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Venezuela Decrees Fridays A Holiday To Ease Energy Crisis

April 9, 2016

Venezuela’s President Nicolas Maduro has decreed that all Fridays for the next two months will be holidays, in a bid to save energy in the blackout-hit OPEC country. “We’ll have long weekends,” Maduro said in an hours-long appearance on state television on Wednesday night, announcing the measure as part of a 60-day plan to fight… Continue Reading »

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ADNOC: Oil Markets Will Start To Rebalance In 2016, 2017

April 6, 2016

The chief executive of the Abu Dhabi National Oil Company said in remarks published on Monday he expected a slow increase in oil prices in the medium term, with markets starting to rebalance supply and demand during 2016 and 2017. In an interview published by the National and al-Ittihad newspapers and state news agency WAM,… Continue Reading »

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World’s Biggest Oil Market Too Tied To Mideast To End Addiction

April 3, 2016

Even in a world awash with crude, buyers in the world’s biggest oil market can’t seem to escape their addiction to Middle East supplies. South Korea’s imports from the Middle East climbed last year to the highest level since at least 1980, while refiners in India say they are shunning shipments from distant ports and… Continue Reading »

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China Oil Giants Take Spending Cuts Deeper as Profits Shrink

March 31, 2016

After chopping spending by almost one-third to cope with a crash in oil prices and billions in writedowns that sent profits to the weakest since last decade, China’s energy giants are cutting even deeper. PetroChina Co., Cnooc Ltd. and China Petroleum & Chemical Corp., which together produce more crude than any country in OPEC besides… Continue Reading »

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Ecuador Oil Minister to Visit Colombia, Mexico to Push Output Talks

March 30, 2016

Ecuador’s oil minister said on Monday he will travel to Colombia and Mexico this week to discuss a proposed meeting between Latin American oil producers to unify the region in backing an output freeze or other measures to bolster prices. The gathering between Colombia, Ecuador, Mexico and Venezuela was originally expected at the start of… Continue Reading »

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Like the Oil Markets, Drillers Are Playing a Game of Wait and See

March 23, 2016

The oil market and energy investors alike have been showing signs of optimism that the industry is potentially emerging from a downturn that commenced in July 2014, when crude prices started to fall from highs of $112/bbl to eventual lows of $26/bbl (seen in January 2016). Since the last week of February, however, oil prices… Continue Reading »

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Oil Leaks And Disruptions Doing The Job That Producers Won’t

March 18, 2016

Pipeline leaks and shipping disruptions are doing more to reduce the global oil glut than producers who can’t seem to agree on whether to cap output. Outages from Iraq and Nigeria have disrupted more than 800,000 barrels a day of supply and tightened the Brent market, according to Citigroup Inc. That’s coincided with a 20… Continue Reading »

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If Oil Prices Have Hit Bottom, the Top May Not Be Too Far Away

March 17, 2016

The top of the oil market may be closer than you think. With Brent futures having bounced back as high as $41 a barrel, the International Energy Agency sees “light at the end of the tunnel,” and Goldman Sachs Group Inc. is spotting “green shoots.” Even so, many analysts warn that, like the failed rally… Continue Reading »

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Oil Producers Likely to Meet in April on Output Freeze

March 16, 2016

Major oil producers are likely to meet in April to discuss a proposal to freeze output at January levels to stabilize the market, according to four Gulf OPEC delegates. Ministers from some members of the Organization of Petroleum Exporting Countries had suggested that such a meeting would take place this month in Russia. The talks… Continue Reading »

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Russia’s Dilemma: Squeeze Oil Industry Without Strangling Growth

March 10, 2016

While the world focuses on Russia’s oil-freeze talks with OPEC, there are discussions behind closed doors in the Kremlin that will have a much more significant impact on the nation’s energy industry. The petrodollars that underpin Russia’s national budget are evaporating. When crude prices were high, increasing revenue simply meant encouraging companies like Rosneft OJSC and… Continue Reading »

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