Author: AEN Staff

Oil prices mixed on weaker US dollar, OPEC pact institutionalization

One analyst says high US production, rising gasoline stocks and a shrinking price premium of Brent over WTI paints a bearish picture for oil prices.  Statoil photo. Oil prices mixed, premium of Brent over WTI near its lowest in six months Oil prices were mixed in seesaw trading on Thursday on a weak US dollar and comments from Saudi Arabia and OPEC saying the 24 producers participating in the cartel’s supply cut agreement are planning to institutionalize the deal. By 1:37 p.m. EST, benchmark Brent had dipped by 24 cents to $64.12/barrel and US WTI rose 43 cents to...

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OPEC crude oil supply cut participants – including Russia – look to make deal permanent

OPEC’s Secretary General Mohammad Barkindo floated the idea of institutionalizing the OPEC supply cut agreement in October, 2017. OPEC photo. OPEC supply cut agreement began in January 2017 United Arab Emirates’ Energy Minister Suhail Al Mazrouei told The National that by the end of the year, a super group of oil producing countries will have a plan in place to institutionalize the OPEC supply cut agreement. The OPEC deal involves 24 cartel members and non-members, including Russia.  The pact that saw participants cut a total of 1.8 million barrels per day (b/d) in production has been credited with helping oil...

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Deepwater oil projects fight back against shale revolution

Developers of new deepwater oil projects are looking to keep their operations cheap and simple.  Shell photo. Some deepwater oil projects rejuvenating existing fields Royal Dutch Shell says Penguins, its latest British North Sea oil and gas development, represents the company’s new keep-it-clean-and-simple philosophy for deepwater oil projects. The development of new deepwater oil projects was put on hold following the oil price crash in 2014.  But with new technology available, offshore oil drillers are bringing projects back to life, and, at the same time, challenging US shale. Penguins is designed to rejuvenate the 44-year old remote oil field.  Shell...

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Netherlands offshore solar farm to be online by 2021

The Netherlands offshore solar farm, similar to the Kagoshima Nanatsujima Mega Solar Power Plant in Japan (shown), will help the Dutch cut their fossil fuel use and meet their GHG emissions targets.  Kyocera Corporation photo. Netherlands offshore solar farm pilot project to begin operating this summer By 2021, the Netherlands offshore solar farm could provide clean energy to the European country which is struggling to cut its fossil fuel use to meet its greenhouse gas emissions targets. This year, six companies and research institutes will operate a pilot project comprised of 30 square metres of panels located about 15 kilometres...

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Oil prices up slightly on smaller US crude stock build

Oil prices rose slightly on Wednesday after the US Energy Information Administration reported US crude stocks rose by 1.8 million barrels, 1 million barrels less than anticipated.  Oil prices rebound from earlier losses Oil prices rose slightly on Wednesday despite data from the United States Energy Information Administration showing an increase in US crude stocks. By 1:07 p.m., EST, benchmark Brent was up 44 cents to $63.16/barrel and US WTI rose 31 cents to $59.50/barrel.  The Canadian Crude Index dipped 4 cents to $33.52. The EIA reported US crude inventories rose by 1.8 million barrels, less than the 2.8...

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