Russia eyes record-high oil output, but sticks to ‘freeze’ option. Energy Minister Alexander Novak says his country’s main position of supporting an output freeze with OPEC members hasn’t changed, but that’s not stopping Russian officials from aiming for the highest levels of oil output in the next year.
Oil Holds Near $50 as Investors Weigh Production-Cut Agreement. Naturally, the news from Russia has some weighing the likelihood of a deal passing if Novak says “You all need to limit your output – us? Nah, we’re cool.” Oil held at $50 a barrel but how else might the market react?
Asia’s oil markets are tightening as China cuts output, fuel stocks dwindle. Energy consultants and analysts say the Asian oil markets might be returning to balance as Chinese oil production and inventories fall.
Europe breaking Russia’s energy grip on Finland. The 94-mile Baltic-connector pipeline might have big implications for Finland, which has sought to diversify its energy sector to meet its needs and rely far less on Russia.
Shell unloads Canadian acreage for $1 billion. ExxonMobil isn’t the only one making big asset sells this week – Shell announced it will sell more than 200,000 acres, which produces about 24,850 barrels of oil equivalents per day, to Tourmaline Oil Corp.
Natural Gas Prices Fall On Growing Stockpiles. Warm weather is staying around along with lower natural gas prices, as stockpiles grew by 77 billion cubic feet last week.
World Bank boosts 2017 crude oil forecast to $55 per barrel. World Bank officials say they expect to see a solid rise in energy prices in the next year with oil at the front of the pack.
Study Confirms Natural Gas Economy Has Lower Methane, Global Warming Emissions. A new, scientific study reportedly says “methane emissions from fossil fuels have not increased, even with a substantial increase in natural gas production.”
The UK’s Oil And Gas Ultimatum: Exploration Or Bust. Jobs are down, supplies are down and spending is down. What can the UK do to diversify and strengthen its energy, particularly after its exit from the EU?
PDVSA Default Would Spell Trouble for U.S. Refiners’ Oil Supply. The outlook is becoming clear – Petroleos de Venezuela SA going belly up would spell a lot of trouble for refiners stateside.
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