Kuwait Oil Strike Cuts Oil Production By 60%. An oil worker strike that began Sunday in Kuwait has cut the country’s oil production by 60% (1.7 M/bpd) to 1.1 M/bpd, according to Kuwait Oil Company’s Twitter account. The country’s average production has been around 3 M/bpd. [Oilpro]
…& Oil Rises Early Tuesday. Oil rose around two percent on Tuesday as a strike by oil workers in Kuwait nearly halved crude production from the OPEC member, overshadowing bearish sentiment following Sunday’s failure by producers to agree to freeze output levels. [Reuters]
Harold Hamm & The IEA See A Price Recovery In 2H For This Reason. Both Hamm and the IEA say that 3Q16 will see the absorption of the excess oil supply. It will be this, not a “could-have-been” Doha accord, which will lead to “stronger pricing”- to $60/bbl by the end of the year, according to Hamm. [Oilpro]
Commentary: Saudi Arabia Blinked In Doha: Oil Price $60 By Christmas. Andrew Butter writes, “Nothing; or almost nothing came out of the summit in Doha. One wonders why they even bothered; for many of the attendees it was a long way to travel to what the Lonely Planet Guide once called “the most boring city in the world.” [Oilpro]
Houston Oil Companies Dealing With Storms, Flooding. Some oil companies in Houston said they don’t expect disruptions to their businesses from Monday’s storm and flooding, but at least one closed its offices. [Fuelfix, Oilpro]
Texas Panhandle And Artesia New Mexico Strike Back With Import Quotas On Foreign Oil. The Panhandle of West Texas, a center of American oil since early in the 20th century, answers OPEC and Saudi Arabia with a call for a Presidential Proclamation to establish quotas on imports of foreign oil. [PRNewswire, Oilpro]
Saudi’s Other Warning Makes Oil Traders Sweat After Doha Failure. After his comments thwarted supply negotiations in Doha, oil traders are weighing another implied warning from the Saudi deputy crown prince: the threat of an intensifying clash with Iran over market share. [Bloomberg]
Unaoil Leaks: Investigation Spotlights “Bribes-For-Contracts” Scandal. Fairfax Media and the Huffington Post have revealed a link between the Panama Papers and their joint investigation into a bribe-and-corruption scandal centering on the Monaco-based company Unaoil. [occrp.org, Oilpro]
Sunk Cost In LNG Deals – How Shapeshifters Will Make Gazprom Mad. Rudolf Huber writes, “Gazprom will have to compete with LNG at the price of Henry Hub in Europe for the foreseeable future. And that’s far below anything they are comfortable with. But they might want to look at their own cost stack in order to find what parts of that are sunk cost.” [Oilpro]
Petronas To Delay Delivery Of Samsung Heavy FLNG. South Korean shipbuilder Samsung Heavy Industries (SHI) is bracing itself for another big offshore contract to be delayed. The head of Malaysian energy major Petronas has told a local South Korean newspaper. [Splash 247, Oilpro]
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