:17pm
ExxonMobil?s Norwegian unit said on Wednesday that it had agreed to sell its operated fields on the Norwegian Continental Shelf to private equity firm HitecVision and its portfolio oil company Point Resources, saying that under confidentiality obligations, it cannot provide further information regarding the terms and conditions of the sale. Under the agreement, ExxonMobil Exploration and Production Norway AS (EEPNAS) is selling the ExxonMobil-operated fields Balder, Ringhorne, Ringhorne Øst, Jotun, and Forseti, as well as ExxonMobil?s?

Nigeria State Owned Oil Company Refocuses On Power Generation
by Damir Kaletovic
29 Mar 2017 at 3:34pm
With only one in four Nigerian households having even sporadic electricity, the Nigerian state oil company has announced plans to shift focus from strictly oil and gas to power generation and transmission. The National Petroleum Corporation (NNPC) said this week that it would transform itself into an integrated energy company in order to tackle the country?s dire power problems. By comparison, Brazil and Pakistan?both with similar population sizes?each generate 24 times more power than Nigeria. Only one in four Nigerian households?

BP Aims For $3B Additional Cash Flow From Downstream Business
by Tsvetana Paraskova
29 Mar 2017 at 3:04pm
Despite the fact that it plans to raise its oil production, BP will not be investing in new refineries, but will seek to revamp existing plants and grow its retail network of filling stations to increase free cash flow from downstream operations by $3 billion by 2021, Tufan Erginbilgic, chief executive Downstream at BP, told Reuters. BP generated $5.6 billion in free cash flow in refining, trading and marketing last year, a 25-percent increase compared to 2014, despite the low refining margins, Erginbilgic told Reuters. For 2016, the group?s?

How To Play The Coming Copper Boom
by James Burgess
29 Mar 2017 at 1:25pm
Three forces are driving one of the most exciting times in copper-mining history: Trump?s $500-billion infrastructure plan, the Fed?s interest rate hike, and the beginning of a new Chinese run on the metal. In the middle of it all, a little-known small-cap miner has pulled off a copper coup in Chile and could be on the verge of discovering the world?s largest new deposit. This year is set up for another copper bull run, and ground zero is Chile, where Arena Minerals Inc. (TSX:AN.V; OTC:AMRZF) has gained access to one of the world?s?

Huge 300,000 Bpd Fracklog Could Derail Oil Price Recovery
by Nick Cunningham
29 Mar 2017 at 1:17pm
Thousands of drilled shale wells are sitting idle, unfracked and uncompleted. The backlog of drilled but uncompleted wells (DUCs) grew dramatically beginning in 2014, as low oil prices forced drillers to hold off on completion in hopes of higher prices at a later date. After all, why bring production online in a low price environment when the same oil could earn more in the future if prices rebound. That calculation is particularly important given that a shale well typically sees an initial burst of production in its first few months of operation?

Maduro?s Last Stand: Military Takes Over Struggling Oil Sector
by Viktor Katona
29 Mar 2017 at 1:17pm
As Venezuela?s foreign currency reserves have shrunk to $10.4 billion USD, so have the country?s goods in stock, against the background of gas, energy and medicine shortages, crime rates spiraling out of the government?s control and popular dissatisfaction building up across all sectors of society. The scarcity of the Maduro era is reflected in Venezuela?s oil output volumes, which since 2011 have fallen by almost 500 000 barrels per day to 2 mbpd and will sink to an even greater degree with Caracas?s obligation to?

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