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OPEC+ May Extend Output Cut Deal Until June 2020
by Tsvetana Paraskova
21 Nov 2019 at 8:00pm
OPEC and its Russia-led non-OPEC partners in the production cut deal may roll over in early December the current cuts into June 2020, as Russia will likely support the cartel?s efforts to raise the price of oil, Reuters reported on Thursday, citing OPEC sources and delegates. Currently, the partners in the deal have two main scenarios to discuss?either roll over the cuts through June next year when they meet early next month, or postpone a decision on the deal for early 2020, before the current cuts expire in March and again,?

Aramco IPO Raises $20 Billion In Orders
by Julianne Geiger
21 Nov 2019 at 8:00pm
The Saudi Aramco IPO has garnered $19.47 billion (73 billion riyals) in institutional and retail orders so far, Saudi Arabia?s Samba Financial Group reported on Thursday afternoon, according to Reuters. The orders came from 1.8 million retail subscribers who contributed $3.7 billion into the IPO. Reuters had reported earlier that the institutional tranche of the IPO had been oversubscribed, but that preliminary estimates, according to Reuters, show that that it is not. ?Retail and Institutional subscription levels for the?

Putin Calls U.S. Shale ?Barbaric?
by Charles Kennedy
21 Nov 2019 at 5:00pm
Vladimir Putin has spent his week cozying up to the Organization of Petroleum Exporting Countries (OPEC) and dissing the United States? oil industry, dismissing shale oil production as a ?barbaric? process. At the same time, Putin has announced that Russian oil output has increased despite the fact that the country has also pledged to remain cooperative with OPEC?s production curbs. On Wednesday Putin announced that ?Russia and OPEC have ?a common goal? of keeping the oil market balanced and predictable,?

The Discount Gold Story Wall Street Will Fall in Love With
by Charles Kennedy
21 Nov 2019 at 4:30pm
Wall Street loves nothing better than a solid discount gold story? Especially at a time when gold prices are soaring. But what they like even better is a discount gold story that?s gone beyond discovery and is now ready to start construction. That?s where things get significantly more interesting, and where the discount on gold is still the same as it was in the discovery phase: HUGE. The only thing that moves the market on the gold-mining scene these days is fast-paced development. The discovery phase is too risky. By?

The U.S. Just Approved Four More LNG Projects
by Tsvetana Paraskova
21 Nov 2019 at 4:00pm
The U.S. Federal Energy Regulatory Commission (FERC) approved on Thursday another four liquefied natural gas (LNG) projects, which will add to the growing American LNG exports in coming years. FERC approved, with conditions, three projects planned to be located along the Brownsville Ship Channel in Brownsville, Texas?Texas LNG Brownsville, Rio Grande LNG Terminal, and Annova LNG Brownsville?as well as a fourth project to expand an operating facility near Corpus Christi, Texas. All four projects have applied before the U.S. Department?

Has U.S. Shale Seen Its Profits Peak?
by Nick Cunningham
21 Nov 2019 at 4:00pm
For the U.S. shale industry, the third quarter was more of the same: new record highs in oil production, but another quarter of negative cash flow. A sample of 38 publicly-traded oil and gas companies posted $1.26 billion in negative cash flow in the third quarter, according to a study by the Institute for Energy Economics and Financial Analysis (IEEFA). The performance was a deterioration from the previous quarter, which saw marginal positive cash flow. In fact, the results from the second quarter, while unimpressive, were actually the industry?s?

This Large Oil Producer Is Facing A Major Refining Crisis
by Viktor Katona
21 Nov 2019 at 3:00pm
The current state of Nigeria?s refineries might become a textbook example of why national oil companies should not combine downstream, midstream and upstream activities at the same time. Sure enough, Middle Eastern or some other NOCs might object that in their respective territories everything works fine yet Nigeria?s example is startling nevertheless. With a combined nameplate capacity of 445kbpd across four refineries, Nigeria ought to do much better than it does currently. NNPC?s new management claims that the historic refining?

Supermajor Looks To Dump $25 Billion In Oil And Gas Assets
by Tsvetana Paraskova
21 Nov 2019 at 2:30pm
U.S. supermajor ExxonMobil is considerably increasing its asset sales program, expecting to shed oil and gas assets in Asia, Europe, and Africa worth up to US$25 billion, in order to free up cash to invest in its core projects such as the Permian and Guyana, Reuters reported on Thursday, quoting banking sources. Exxon has an official target to sell US$15 billion worth of non-strategic assets by 2021. As at the end of Q3 2019, the supermajor had reached nearly one-third of its US$15-billion asset sale target, chairman and chief executive?

