Energy & Oil

Energy & Oil
Wednesday, December 23rd 2015 - 08:02 UTC

Argentina's Falklands' claim and rejection of oil activities reiterated at the 'new' Mercosur summit

This is the first regional document related to the Falkland Islands Argentine claim since Mauricio Macri took office last 10 December.

Mercosur full and associate members ended their Paraguay summit signing six joint statements, one of which in support of Argentina's sovereignty claim over the Falklands/Malvinas Islands and rejecting 'non authorized' hydrocarbons exploration in the Argentine continental shelf. This is the first regional document related to the Falkland Islands Argentine claim since Mauricio Macri took office last 10 December.

Saturday, December 19th 2015 - 04:11 UTC

United States lifts 40-year ban on exports of crude oil

United States oil producers will now be able to sell crude to the already saturated international market. The bulk of US oil comes from shale producers.

The United States has approved a measure to lift the 40-year ban on crude oil exports. The move is part of a US$1.1 trillion spending bill approved by the Senate on Friday that will fund the US government until 2016.

Wednesday, December 16th 2015 - 08:49 UTC

Argentina outlines oil and gas wellhead price policy

Aranguren, an ex Shell executive, was an outspoken opponent of Kirchnerite energy policies and Shell was subject to government-sponsored boycotts

Argentina's new government will maintain wellhead crude prices above international levels for now, although the differential will narrow as artificially low wellhead prices for natural gas are gradually adjusted upwards, energy minister Juan Jose Aranguren announced on Tuesday.

Wednesday, December 16th 2015 - 08:20 UTC

YPF and Dow sign US$500m agreement to further develop shale gas

President Macri attended the signing ceremony. His administration plans to triple gas production by the end of 2016

Argentina announced on Tuesday an agreement between state-run oil company YPF and Dow Chemical to spend $500 million next year developing a natural gas project in the Patagonia region.

Wednesday, December 16th 2015 - 07:26 UTC

Expect a much smaller and more profitable Petrobras, in four years, says CEO Bendini

“In four years, you can expect a company with a more positive outlook. It'll be smaller, much smaller, but more profitable”, said CEO Bendini

Petrobras, Brazil's largest corporation, carried out asset sales and underwent a restructuring this year in response to a severe financial crisis, emerging smaller but with a more profitable and productive future ahead, CEO Aldemir Bendini said Tuesday.

Saturday, December 12th 2015 - 07:03 UTC

US crude futures trade at $35, lowest since February 2009; in one week price dropped 10%

Since OPEC spooked global markets by leaving its output quota unchanged at a closely-watched meeting last week, Brent crude has fallen by nearly 12%.

United States crude futures fell sharply on Friday plunging below $36 a barrel for the first time in more than seven years, after a bearish report from the International Energy Agency projected that global energy markets will remain vastly oversupplied for at least the immediate near future.

Saturday, December 12th 2015 - 06:56 UTC

Petrobras not selling any stake of its giant Libra offshore oil prospect

Petrobras is offering investors the chance to buy oil fields, refineries and other properties in an effort to cut debt by selling $15.1bn of assets by the end of 2016.

Petrobras, is not considering selling a 10% stake in its giant Libra offshore oil prospect at this time, Brazil's state-run oil company said on Friday. Petrobras was responding to a report on Tuesday that industry sources had been told by the company that the Libra stake was on offer.

Friday, December 11th 2015 - 12:04 UTC

Venezuelan subsidized oil sales to the Petrocaribe program on a tight rope

Deputy National Security Adviser Ben Rhodes said that U.S. might be able to provide some “resources” to the 17 countries affected if the program is cut

If the newly elected Venezuelan National Assembly votes to cancel that country's program of subsidized oil sales to Caribbean and Central American nations, the United States will not be able to substitute U.S. oil for Venezuelan oil, a senior U.S. official warned this week.

Wednesday, December 9th 2015 - 08:38 UTC

Oil prices plummet to seven-year lows on global supply glut

A supply glut and weak demand, fuelled by China's economic slowdown, have sent prices slumping more than 60% over the past 18 months

Oil prices slid on Tuesday, approaching seven-year low points on a global supply glut and weak demand growth. Crude futures had already slumped Monday after the OPEC oil producers cartel last week refused to slash record high output, in a market dogged by oversupply.

Saturday, December 5th 2015 - 06:50 UTC

Oil futures fall sharply after OPEC agrees to keep 'current actual production'

OPEC President Emmanuel Ibe Kachikwu said that there had been agreement to maintain a ceiling that reflects “current actual production”

Oil futures fell sharply Friday, with the U.S. benchmark settling below $40 a barrel after the Organization of the Petroleum Exporting Countries agreed to keep pumping crude at current production levels despite a global glut.

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