December 16, 2017

OPEC just kicked oil into the $30s

Increased pumping by OPEC as Chinese demand appears to be slackening could drive oil to the lowest prices since the peak of the financial crisis. West Texas Intermediate crude futures skidded through the year’s lows and looked set to break into the $30s-per-barrel range after the Organization of the Petroleum Exporting Countries admitted to more pumping and China devalued its currency, sending ripples through global markets. Read MoreChina’s big bang dents global markets “The familiar theme of oversupply and shaky demand is getting punctuated today,” said Again Capital partner John Kilduff, who has expected WTI to aim for $30 per…

With Iran’s Help, India Eludes China in Race for Gas Riches – Bloomberg Business

BISHKEK, KYRGYZSTAN - JULY 11: Indian Prime Minister Narendra Modi (R) and Kyrgyz Prime Minister Temir Sariev walk past a guard of honor during a welcoming ceremony in Bishkek, Kyrgyzstan on July 11, 2015. (Photo by Nezir Aliyev/Anadolu Agency/Getty Images)

  Anyone looking for the biggest immediate impact from Iran’s nuclear deal may want to turn away from the Middle East and toward the Indian subcontinent. With U.S. sanctions easing, India is racing to build a port in Iran that will get around the fact that its land access to energy-rich former Soviet republics in Central Asia has been blocked by China and its ally Pakistan. “We’re seeing the latest manifestation of the Great Game in Central Asia, and India is the new player,” said Michael Kugelman, a South Asia expert at the Washington-based Woodrow Wilson International Center for Scholars….

CNOOC’s new output to lift China’s oil production from 2014 record| Reuters

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China‘s 2015 crude production to rise 1.6 pct – analyst Rising output largely due to CNOOC and smaller producers PetroChina and Sinopec expect slight production cuts By Adam Rose BEIJING, July 3 (Reuters) – China’s crude oil output looks set to rise this year from a record in 2014 as new production from third largest producer CNOOC helps to counter reductions from its two bigger rivals. Output growth from China would add to a global glut even as exporters such as the Organization of the Petroleum Exporting Countries (OPEC) and Russia produce at near record highs and U.S. shale producers keep ramping up output. With…

Chad’s Oil Exports Swelled by China National Petroleum Corp. Production – NASDAQ.com

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YAOUNDE, Cameroon–Chad’s crude oil exports rose 51% in the first four months of this year, as a Chinese firm began pumping oil through the Chad-Cameroon pipeline, according to a statement released Tuesday by a Cameroonian group that oversees the pipeline. Chad exported 15.76 million barrels of crude oil between January and April, up from 10.46 million barrels a year ago, said the Pipeline Steering and Monitoring Committee, or PSMC, headquartered in Yaounde. The landlocked country exported 27.6 million barrels last year. Oil from Chad’s southern oil fields in Kome are pumped through a 1,080 kilometer pipeline to Cameroon’s Atlantic port…