Author: Oilconvo News
OPEC Cuts May Go Deeper as Another Member Sees Output Slump
While plunging output in Venezuela captures the oil world’s attention, problems are quietly festering in another OPEC nation. Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in an accord with fellow OPEC members. With the losses set to accelerate — a shipping program s...
Crude Holds Near $68 as Questions Swirl Around Iran Nuclear Deal
Crude held the $68-a-barrel level as a geopolitical risk premium in the market limited losses. Futures in New York fluctuated between gains and losses on Friday, poised for a 0.7 percent decline this week. Prices have been supported by investors waiting to see whether the nuclear accord that Iran signed with world powers in 2015 will remain. […] Read Full Article Here: https://www.bloomberg.com/ne...
Norway’s $1 trillion sovereign wealth fund suffers first-quarter losses
Norway’s sovereign wealth fund has reported first-quarter losses on its investments, citing falling stock markets. The fund’s return was minus 1.5 percent, lagging the positive return of 3.5 percent at the end of last year. The country’s $1 trillion rainy day savings pot is the biggest state fund in the world. It was established in 1990 to invest the surplus revenues of the Norwegian petroleum sec...
Oil is on a steady and sustainable uptrend
The NYMEX oil price breakout above $66 comes as no surprise to traders who analyze the price charts. This price behavior sets the next price target near $76 and potentially higher. Readers will remember that we set $65 and $76 targets in oil notes in 2018 February. These conclusions are derived from analysis of the price chart. There are three factors to consider in this analysis. The first factor...
Saudi Aramco’s international IPO delay makes sense as oil rallies, investor says
The much-anticipated international listing of Saudi Aramco — the world’s largest oil company — is likely to be delayed until 2019, but that decision makes sense given that oil prices are expected to head to $80 per barrel, a private equity investor said. The state-owned oil firm is expected to list on the Saudi stock exchange in the second half of this year, but an international listing ...
Kuwait: OPEC May Discuss Extending Oil Cut Deal In June
OPEC will keep its oil production cuts in place through the end of 2018 and will discuss a further extension at the June ministerial meeting in Vienna […] Read Full Article Here: https://oilprice.com/Latest-Energy-News/World-News/Kuwait-OPEC-May-Discuss-Extending-Oil-Cut-Deal-In-June.html
China’s Sinopec is reportedly planning to cut Saudi oil imports due to price rises
China’s Sinopec plans to cut Saudi crude oil imports loading in May by 40 percent, an official from the company’s trading arm Unipec said. Read Full Article Here: https://www.cnbc.com/2018/04/10/sinopec-to-cut-saudi-crude-imports-for-may-in-response-to-high-osps.html
Despite Oil Rebound – Devon Energy Laying Off 9 Percent of Staff.
Despite the recent oil and gas industry rebound, on Tuesday Devon Energy Corp said it would lay off 300 workers, roughly 9 percent of staff, part of a plan to streamline operations and boost the shale oil producer’s sagging returns and stock price, as reported by Reuters. Devon shared in a statement to Reuters that the cuts will be let go in “in the weeks ahead,” and that it will affec...
Port Author Texas May Add 600,000 barrels-per-day Processing Capacity
Port Author, Texas is may be adding over 600,000 barrels-per-day to their crude oil processing capacity. According to a recent Reuters article Motiva Enterprises is studying an expansion of its Port Arthur, refinery to more than double its current 603,000 barrel-per-day (bpd) crude oil processing capacity, Motiva Chief Executive Brian Coffman said on Saturday. The company is considering boosting t...
China’s list of tariffs takes aim at US chemicals and plastics sectors
China’s list of more than 100 American products under threat of tariffs targets the U.S. chemicals and plastics sectors at a time when parts of the industry are investing heavily in new production. About 40 percent of the goods on the list are plastics, petrochemicals, petroleum products and specialty chemicals. To be sure, the proposed tariffs amount to a response to President Donald Trump&...
Russia Not Joining OPEC – But Still Cooperating
Does it really matter if you’re an official member of OPEC, or just a non-OPEC cooperating country? On the recent comment by Russian Energy Minister Alexander Novak, he told Reuters on Tuesday a joint organisation for cooperation between OPEC and non-OPEC countries may be set up once the current deal on oil output curbs expires at the end of this year. Russian Energy Minister Alexander Novak...
Latin American nations compete for capital in surge of oil auctions
For decades, many Latin America’s oil-producing nations have often shunned investment from foreign firms, instead keeping their vast reserves under the tight control of governments and state-run oil companies. They aimed to protect profits to feed public budgets, but in practice have seen some major breakdowns, as with the corruption scandals and heavy debts at Brazil’s Petroleo Brasileiro S...