More Economics & Oil Market News

MARKET WATCH: Crude oil futures reach above $75/bbl at week’s end in New York

The New York Mercantile Exchange December crude oil contract increased $1.61 on Nov. 14, closing at $75.82/bbl. The January 2015 contract increased $1.66 to $75.82/bbl.

Rosneft, PDVSA sign long-term oil, products supply contract

OAO Rosneft reported signing a long-term supply contract for oil and oil products with Petroleos de Venezuela SA (PDVSA).

EIA: OPEC's anticipated inaction brings uncertainty to oil price forecast

Brent crude oil prices fell to $84/bbl at the end of October from $95/bbl at the beginning of the month.

DOE permits LNG exports to non-FTA countries from Freeport terminal

The US Department of Energy authorized LNG exports to countries not having a free-trade agreement with the US from Freeport LNG Expansion LP and FLNG Liquefaction LLC’s Quintana Island terminal and liquefaction plant in Texas.

Oil & Gas UK rebuts industry-subsidy claim

Oil & Gas UK has issued a sharp rebuttal to reports that UK producers enjoy generous governmental subsidies.

 

MARKET WATCH: Oil futures price falls nearly $3/bbl in New York

The New York Mercantile Exchange December crude oil contract dropped $2.97 on Nov. 13, closing at $74.21/bbl. The January 2015 contract dropped $2.99 to $74.16/bbl.

Mexico moving quickly to implement energy reforms, officials report

Mexico is moving quickly to implement its aggressive energy reforms, two officials of its government told a conference at the Woodrow Wilson International Center for Scholars. “My office has a very tight schedule where we’ll publish all the terms for the first shared contracts by the end of this month, and into next year,” said Maria de Lourdes Melgar Palacios, hydrocarbons undersecretary in the country’s hydrocarbons secretariat.

Tullow cuts exploration budget amid falling oil prices

Falling crude oil spot prices have caused South Africa’s Tullow Oil PLC to cut its 2015 exploration and appraisal budget to about $300 million, placing more emphasis on development and production assets.

MARKET WATCH: Brent crude oil price falls, but still above $80/bbl

Brent crude oil prices dropped more than $1/bbl but still hovered above $80/bbl in Nov. 12 settlement prices for December and January 2015 delivery while prices for US light, sweet crude dropped more than 70¢/bbl on the New York market.

EIA: OPEC’s actions bring huge uncertainty on crude oil price forecast

Brent crude oil prices fell to $84/bbl at the end of October from $95/bbl at the beginning of the month. A handful of core drivers for this tumble include weakening outlooks for global economic and oil demand growth, the return to the market of previously disrupted Libyan crude oil production, and continued growth in US tight-oil production.

MARKET WATCH: Brent crude dips to 4-year low on expected OPEC inaction

Brent crude oil prices on the London market reached a 4-year low Nov. 11 upon anticipation by traders and analysts that the Organization of Petroleum Exporting Countries will take no action to reduce abundant world oil supply. US light, sweet crude on the New York market gained slightly Nov. 11.

Gazprom, CNPC sign agreement on gas supplies via western route

OAO Gazprom and China National Petroleum Corp. signed a framework agreement on gas supplies via the Altai pipeline, known as the “western route.”

MARKET WATCH: Brent, NYMEX crude oil futures drop more than $1/bbl

Crude oil prices fell more than $1/bbl on the New York and London markets during Nov. 10 trading as traders and analysts remain focused on whether the Organization of Petroleum Exporting Countries will cut production quota levels at its Nov. 27 meeting in Vienna.

Investors await Mexico’s Round One bid terms

Investors and oil companies expect Mexico to release its bid terms any day now for its upstream bid round, Mayer Brown energy partner Dallas Parker and associate Gabriel Salinas said in a recent interview with Oil & Gas Journal.

Oil sands 2014-38 outlay to top $514 billion

Total investment in Canadian oil sands projects during 2014-38 will exceed $514 billion (2013 Can.), according to the Canadian Energy Research Institute (CERI).

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