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Cuadrilla Halts Fracking Again Operations As Tremors Persist
by Julianne Geiger
14 Dec 2018 at 6:00pm
Cuadrilla has halted fracking operations for a fourth time in the last two months as yet another tremor was recorded near the shale gas company?s Preston new Road site in Lancashire, after seeing its first natural gas flows from that site in early November. Cuadrilla?s new natural gas operation has been shuttered four times since October, and this time will see production halt for ?at least 18 hours after the event was recorded,? Cuadrilla stated on Friday. Cuadrilla shut down its site three days ago after a 1.5 magnitude?

Tesla Cuts Prices In China As Beijing Suspends New U.S. Car Tariffs
by Tsvetana Paraskova
14 Dec 2018 at 4:00pm
Tesla has reduced the prices of its Model X and Model S vehicles sold in China, after the Chinese authorities suspended additional tariffs on U.S.-manufactured cars for three months starting January 1. Tesla has cut the price of certain Model S cars in China by up to US$15,230 (105,000 yuan), while prices for some Model X vehicles have been reduced by up to US$9,430 (65,000 yuan), Reuters reports, quoting Tesla?s Chinese website. The price cuts could help lift the sales of the U.S. electric vehicle maker in China, which were said to have?

China?s Biggest U.S. Crude Oil Buyer To Resume Purchases ?Very Soon?
by Tsvetana Paraskova
14 Dec 2018 at 3:00pm
Unipec, the trading arm of Chinese state oil major Sinopec and China?s largest buyer of U.S. crude oil until recently, is set to resume purchases from the United States ?very soon,? and volumes are likely to be significant, a senior Unipec executive told S&P Global Platts on Friday. At the height of the summer and the U.S.-China tariff spat, Unipec suspended crude oil imports from the United States in August and hasn?t booked cargoes at least until October, said sources familiar with the plans of the trading unit of?

Russia?s Rosneft Quits Iran, $30B Of Potential Joint Investments
by Tsvetana Paraskova
14 Dec 2018 at 2:00pm
Russia?s largest oil producer Rosneft has decided to quit Iran and the possibility of US$30 billion worth of joint Russian-Iranian investments in oil and gas projects in the Islamic Republic, Russian business daily Vedomosti reports, quoting three sources close to Rosneft?s top management. In November last year, Rosneft and the National Iranian Oil Company (NIOC)signed a road map for strategic cooperation in oil and gas in Iran?cooperation which Rosneft?s chief executive Igor Sechin said would involve a total ofUS$30?

Oil Markets Stuck As Hedge Funds Remain Bearish
by Editorial Dept
14 Dec 2018 at 1:00pm
The penultimate full trading week of 2018 brought no clear indication of where oil markets would go in the upcoming weeks. On one hand, the OPEC/OPEC+ deal placated fears that Q1 2019 would end up in an oversupplied market, on the other hand signals of demand weakening in China amid slower-than-expected economic growth figures and decelerating refinery throughput have largely resulted in oil teetering around the same levels as it was last week.Brent closed the week trading around 61 USD per barrel, whilst WTI traded in the 52-52.5 USD per barrel?

Global Intelligence Report - 14th December 2018
by Editorial Dept
14 Dec 2018 at 1:00pm
Sources - Kazakhstan energy industry executives- Western hedge fund manager- A source in the Kazakh political elite inner circle- A prominent UAE banker- Libyan investigative journalist in Tripoli The Oil Cartel Game & Deeper Concerns for MBS As we noted last week, Qatar?s move to quit OPEC was intended to weaken the cartel. The timing is perfect for Washigton?just as the US is pumping over 11 million bdp, and counting. Beyond this, Qatar is keen to be out from under any threats posed to its US LNG ambitions because of NOPEC, which?

Russia Wary Of Long-Term Output Declines
by Editorial Dept
14 Dec 2018 at 1:00pm
Russia has never been producing more oil than it does now ? up to the OPEC/OPEC+ production cut agreed upon in Vienna last week, almost every single month brought along production increments. The latest available official production data, for October 2018, shows that Russian output hiked to 11.412mbpd (the OPEC monthly report states an even higher number, 11.6mbpd, yet it is safer to rely on Russian data). Year-on-year this leaves Moscow with an almost 0.5mbpd increase, even compared to October 2016 - that particular month before the onset?

