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News Page 102

Exxon Sees Booming Energy Demand In Long-Term Outlook

Crude oil will retain its dominant position among energy sources a quarter century from now as population growth and rising standards of living in much of the world more than offset energy-saving efficiency gains, Exxon said in its annual long-term outlook released on Monday. Demand for natural gas will grow more than any other source and will account for 40 percent of the overall increase, according to the report.   Oil demand will grow by 20 percent to 112 million…

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Saudis ‘Will Not Destroy The US Shale Industry’

Hedge funds and private equity groups armed with $60bn of ready cash are ready to snap up the assets of bankrupt US shale drillers, almost guaranteeing that America’s tight oil production will rebound once prices start to recover. Daniel Yergin, founder of IHS Cambridge Energy Research Associates, said it is impossible for OPEC to knock out the US shale industry though a war of attrition even if it wants to, and even if large numbers of frackers fall by the…

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OPEC, Russia talk of oil teamwork, but Saudi talks of investment

Senior OPEC and Russian oil industry officials stepped up vague talk on Monday of possible joint action to remedy one of the worst supply gluts in decades, while Saudi Arabia signaled its resolve to allow the market to balance itself. The latest volley of comments highlighted the intensifying pressure of $30 a barrel oil prices on cash-strapped countries such as Russia, but did not appear to tilt the scales meaningfully towards any concerted action to reverse the price crash, an…

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Oil Hit Again After Iraq Supply Adds to Glut

Oil prices fell as much as 5 percent on Monday, wiping out some of the surge at the end of last week, as investors' focus returned to the market's oversupply amid news that Iraq's output reached a record last month. U.S. crude CLc1 had traded $1.52 lower to $30.67 a barrel, a loss of 4.7 percent, by 12:30 p.m. EST. Brent crude LCOc1, the global benchmark, was $1.28 weaker at $30.90 a barrel, 4 percent below its closing price on…

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OPEC Still Sees Oil Markets Balancing This Year

OPEC acknowledges that it is still producing more oil than its customers can consume, but says a drop in output by producers outside the cartel will begin a “rebalancing” of prices in the coming year. In its Monthly Oil Market Report, issued Monday, OPEC said demand for its crude averaged 29.9 million barrels per day in 2015, while the group was producing an average of 31.85 million barrels per day throughout the year. This excessive production came despite declines in…

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EXCLUSIVE – Private-Equity Backed Oil Producer Buys Texas Acreage

HOUSTON, Jan 21 (Reuters) - A private equity-backed U.S. oil company led by former Statoil executives has bought 18,000 acres in rural West Texas, the latest deal by investors snapping up land whose value has plunged along with crude prices. Private equity, venture capital and other prospectors are betting that global demand for oil will eventually outstrip supply and lift prices from 12-year lows, making the land ripe for development. Luxe Energy LLC, formed last year by Statoil alumni with…

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Work Underway on Water Treatment Project for San Andres Oil, Gas Wells

Midland, Texas-based STW Resources Holding Corp., a water management solutions provider, has obtained a permit from the Middle Pecos Groundwater Conservation District to treat and make useable millions of gallons of artesian brackish water flowing from abandoned oil test wells in the Imperial, Texas area. Development is underway on the MRK lease, and is a key component in STW’s West Texas Water Project. The main purpose of this project is to access alternative resources to fresh water, process brackish water…

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$30 Oil Is ‘Irrational’ And A Rebound Is ‘Inevitable,’ According To Saudi Arabia

Shocking: Saudi Arabia thinks oil prices at $30 per barrel are "irrational." According to a report in The Financial Times, Khalid al-Falih, chairman of the state-owned oil company Saudi Aramco, said at the World Economic Forum in Davos that he expects a recovery in prices this year. "The market has overshot on the low side and it is inevitable that it will start turning up," Falih said. Saudi Arabia, however, is not prepared to cut production to bring prices back to something…

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Five Eagle Ford Companies To Watch As United States Becomes Natural Gas Exporter

So far this year, American crude oil exports have been getting all the attention, but natural gas exports are expected to do far more business in terms of volume and perhaps, profits. The U.S. Energy Information Administration released a report on Friday stating that natural gas imports will move down to zero over the next 16 months. It will be the first time since 1955 that the United States is exporting more natural gas than it imports. By some estimates…

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Valero Takes A Stake In The ‘Diamond Pipeline’

San Antonio-based refining company Valero Energy Corp. (NYSE: VLO) has acquired a 50 percent interest in a pipeline that runs from strategic storage terminals in Oklahoma to Memphis, Tennessee. Last year, Plains All American Pipeline (NYSE: PAA) announced plans to build the 440-mile "Diamond Pipeline" from Cushing, Oklahoma to Memphis. Cushing is a strategic delivery point and storage terminal for crude oil extracted from Oklahoma, Colorado, the Permian Basin of West Texas, the Bakken Shale in North Dakota and other areas…

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