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As part of the agreement it signed with the Organization of the Petroleum Exporting Countries (OPEC) in October 2016, Saudi Arabia has reduced oil production by 486,000 barrels per day, stabilizing oil prices at above $50 per barrel. Now,...
Fuel prices in the US, especially for gasoline and natural gas, are expected to go up this 2017, according to the first short-term outlook by the Energy Information Administration (EIA). The new forecast indicates that crude oil prices in the...
Emmanuel Ibe Kachikwu, Nigeria’s minister of state for petroleum, has announced that the federal government is going to pass the Petroleum Industry Bill to revamp the country’s refineries this year. Kachikwu made this known while disclosing the plans of the...
Iran saw $29 billion in crude oil revenues in the first nine months of the fiscal year starting from March to December 2016, exceeding the oil export revenues in the previous fiscal year. Tehran, alone, reportedly earned around $25...
Based on a survey by Barclays, investments by oil and gas companies in the US are expected to rise this 2017 due to the quick response of the industry to the recent uptrend in crude prices. The company reports that,...
Statoil reports plan's to drill around 30 exploration wells throughout 2017, which is an increase of around 30% from last year. More than half of the wells will be drilled on the Norwegian Continental Shelf (NCS). “Taking advantage of our...
Crude closed at a 17-month high in NYC as investors weighed OPEC production cuts against signs of higher exports from Libya and a U.S. stockpile glut. Futures had not changed much, topping a 2.2 percent gain today. Libya's greatest oil...
BP has signed an arrangement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) that grants BP a 10% interest in Abu Dhabi's ADCO onshore oil concession, which has...
Abu Dhabi’s integrated oil and gas company has said it will expand its use of Enhanced Oil Recovery (EOR) and Extended Reach Drilling (ERD) technologies as part of its plans to maximise the value of its resources. ADNOC intends to...
Oil advanced to the highest since July 2015 after Saudi Arabia signalled it’s ready to cut output more than earlier agreed and non-OPEC countries including Russia pledged to pump less next year. Futures climbed 2.6% in New York and 2.5%...

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