The Real Impact Of Diesel Bans
by Ross McCracken
14 Dec 2018 at 1:00pm
?Diesel bans? should be in force in no less than seven German cities by the first half of next year. They follow measures introduced in Paris and Oslo in 2017, while London will see the introduction of its Ultra-Low Emissions Zone from April 8, 2019, which targets both gasoline and diesel use. However, despite widespread use in the media, the term ?ban? is a misnomer. These regulations do not ban diesel and their impact on oil product demand will be very limited. They are restrictions on the use of older diesel engines,?

What?s Behind The New OPEC Skepticism?
by Editorial Dept
14 Dec 2018 at 1:00pm
OPEC+ took action to cut supplies from the market last week and threw themselves and U.S. frackers a substantial short-term lifeline. In terms of price action, the 1.2m bpd cut (to begin in January) seems to be mostly in line with what the market expected as Brent crude has flattened out near $60/bbl. The tepid price movement following the announcement of the deal highlights both the bloated status of physical balances as well as the market?s expectation that U.S. producers will comfortably be able to keep a lid on prices in the near term.?

Has OPEC+ Stabilized Oil Markets?
by Tom Kool
14 Dec 2018 at 12:00pm
Oil prices plummeted further on Friday, despite a semi-bullish rig count report and the combined efforts of OPEC and its partners. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge)Friday, December 14, 2018IEA: OPEC+ puts floor beneath oil.The OPEC+ deal put ?a floor? beneath oil prices, according to the IEA?s latest Oil Market Report. The agency said that non-OPEC supply could still outgrow demand next year, expanding by 1.5 mb/d while?

Operation ?Sharpshooter? Targets Energy, Defense Firms
by Tsvetana Paraskova
14 Dec 2018 at 12:00pm
A new global cyber threat campaign has recently infiltrated dozens of energy, defense, nuclear, and financial companies around the world, using malware to extract and exploit data from these organizations in a campaign McAfee has dubbed ?Operation Sharpshooter?. The McAfee Advanced Threat Research team and McAfee Labs Malware Operations Group say that they have discovered that this new global campaign uses an in-memory implant to download and retrieve a second-stage implant?which McAfee calls Rising Sun?for further exploitation.?

Slipping Rig Count Can?t Keep Oil Prices From Falling
by Julianne Geiger
14 Dec 2018 at 10:19am
Baker Hughes reported a 4-rig decrease for oil and gas in the United States this week?a loss in rigs for the third week in a row. The four-rig decline was all on the oil-rig side, with gas rigs holding steady. The total number of active oil and gas drilling rigs now stands at 1,071 according to the report, with the number of active oil rigs decreasing by 4 to reach 873 and the number of gas rigs holding steady at 198. The oil and gas rig count is now 141 up from this time last year, 126 of which is in oil rigs. Crude oil prices fell sharply?

Russia Oil Exports Down 36.65M Barrels In First 10 Months
by Irina Slav
14 Dec 2018 at 10:00am
Russia exported 36.65 million barrels (5 million tons) less crude oil in the first ten months of the year, not least because of its participation in the OPEC+ pact to reduce global supply. This is what the head of Russia?s oil pipeline monopoly Transneft said in an interview with a TV channel, as quoted by TASS news agency. The cuts worked, however, raising oil prices substantially enough that Russia booked a hefty increase in the value of its oil shipped abroad. According to customs data cited by TASS, this rose by 38.6 percent to reach?

Libya?s NOC Won?t Pay ?Ransom? For Biggest Oil Field
by Irina Slav
14 Dec 2018 at 9:00am
Libya?s National Oil Corporation said it would not pay a ?ransom? to have the armed militiamen that shut down the field last week lift their blockade, the company?s chairman said in a statement. NOC's chairman said if the Libyan Ministry of Finance paid the militants, this would set a dangerous precedent that would endanger Libya?s economic recovery. A day earlier, Mustafa Sanalla said in a letter to the Prime Minister of the UN-recognized government of Libya that if a ransom was paid, NOC would not restart production?

Chinese-Venezuelan Joint Venture Doubles Oil Production
by Irina Slav
14 Dec 2018 at 7:30am
A joint venture between troubled Venezuelan state oil company PDVSA and China?s CNPC in the South American country has doubled its oil production in the past seven months, Reuters reported today, quoting a unit of PDVSA, CVP. The joint venture, Sinovensa, accounts for about a tenth of Venezuela?s oil production, which has been falling inexorably over the past few years under the triple burden of the oil price collapse, years of mismanagement and corruption, and U.S. sanctions. CVP said in a Facebook post production at the Sinovensa?

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