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BP CEO: $80 Oil Is Unhealthy For The World
by Tsvetana Paraskova
20 Oct 2018 at 9:59pm
Oil prices at $80 a barrel are too high and unhealthy for the world today, Bob Dudley, the chief executive of UK supermajor BP, said on the sidelines of an event on Friday. ?There?s a healthy price for oil and energy and I believe that balances producing countries and consuming countries,? Quartz quoted Dudley as saying on the sidelines of the conference One Young World in The Hague. ?In my mind, it?s somewhere between $50 and $65 a barrel. The world can live with this,? Dudley noted. Emerging and developing?

Brazil?s Offshore Boom Is Facing The Same Problem As U.S. Shale
by Ron Patterson
20 Oct 2018 at 4:00pm
BRAZIL C&C PRODUCTION Brazil and Petrobras show something in common with U.S. LTO: even with a lot of debt and desire, and a strong resource base it is difficult to raise production in the face of high decline rates. It may also be a lesson for the world as oil prices rise and activity picks up; it is by far the most active conventional oil region with many major projects at various stages of completion, but facing delays and schedule crowding so oil production has continued a slow decline, contrary to expectations from last year. In July new?

Oilfield Service Companies Bet On Full Recovery
by Tsvetana Paraskova
20 Oct 2018 at 4:00pm
Growing Permian drilling and production started lifting last year the revenues and profits of the world?s top oilfield service providers who were badly bruised by the 2014 oil price crash. Schlumberger, Halliburton, and Baker Hughes saw their earnings in the past few quarters lifted by the return of frenzied drilling in North America, led by the Permian basin, while international operations lagged amid slower recovery in global investments in exploration and production. In July this year, the mood at Schlumberger and Baker Hughes in Q2 earnings?

How The Trade War Could Benefit Australian Gas
by Tim Daiss
20 Oct 2018 at 12:00pm
Australian oil and gas producer Santos, the operator of the GLNG project, could win any comeback kid awards in the global energy patch. From several years of turmoil during the recent roil in global oil and gas markets that made the company bleed red ink, making it a prime take-over target, it continues to come back swinging, posting stellar production and sales numbers. On Thursday, the Adelaide-based company reported quarter-on-quarter increases in its oil and gas output and sales volumes. Production reached 15 million barrels of oil equivalent?

The Biggest Winners In The Mediterranean Energy War
by Vanand Meliksetian
20 Oct 2018 at 10:00am
Former Vice-President of the United States Dick Cheney once said: ?the good lord didn?t see fit to put oil and gas only where there are democratically elected states? Occasionally we have to operate in places where, all considered, one would not normally choose to go. But we go where the business is.? Europe is surrounded by states with abundant energy resources, but supply from these countries is not always as reliable. Russia, for example, is regularly accused of using energy as a weapon. However, major discoveries of?

Myanmar To Auction Off 31 New Oil And Gas Blocks
20 Oct 2018 at 8:00am
On August 30 the Ministry of Electricity and Energy (MoEE) announced it would be opening fresh rounds of bidding for oil and gas blocks in the first half of next year, and there are plans to launch a tender for at least one onshore block before the end of 2018. If all goes according to plan, the MoEE?s Department of Oil and Gas Planning will offer 18 onshore and 13 offshore blocks. The bids are aimed at revitalising Myanmar?s energy sector, which has seen activity slowdown in recent years. The last round of exploration and production?

Oil Markets Ignore Growing Geopolitical Risk
by Editorial Dept
19 Oct 2018 at 4:00pm
The disappearance and alleged dismembering of Saudi dissident Jamal Khashoggi by people connected to Crown Prince Mohammad bin Salman has generated a lot of media buzz throughout the week, however markets were quite reluctant to react palpably. U.S. crude inventories, however, have put crude prices under significant pressure, having increased by a total of 20 million barrels within the past six weeks due to the autumn refinery maintenance season. (Click to enlarge) Overall, crude fell to a one-month low after market sentiment cooled over Iranian?

The Mini-Bear Market For Crude
by Editorial Dept
19 Oct 2018 at 4:00pm
Markets have hit a rough patch ? and oil is on the negative end of just about every indicator that appeared in the last week. Let?s go through them all and perhaps try to find where the light at the end of the tunnel might appear. First to consider are the equity markets at large. No one can ignore the pressure that particularly EM and European markets have been under in recent weeks, and in the last weeks that pressure was transferred to the US markets through a small rise in interest rates from the Federal Reserve. Since then, equity?