Is The Aramco IPO The Ultimate Pump And Dump?
by Irina Slav
21 Nov 2019 at 2:00pm
It?s finally happening: after months of delays and mixed signals, Saudi Arabia is in the final stage of preparing for the launch of what most see as the biggest listing in history. This biggest listing in history, however, may turn out to be confined to the Kingdom of Saudi Arabia alone. Aramco was clear in its prospectus that it will target mostly Saudi investors, both institutional and retail. According to media reports, wealthy Saudi families were being bullied into becoming anchor investors in the company. For retail investors, Riyadh?

Musk: Tesla Truck Will Crush The Competition
by Jon LeSage
21 Nov 2019 at 1:00pm
Elon Musk is making outrageous claims once again ? this time about Tesla pickups that he says will be far better and more powerful than anything on the market. Musk is also taking on heavy-duty truck giants withthe upcoming Tesla Semi, that's going to roll out next year. Add to all of its fully autonomous vehicle features, which Musk recently told stakeholders will come out by the end of this year. Tonight he'll be unveiling the ?Cybertruck,? an electric pickup truck, as press days end at the LA Auto Show. Musk said he is?

U.S. Regulators Race To Save $20 Billion Of Oil & Gas Resources
by Tsvetana Paraskova
21 Nov 2019 at 12:30pm
The U.S. federal agencies regulating offshore leases are considering granting royalty relief to new oil and gas drilling in shallow waters in the Gulf of Mexico, in a bid to avoid the stranding of what they estimate could be US$20 billion worth of American oil and gas resources. In new research this week, the Bureau of Safety and Environmental Enforcement (BSEE) and the Bureau of Ocean Energy Management (BOEM) recommend a discount royalty rate for what they propose should be the Gulf of Mexico Shallow Water Province of water depths fewer than 200?

China Adds Wave Of New Coal Fired Power Plants
21 Nov 2019 at 12:00pm
In recent months, eco-activist Greta Thunberg who has become synonymous with the global climate change movement has made consistent appeals at the developed world, demanding an end to its evil, polluting ways. She even went so far as to sue some of the bigger carbon polluters in the world ? Argentina, Brazil, France, Germany, and Turkey ? for violating her rights as a child by failing to adequately reduce emissions. And yet one nation has consistently escaped her steely gaze: China. Which is unfortunate, because whereas many of the?

World's Second Largest Lithium Miner Is Reeling From Low Prices
21 Nov 2019 at 11:00am
Chile?s Chemical and Mining Society (SQM), the world?s second-largest lithium producer, continues to suffer from sustained weak prices and demand for the metal used in batteries that power electric vehicles (EVs) and high tech electronics, with profit falling almost 28% in the three months to Sept. 30. The Santiago-based lithium giant said net income in the third quarter reached $60.5 million compared to $83.5 million a year earlier, while gross profitreached $134.2 million, lower than the$162.1 millionrecorded?

UK Oil Sector May Be Hit With More Taxes
by Tsvetana Paraskova
21 Nov 2019 at 10:30am
Shares in UK-listed oil companies slumped on Thursday as Britain?s main opposition party, the Labour Party, vowed to increase taxes on the sector in a pledge for a greener economy, drawing criticism from the oil industry association. The Labour Party launched on Thursday a radical new manifesto ahead of the general elections in the UK on December 12. The manifesto, described by Financial Times as ?Labour?s most leftwing manifesto in a generation,? pledges ?introduce a windfall tax on oil companies, so that the?

North Sea Oil Is Doomed With Or Without Brexit
by Haley Zaremba
21 Nov 2019 at 10:00am
The uncertainty of the future of Brexit has left the United Kingdom?s economy in stagnation as business investment falters on the eve of the nation?s December general election. While Boris Johnson tries to rally voters to instill their confidence in him to usher in a new era of economic prosperity and growth in Britain by way of leaving the European Union at any cost, the economy is, in fact, doing just the opposite. This is just one of the great ironies of Brexit, the separatist movement that just can?t seem to cut the cord.?

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