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Saudi Arabia is reviewing its plan to cut domestic energy subsidies as it tries to balance its budget without hurting businesses that have relied on cheap power for a competitive edge. “We have been asked by the government to re-study what would be the best pricing policy that we would adopt going forward,” Industry Minister
Libya’s state energy company approved French oil giant Total SA’s acquisition of Marathon Oil Corp.’s assets in the North African country in a deal that could boost the OPEC nation’s production capacity. Hot Tip Looking for your next job? Register and build a detailed profile on Oil and Gas People so recruiters can find you.
Houston is counting on industries outside the oilfield to employ residents of America’s fourth-largest city as the Texas shale boom sputters. “The situation Houston faces today is eerily similar to what it faced after the 1980s bust — an oversaturated real estate market, a bleak outlook for oil and gas, and the need for innovation
Even as Mexico’s president and Pemex’s CEO touted the country’s most important find in three decades, it appears to be far from a panacea for the beleaguered state driller. Pemex called the Quesqui deposit — which is believed to contain 500 million barrels of proven, probable and possible, or 3P reserves — the most important
Two of the worst storms ever recorded hit developing nations this year, supercharged by rising global temperatures. Now there’s an international push to link the billions of dollars in devastation to climate change and compel rich, industrial nations to pay. From the Bahamas to Mozambique, many of the nations better known as exotic holiday destinations
Sanctions aimed at blocking the Nord Stream 2 natural gas pipeline from Russia to Germany were included by U.S. lawmakers a must-pass defense bill, according to two people familiar with the legislation. The sanctions, which would apply to companies building the pipeline project of Russian energy company Gazprom PJSC, are modeled after a bill introduced
Oil doubters got a surprise from Saudi Arabia on Friday: a pledge of deeper production cuts that sent futures surging for their best week since June. Hedge funds didn’t see that coming as they slashed net-bullish wagers on West Texas Intermediate crude by 24% in the days leading up to the OPEC meeting in Vienna,
A year after a rare bullish call on oil, Saudi Arabia isn’t counting on much of an uplift from crude prices in 2020. The world’s biggest oil exporter has designed next year’s budget under the assumption that Brent will average about $65/bbl, according to calculations by Ziad Daoud, Bloomberg’s chief economist in the Middle East.
Turkey and Libya officially approved a contentious maritime deal that may fuel an energy showdown in the gas-rich waters of the eastern Mediterranean, where both countries are at odds with Greece. The Nov. 27 preliminary agreement demarcates an 18.6-nautical mile (35-kilometer) line that will form the maritime boundary separating what will be the two countries’
A slowdown in gas demand growth in China, the driver of global use over the past two years, is expected to slacken further, adding to investor concern as supply continues to build. Consumption in 2021-2025 will grow at a slower pace than it has in the current five-year period, a researcher at China’s economic planning