How OPEC Can Boost Its Spare Capacity
by Editorial Dept
19 Oct 2018 at 4:00pm
Wherever OPEC Secretary General Mohammad Barkindo went this week, he emphasized the importance of building up a sizable spare capacity cushion as a safe way to help the global oil markets weather any external shocks. The problem is by no means new, as we discussed two weeks ago Saudi Arabia has been looking into diplomatic ways how to ramp up production without hurting the sustainability of its production ? it is a remarkable development given that for years Saudi Arabia?s 2 mbpd spare production capacity was perceived as a lifebuoy?

U.S. And Saudis? Expect Business As Usual
by Editorial Dept
19 Oct 2018 at 4:00pm
Oil prices continued to trend lower this week despite an extraordinary rift between OPEC?s largest producer and the world?s largest oil consumer. On October 2nd, Washington Post journalist Jamal Khashoggi went missing in the Saudi Arabian consulate in Turkey and is now reported by Turkish and U.S. media to have been killed at the hands of Saudi Royal guards with ties to Crown Prince MBS. Western condemnation of the event has been swift and the negative consequences for Saudi relations with many of their allies could be significant.?

Uncovering The Truth Behind The Khashoggi Disappearance
by Editorial Dept
19 Oct 2018 at 4:00pm
Note: The information in this report is highly sensitive, as are references to sources. Dissemination or re-publication of any kind of any part or all of this report is strictly prohibited. Who Was Really Behind the Saudi Journalist Murder? The consensus view is that MbS, the Saudi Crown Prince, was definitively behind the disappearance and apparent murder and possibly even dismembering of self-exiled journalist and critic Khashoggi. Media sources are tying murder suspects to MbS, and the pressure is mounting for the Trump administration to respond?

Chinese City Wants To Launch Artificial Moon To Light Up Streets
by Tsvetana Paraskova
19 Oct 2018 at 4:00pm
China wants to launch a world-first ?man-made moon? over the southwestern city of Chengdu by 2020 to help illuminate the city at night. If the first artificial moon experiment is successful, China will launch three more ?moons? in space in 2022, potentially saving electricity and conserving energy, China Daily reports. The man-made moon that will be orbiting the Earth will have a reflective coating designed to deflect sunlight back to the earth?s surface similar to the shining of the Moon, Wu Chunfeng, head of Tian?

Exxon Is Betting On Africa For Its Next Big Find
by Irina Slav
19 Oct 2018 at 3:00pm
Exxon is betting very big on Africa for its next big find, the supermajor?s head of exploration, Stephen Greenlee, told Bloomberg in an interview. In fact, Greenlee said, Exxon was hoping to strike a discovery of a billion barrels or more in Africa: what is known in the industry as an elephant, Bloomberg?s Kevin Crowley reports. The U.S. Geological Surveyestimatedthat two years ago there were at least 41 billion untapped barrels of crude oil in sub-Saharan Africa alone. Exxon is focusing on western and southern Africa in?

Norway?s Oil Production Continues To Decline Faster Than Expected
by Tsvetana Paraskova
19 Oct 2018 at 1:00pm
Norway?s crude oil production has not only been sliding this year compared to last year?as expected?but it has also consistently underperformed the production forecasts of the Norwegian Petroleum Directorate (NPD). NPD?s figures for September showed on Friday that Norway?s crude oil production stood at 1.302 million bpd, down by 13 percent compared to August 2018 and down 9.6 percent compared to September last year. Total liquids production?including oil, natural gas liquids (NGL), and condensate?came in?

Oil Market Loses Its Bullish Edge
by Tom Kool
19 Oct 2018 at 12:00pm
Oil markets are calming down after several weeks of bullish news, with Goldman Sachs now saying that crude is unlikely to break $100 per barrel. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge)Friday, October 19, 2018The oil market is suddenly rather sanguine about a supply shortage in the short run. ?The concerns about a tightening of supply, which dominated markets until two weeks ago, have abated despite the fact that the reasons for them (falling?

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