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ENERGY HIGHLIGHTS W/E 20/07/18

ENERGY HIGHLIGHTS W/E 20/07/18

July 19, 2018 No Comments

The price of OPEC basket of fifteen crudes stood at $69.98 a barrel on Wednesday, 18 July 2018, compared with $70.38 the previous day, according to OPEC Secretariat calculations. ———————————————————————————————————– The Joint Ministerial Monitoring Committee (JMMC) held its 1st Teleconference Meeting, where it reviewed recent market developments, and considered the report provided by the Joint […]

Venezuela Discuss Plans To Raise Oil Production

Venezuela Discuss Plans To Raise Oil Production

July 17, 2018 No Comments

Venezuela’s Oil Minister Manuel Quevedo has discussed plans with state-held oil company PDVSA to raise the country’s crude oil production in the second half of the year. While Venezuela and its struggling oil firm claim that they are revising their production planning in order to increase the country’s oil production capacity and make this year […]

Saudi Aramco rebalances its Asia crude oil benchmark

Saudi Aramco rebalances its Asia crude oil benchmark

July 13, 2018 No Comments

Saudi Aramco announced that it is adjusting its Asia crude oil pricing marker in an effort to increase the overall reliability of its crude oil pricing. Saudi Aramco’s long-standing price marker was the average of Platts Dubai and Platts Oman assessments. The company’s new Asia marker will replace Platts Oman with Dubai Mercantile Exchange (DME) […]

Hess Corporation Publishes 2017 Sustainability Report

Hess Corporation Publishes 2017 Sustainability Report

July 10, 2018 No Comments

Hess Corporation (NYSE:HES) published its 2017 Sustainability Report today, providing a comprehensive review of the company’s strategy and performance on safety, environmental, social and governance programs and initiatives. An electronic version is available at http://www.hess.com/sustainability/sustainability-reports. “Our company is committed to developing oil and gas resources in a responsible and sustainable manner,” CEO John Hess said. […]

Monday, 2 July 2018

Monday, 2 July 2018

July 3, 2018 No Comments

OPEC daily basket price stood at $75.28 a barrel Monday, 2 July 2018 Oil prices rose on Today, Tuesday 3rd July, after Libya declared force majeure on some of its supplies, Libya’s National Oil Corporation (NOC) declared force majeure on loadings from Zueitina and Hariga ports on Monday, resulting in total production losses of 850,000 […]

NNPC/FIRST E&P JV Finalize $724m Schlumberger Oil Finance Deal

NNPC/FIRST E&P JV Finalize $724m Schlumberger Oil Finance Deal

July 3, 2018 No Comments

One year after signing the tripartite term sheet for the financing and technical services arrangement between NNPC/FIRST E&P JV and Schlumberger for the Anyalu and Madu fields under Oil Mining Licence, OML 83 and OML 85, offshore Nigeria, a final nod was given to the package over the weekend in London with the execution of […]

Can Saudi Arabia Prevent The Next Oil Shock?

Can Saudi Arabia Prevent The Next Oil Shock?

June 15, 2018 No Comments

The ongoing speculation online about the future of cooperation between Russia and OPEC seems to be a little one-sided. The main point of discussion up until now has been the fact that, due to international pressure (such as Trump’s Twitter diplomacy, perceived Russian willingness to open up the taps and pressure from Asian consumers) Saudi […]

Crude Prices Slip

Crude Prices Slip

June 6, 2018 No Comments

As oil prices continues to fall, the American Petroleum Institute (API) reported a draw of 2.028 million barrels of United States crude oil inventories for the week ending June 1, compared to analyst expectations that this week would see a smaller draw in crude oil inventories of -1.824 million barrels. Last week, the American Petroleum […]

EIA’s the Weekly Petroleum Status Report to be rounded off

EIA’s the Weekly Petroleum Status Report to be rounded off

June 6, 2018 No Comments

EIA’s weekly estimate of domestic crude oil production is derived primarily from short-term forecast models. As such, these weekly estimates represent EIA’s best current assessment of domestic crude oil production levels and most often come within one to two percent of the more definitive and subsequent monthly production estimates derived from our EIA-914 survey which […]

Hess Announces Quarterly Cash Dividend on Preferred Stock

Hess Announces Quarterly Cash Dividend on Preferred Stock

June 6, 2018 No Comments

The Board of Directors of Hess Corporation (NYSE:HES) today declared a quarterly cash dividend of $20 per share on the Company’s 8.00% Series A Mandatory Convertible Preferred Stock, which is equivalent to $1.00 per depositary share, each representing 1/20th interest in a share of Series A preferred stock. The dividend is payable on August 1, […]

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