From The Houston Chronicle Saudi Arabia plans to keep oil exports below 7 million barrels a day next month as OPEC’s biggest producer allocates less crude than customers demand in a bid to stabilize the market, according to the kingdom’s officials. State-run Saudi Arabian Oil Co., known as Aramco, will cut customer allocations across all regions by a total of
From Reuters Global oil major BP is deepening its ties with Indian conglomerate Reliance Industries by forging a fuel retailing joint venture to capitalize on rising demand in Asia’s third-biggest economy. The move comes days after BP said it would build a network of charging hubs for electric vehicles with China’s Didi Chuxing, betting on the world’s largest market for
From Reuters Britain on Monday joined the United States in a maritime security mission in the Gulf to protect merchant vessels travelling through the Strait of Hormuz after Iran seized a British-flagged vessel. British officials stressed that there was no change to London’s policy on Iran but joining the United States is the most significant non-Brexit foreign policy move to
From Reuters General Electric Co’s oilfield services arm, Baker Hughes, beat quarterly profit estimates on Wednesday, driven by higher LNG drilling and demand for its oilfield services in international markets, sending its shares up nearly 6%. Revenue in the oilfield services segment, which constitutes a majority of the company’s operations, rose 14% to $3.26 billion in the second quarter, led
By Tyler Losier, Energy Reporter, Oil & Gas 360 Supply deficit quickly flipped to surplus: International Energy Agency data now shows 500,000 barrel per day global surplus for Q2 2019 Despite the OPEC+ supply cuts agreed upon earlier this month, a slowdown of the global economy is dampening oil demand, leading to a larger-than-expected surplus in crude reserves. According to
From Bloomberg In the Netherlands, once Europe’s largest natural gas supplier, one of the big questions is how to deal with declining production and increasing reliance on imports. For hundreds of energy traders, utility executives and analysts gathering in Amsterdam this week for the Flame Conference, the Netherlands epitomizes the European energy security situation. Whether through pipelines from Russia or
From Bloomberg A major Russian oil pipeline will remain shut for another week as its operators resolve a chemical contamination that forced refiners in Eastern Europe to stop taking crude deliveries. Talks in Minsk between officials from countries along the crucial oil conduit agreed on a technical solution that’s now under review, Poland’s pipeline operator said on Friday. Russia has
From Bloomberg Arab Spring-style protests have rocked Europe’s third-biggest natural gas supplier. Thousands of young Algerians have taken to the streets, fed up with an octogenarian president who’s been in power for 20 years and a weak economy that doesn’t generate enough jobs. While the rare public display of dissatisfaction has sparked a political crisis in the authoritarian state, the
Pipeline rules seen removing political risk in European prices From Bloomberg The stage has been set for a European natural gas price war that will help boost demand and enable both Russia and the U.S. to increase sales to the region. The battle won’t brutalize earnings too much because gas supply is just so profitable in Europe, where prices are more
From American Journal of Transportation More than half of Germany’s small and medium-sized enterprises think Europe’s biggest economy could contract next year, hobbled by slowing global growth, trade disputes and a stuttering auto sector. Almost 53 percent of so-called “Mittelstand” companies surveyed by the BVMW industry association fear that a recession could strike in the next 12 months, the group
Vermilion Energy Inc. (ticker: VET) closed the acquisition of Spartan Energy Corp. for a total consideration of $1.40 billion, comprised of $1.23 billion in Vermilion shares plus the assumption of approximately $175 million in debt. Vermilion acquired all of the issued and outstanding common shares of Spartan on the basis of 0.1476 of a Vermilion share for each Spartan common
Iran’s energy sector will feel the repercussions of renewed sanctions Iran has the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves, but production in the country has been suppressed by international sanctions and underinvestment. Although some sanctions targeting the energy industry were temporarily lifted, and oil production reached ~3.8 MMBOPD in 2017, growth has remained
