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An arctic blast sweeping across Western Canada is weighing on the price of heavy crude. Temperatures of -30 degrees Celsius (-22 Fahrenheit) and lower have descended on Alberta and Saskatchewan — cold enough to render the region’s viscous oil rock solid. To transport it, producers must blend in more of a lighter crude called condensate,
U.S. oil output growth could decelerate by more than 50% next year as greater capital discipline cuts drilling rigs in America’s largest shale patch. Production is set to expand by 400,000 barrels a day, the weakest growth since at least 2017, according to the U.S. Energy Information Administration. Output is seen increasing by a little
As Uganda’s government is looking to resolve a tax dispute with oil majors over oilfields, it sees the development costs for the two fields to reach at least US$5 billion, Uganda’s Energy Ministry Permanent Secretary Robert Kasande told Bloomberg in an interview. Until recently considered one of the hot spots for new oil developments in Africa, Uganda has pushed
OPEC’s latest forecasts suggested a weaker outlook for global oil markets this year as surging supplies from competitors from Norway to Guyana threaten the group’s efforts to defend crude prices. The organization and its allies — which together account for about half the world’s oil output — are embarking on a fresh round of production
t sounds counterintuitive and counterlogical, but there is a possibility that if the current government of Iran is toppled, crude oil prices could drop to $40 a barrel. That’s according to the chairman of JBC Energy, Johannes Benigni, who told CNBC a regime change could return Iran to the negotiating table, implying that the U.S. administration could
Oil supplies from Iraq, the Middle East’s second-biggest producer, are “potentially vulnerable” amid rising political risks in the country and the broader region, the International Energy Agency warned. Crude prices briefly soared to a three-month high above $70 a barrel last week as tensions between the U.S. and Iran erupted in neighboring Iraq, where America
A huge blaze that can be seen from Stenhousemuir is currently being battled by fire crews. Scottish Fire and Rescue Service confirmed three appliances are in attendance after the alarm was raised around 10.40am. One person wrote on Twitter that the flames could be seen from Stenhousemuir. @cullyboy2 said: “Big flames in Grangemouth Docks area,
President Donald Trump is poised to sign a deal with China on Wednesday that leaves significant tariffs in place and for the first time would punish Beijing if it fails to deliver on pledges related to its currency, intellectual property and the trade balance. But the question set to dog Trump the moment the ink
Maersk Drilling has been awarded contracts for a three-well exploration drilling project by Total E&P Angola Block 32, Block 48 and Total E&P Namibia B.V. for the 7th generation drillship Maersk Voyager. Maersk Voyager will be employed offshore Angola and Namibia for a campaign which includes the deepest water depth ever drilled offshore. The project
Tullow Oil expects to take a charge of $1.5 billion when it reports 2019 results, capping a terrible year for the debt-strapped company. The pretax sum of impairments and exploration write-offs reflects a lower oil-price forecast and a cut in reserves at a field in Ghana. Tullow’s assets in the West African country performed poorly