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3.08

Category: E-Blasts

Ecuador to Pump Over OPEC Oil Limit

Ecuador has broken ranks with fellow OPEC members as the South American country’s energy minister said it could no longer hold up its end of an agreement to cut oil production. Ecuador is among the smallest producers in the Organization of the Petroleum Exporting Countries, but the news is a symbolic setback for the 14-nation cartel, which has tried to juice the oil market by withholding oil supplies. OPEC’s output cuts have so far failed to raise prices, which remain…

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US rig count rises 8 this week to 916; Texas up 5

HOUSTON (AP) " The number of rigs exploring for oil and natural gas in the U.S. rose by eight this week to 916. A year ago, just 408 rigs were active. Houston oilfield services company Baker Hughes said Friday that 733 rigs sought oil and 182 explored for natural gas this week. One was listed as miscellaneous. Texas added five rigs, Oklahoma added three, while Colorado, North Dakota, and Ohio each gained one. Written by NZ Herald.co.nz [formidable id="19"]

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Wall St. Gears Up For The World’s Biggest Oil Trade

International banks are preparing for the Hacienda Hedge – the secretive oil deal that has seen Mexico earn billions from successful bets on future oil prices. Detailed in an analysis by Javier Blas for Bloomberg, the history of the Hacienda Hedge is certainly impressive and might incite other countries to try their hand at betting on future oil prices. Or then again, it might not, as Mexico’s success story seems to be kind of unique. Blas interviewed Mexican government officials,…

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Oil eases from 5-week high, U.S. output rise undermines rally

Crude oil edged back from a five-week high on Tuesday, as rising U.S. shale oil production weighed against support from tensions in the Middle East and production cuts in OPEC and other states. Brent crude LCOc1, the international benchmark for oil, was down 8 cents from its previous close at $55.90 per barrel at 1225 GMT. Earlier in the session, Brent had climbed to its highest since March 7 at $56.16 a barrel. U.S. West Texas Intermediate (WTI) CLc1 fell…

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US crude settles at $48.40, down for 6th straight session on US supply concern

Oil prices traded roughly flat after hitting three-month lows on Monday, as rising inventories and drilling activity in the United States, the world's top energy consumer, offset optimism over OPEC's efforts to restrict crude output and reduce a global glut. After more than two months of reduced production from the Organization of the Petroleum Exporting Countries, the market is facing evidence that U.S. production remains high and global markets remain oversupplied. On Monday, the Energy Information Administration forecast U.S. shale…

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Oil and gas industry sees signs of recovery regionally and statewide

The oil and natural gas industry is showing signs of recovery in East Texas and across the state with more drilling rigs going up, more sales of supplies and more people returning to work. The signs are occurring as the price of crude oil is slowly increasing and largely stabilizing, thanks in part to OPEC's decision in November to cut production beginning in January, industry observers said. "Drilling and exploration is picking up," said Alex Mills, president of the Texas…

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San Antonio manufacturers waiting for oil’s comeback

Duffy Shea used revenue from the oilfield boom to return San Antonio’s 141-year-old Alamo Iron Works to profitability after it emerged from bankruptcy in 2010. Roughly a third of the steel fabricator’s revenue was coming from the oilfield at the market’s peak. But the boom eventually turned bust and by the end of 2016, Shea said demand from the oilfield dropped by about 50 percent. “When things go south in the energy world nobody dims the light - they turn…

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Oil Shipments Show That OPEC Is Sticking to Its Cuts

Oil supplies from OPEC are plunging this month as the group implements production cuts aimed at erasing a global surplus, according to tanker-tracker Petro-Logistics SA. The Organization of Petroleum Exporting Countries will reduce supply by 900,000 barrels a day in January, the first month of the accord’s implementation, said the Geneva-based consultant. That’s equivalent to about 75 percent of the cut that the producer group agreed. Eleven non-members led by Russia are to curb their output in support. The data…

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Oil, gas jobs rise again in Texas

Jobs in Texas’ oil and gas industry rose at the end of 2016 for the first time in more than two years, another sign that the long-awaited recovery in the state’s energy sector is gaining traction. Texas added an estimated 3,000 oil and gas jobs in November and December, after shedding more than 100,000 during the industry downturn that began in mid-2014, said Karr Ingham, an economist who studies the state’s oil and gas sector. “For the first time in…

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Goldman Sachs and Baker Hughes Are Launching a Fracking Business

Written by Reuters and Published on fortune.com Click HERE to Read the Article by the Publisher. Baker Hughes said it has reached an agreement with CSL Capital Management and Goldman Sachs Group’s merchant banking division to create a hydraulic fracturing company in which Baker Hughes will own a 46.7% stake. Under terms of the agreement, oilfield services provider Baker Hughes BHI -0.80% will contribute its North American land cementing and hydraulic fracturing businesses, which comprises of assets in the United…

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