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IEA: Global oil discoveries and new projects fell to historic lows in 2016 while US shale surged; “two-speed” market

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Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency, which warned that both trends could continue this year. With global demand expected to grow by 1.2

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Opinion: How Much Longer Can OPEC Hold Out?

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OPEC (Organization of the Petroleum Exporting Countries) has been the most talked about international organization among investors, analysts and international political lobbies in the last few months. Venezuela’s Woes. Nigeria is Africa''s largest oil producer and among the top 5 global exporters of LNG. Iraq’s Issues.

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GECF: more than a quarter of 2050 natural gas supply untapped

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To this end, the GECF Secretary General reiterated the GECF’s readiness to support the Turkmen industry as it undergoes transformation on the back of the future energy trends, digitalization, and climate action.

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Platts: June OPEC output of 32.73M barrels of crude per day, highest since Aug. 2008

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million b/d, as production in Nigeria and Libya tentatively recovered along with steady increases for Saudi Arabia and Iran, according to an S&P Global Platts survey of OPEC and oil industry officials. —Eklavya Gupte, senior editor for S&P Global Platts. million b/d, the lowest since February 2003, S&P Global Platts data showed.

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Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

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CME Brent oil futures project continuity: as of August 18, 2015, CME Brent futures projected the price remaining below $60/bbl until June 2017. Are the futures market, CNBC’s oil traders, analysts, and major fund investors, and others, being lulled into an unjustified consensus? Their share of OPEC output increased to 26.6

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Chevron leveraging information technology to optimize thermal production of heavy oil with increased recovery and reduced costs

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The showcase for Chevron’s efforts—and its international center for heavy oil technology—is the 110-year-old Kern River field in the San Joaquin Valley in California. In summary, new horizontal thermal technology is needed to economically develop the reserves of the future. —Jeff Hatley. —Fram et al.

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Opinion: Is Russia Plotting To Bring Down OPEC?

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The European Commission, the European Union’s executive body, has refused to bless Gazprom’s proposed 55 bcm/year Nord Stream 2 natural gas pipeline project, citing existing surplus Gazprom pipeline capacity into Europe and insufficient future demand for Russian natural gas. The emergence of the U.S., This has transformed the U.S.

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