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Mexican national oil company Pemex is focused on importing U.S. West Texas Intermediate (WTI) crude as part of a historic oil swap with the United States, a top company executive said on Friday. Pemex said earlier this week it had received a year-long license from the United States to import U.S. light crude in exchange […]
Oil at $50 a barrel is a “gift to the world” as prices should be low enough to spur economic growth, according to the head of Abu Dhabi’s Department of Economic Development. Prices will probably be at $60 next year, after hitting bottom at $45, Ali Al Mansoori, the department’s chairman, said in an interview Sunday […]
Wall Street, which is riding a four-week winning streak, kicked off a busy week quietly Monday as it awaited a slew of earnings releases, fresh data on the economy and a Federal Reserve meeting on interest rates. The Standard & Poor’s 500 stock index, which gained 2.1% last week on the heels of a interest rate by the Bank […]
When Barack Obama made his State of the Union speech in January this year, one phrase kept coming up again and again: middle class. The concept is a part of America’s DNA, with many in the country arguing that a strong middle class boosts economic growth and investment. But fewer Americans than before are identifying […]
Oil prices fell on Monday on concerns about the pace of economic growth in China, the world’s largest energy consumer, and signs that global oversupply is curbing Saudi crude exports. China’s economy grew at the slowest pace in six years in the third quarter, according to official data released on Monday, making it more and […]
As Mexico’s first offshore bidding round for already discovered fields saw bids significantly higher than the minimum set up by the government, adding further transparency to the process would be positive for the round as it approaches its deepwater phase, according to an analyst with research and consulting firm GlobalData. Adrian Lara, GlobalData’s Senior Upstream […]
Welcome to the oil market’s new vicious cycle. This past week, as oil prices barrelled over 9 percent higher to break out of a weeks-long trading range, U.S. shale producers jumped at the chance to lock in $50-plus crude for the first time in months, making up for lost time after holding off hedging during […]
Russia and Saudi Arabia discussed the situation on the oil market last week and agreed to continue consultations, exchanging views on demand, production and shale oil, Russian Energy Minister Alexander Novak told reporters on Tuesday. Even though the oil price has halved since last year on oversupply, Russia, the world’s top oil producer, has refused […]
A widely held Western view of China is that its stunning economic success contains the seeds of imminent collapse. This is a kind of anchoring bias, which colors academic and think-tank views of the country, as well as stories in the media. In this analysis, China appears to have an economy unlike others—the normal rules of […]
Several international companies bid for in Mexico’s Round One, phase two today (30 September), with three successful bids in the shallow water areas of the Southeast basin, offshore Mexico. Although similar to Round One phase one, the Mexico’s National Hydrocarbons Commission (CNH) had different expectation for phase, as it came with lower risks. Phase […]
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