Brent & WTI BOTH Top $50 For The First Time In 2016. Brent oil hit $50.22/bbl in early Thursday trading, surpassing what many analysts consider a psychological threshold for the first time since last November. U.S. crude likewise spiked to its highest level since October, rising to $50.14/bbl. [Oilpro]
OPEC’s Next Meeting One Week Away: Here Are 6 Things You Need To Know… OPEC’s next meeting is in one week. Since its last gathering in December, volatility has continued to define the oil market. Iran has returned, U.S. production has rolled over, a new power player has emerged in Saudi Arabia and production freeze talks have thawed. It has been a frenetic 1H16. [Oilpro]
…And Mark Harrington Discusses What To Expect From The Gathering. He writes, “Another field day is in store for oil traders- the June 2 OPEC meeting in Vienna is just around the corner. What to expect? What does it mean? What do I do?” [Oilpro]
Experts Warn: 1/6 North Sea Fields Could Be Closed Down This Year. Oil and gas firms could decide to close down around one in six fields in the UK North Sea this year as the crude price plunge leaves the future of the area hanging in the balance, experts have warned. [Herald Scotland, Oilpro]
Inpex, MHI To Study Technological Challenges. Inpex Corp. and Mitsubishi Heavy Industries, Ltd.(MHI) announced that they have concluded a memorandum to jointly study solutions for various technological challenges in the energy sector. [Oilpro]
Oil Tanker Segment Getting Boost. While much of the oil industry is bleeding from low prices and oversupply, one segment is getting a boost. Oil tankers, which are ships that carry oil and petroleum products, have benefited in recent years. [CNBC]
Bibby Offshore Wins North Sea Contract. Apache North Sea Ltd. has awarded Bibby Offshore a contract to provide subsea construction, ROV, and diving services at thelargest oil field in the North Sea. [Oilpro]
Iran’s Oil Deals Hit Banking Snag. Even after the lifting of international sanctions against Iran, long-standing U.S. banking limitations are impeding the country’s oil resurgence by forcing energy companies to use small lenders or barter to get their deals done. [Wall Street Journal]
Mubadala Well Disappoints. The Mubadala Petroleum-operated Sri Trang-1 exploration well validated the hydrocarbon prospecitivity of the Norther Kra Basin in the Norther Gulf of Thailand, but to the operator’s disappointment, the well is not commercial. [Oilpro]
Petronas Awarded LNG Contract Extension In China. Petronas says it has extended a contract to supply liquefied natural gas (LNG) to China’s JOVO Group. JOVO owns and operates the Dongguan LNG terminal based in Guangdong, South China. [Oilpro]
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