Daily Archives: March 8, 2017

Oil Prices Take 5% Hit As U.S. Crude Inventories, Production Soar

West Texas Intermediate (WTI) prices dropped five percent to a $50 rate on Wednesday in its biggest dip since September 2015, according to Zero Hedge. Reuters reported that the plunge came as U.S. inventories surge to record highs every week, fueling doubts about the effectiveness of the Organization of Petroleum Exporting Countries’ strategy to curb production in order to deal with the global supply glut. “We’re seeing some ‘GMO trading’, or ‘Get-Me-Out’ type trading,” Andrew Lebow, from the Commodity Research Group in Darien, Connecticut,…

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Nigerian Economy Pick-Me-Up To Privatize Portions Of Oil Sector

The new blueprint has been designed to comply with demands made by the World Bank and other international lenders who are prepared to fund new energy projects in exchange for oil-sector liberalization. Privatizing portions of the West African country’s oilfields will “optimize their efficiency and reduce fiscal burden on the government,” according to the plan posted on the Ministry of Budget and National Planning’s official website. To raise government revenues by 350 billion naira, the plan also proposes raising the value-added…

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OPEC Offers Olive Branch To U.S. Shale

Anybody who is anybody in the world of oil is gathering in Houston this week for the IHS CERAWeek Conference, an annual get-together of top industry analysts, executives and government ministers. The mood in Houston is notably different from a year ago, when oil prices languished in the $30s per barrel. Everyone can thank OPEC for the renewed sense of optimism. At the conference, OPEC said that it would continue to be the “only catalyst” for balancing the market, a comment meant to emphasize OPEC’s significance after several years…

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Chevron Subsidiary Begins Drilling On Angola’s Offshore Blocks

Cabinda Gulf Oil Company began drilling in the second phase of the field’s development, collecting 150,000 barrels of oil and 350,000 cubic feet of natural gas per day. Production is expected to peak in 2018. “This milestone supports our priority of completing major projects and improving free cash flow,” Jay Johnson, executive vice president of upstream projects for Chevron, told World Oil. “The Mafumeira Sul project generates new production and value for Angola, our partners and the corporation.” The block sits just…

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Oil Patch Pushes Up Canada’s Credit Card Delinquency Rate

Serious credit card delinquency rates rose by 3.2 percent in Canada last year, mostly due to double-digit rises of those rates in the oil patch provinces—Alberta and Saskatchewan—TransUnion said in its Canada industry report on Wednesday. The delinquency rate 90+ DPD — the ratio of balances 90 or more days past due — for all of Canada was 4.21 percent as of Q4 2016, up from 4.08 percent in Q4 2015. The rise can be attributed to the oil patch provinces, as both Alberta and Saskatchewan saw annual rises of more than 22 percent, while…

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