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With oil prices low, early signs of a pullback in drilling activity

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With oil prices low and showing no sign of an immediate rebound, the industry is beginning to pull back on spending. Oil prices have dropped around 30 percent since summer highs, raising fears among producers across the globe. Yet, many oil majors are relatively diversified, with large holdings downstream.

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With Increasing Car Ownership, Chinas Oil Demand to Increase by Up to 33% 2015

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An executive at Sinopec’s institute for economic and technology research predicted that China’s oil demand will increase by up to one third by 2015 as car ownership grows fast from its current low base. Demand could hit 500 million-530 million tonnes by 2015 and 570 million-620 million tonnes by 2020, he told a conference in Beijing.

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Opinion: Consumers winning with low oil prices, for now

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Lest we be too quick to forget whence we came, America is now 9-months into lower gasoline prices, which started their swoon the week of June 30, 2015 from a lofty national average just under $3.70, tumbling almost every subsequent week before bottoming and bouncing from $2.02 the end of January, according to gasbuddy.com.

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Opinion: Oil Market ShowdownCan Russia Outlast The Saudis?

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November 27, oil consuming countries will celebrate the first anniversary of the Saudi decision to let market forces determine prices. Both, it would seem, have incentive to do so, as each has lost over $100 billion in crude revenues in 2015—and Russia bears the extra burden of U.S. by Dalan McEndree for Oilprice.com.

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Weir and MTU to develop purpose-built power systems for fracking

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Weir Oil & Gas and the Rolls-Royce Power Systems company MTU have signed an agreement to develop power systems specifically engineered for hydraulic fracturing. The system will be used for hydraulic fracking operations during the well completion stage of shale oil and gas projects.

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New VW EA288 diesel to debut in 2H 2014 in the MY 2015 Golf, Jetta, Passat and Beetle; MDB comes to the US (updated with diagrams)

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liter EA288 diesel engine will power the 2015 Golf, Beetle, Beetle Convertible, Passat, and Jetta, all of which are set to arrive in dealer showrooms in the second half of 2014. The engineers integrated the oil and vacuum pump in one module; it is designed as a compact dual pump. Main modules of development of the EA288 diesel.

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PDVSA and Eni to Form Joint Ventures to Produce and Refine Heavy Crude Oil in Orinoco Region; Targeting 240,000 Barrels per Day

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Venezuela state-owned PDVSA and Italy-based Eni are finalizing a planned 60:40 joint venture to produce heavy crude oil in Junin Block 5 in the Orinoco Oil Belt in Venezuela in 2014. Junin 5 is located in the Orinoco Oil Belt, specifically between Guarico and Anzoategui states. Click to enlarge.

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