Entries by admin

Oil recoups losses, but U.S. oil output growth weighs

“Crude oil recouped earlier losses on Monday in subdued trading, but signs that the United States is continuing to add output largely counteracted strong economic growth in China and OPEC-led efforts to cut production. Benchmark Brent crude futures were down 14 cents at $55.75 at 1350 GMT, after trading as much as 58 cents lower. […]

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Most oil producers want extension of output cuts: Iran minister

“Most oil producers support an extension of output cuts by OPEC and non-OPEC countries, and Iran would also back such a move, Iranian Oil Minister Bijan Zanganeh was quoted as saying. “(Zanganeh) stressed that most countries want OPEC’s decision to be extended,” the Iranian Students’ News Agency (ISNA) reported. “Iran also supports such a decision […]

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Mexican Peso’s Top Analyst Says Worst Is Over Even If Nafta Dies

“Mexico’s peso won’t return to the record lows it reached this year even if the U.S. makes good on threats to undo the trade agreement that transformed Latin America’s second-largest economy into an export powerhouse, according to the currency’s top forecaster. The selloff that sent the peso plunging to 22 per dollar in the days […]

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Summer Driving Expectations Get Oil Investors Excited Again

“Summer may be a few months away but oil investors are already getting their hopes up that American drivers will do their part to rebalance the market. Hedge funds increased bets on higher West Texas Intermediate crude prices for the first time in six weeks, shrugging off rising U.S. supplies, as the coming driving season […]

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Pemex Says Mitsui, SK May Bid for $2.1 Billion Tula Project

“Petroleos Mexicanos has identified Japanese trading company Mitsui & Co. and South Korea’s SK Engineering & Construction as among potential partners for a $2.1 billion project at the company’s Tula refinery which will turn lower-value fuel into products like gasoline and diesel. Others that may participate in the joint venture to develop and operate the […]

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Down 10%, Mexico Oil Reserves Gone in 9 Years without New Finds

“Mexico’s existing oil reserves are dwindling so fast the country could go dry within nine years without new discoveries. That’s the message from the National Hydrocarbons Commission, which said Friday that the reserves fell 10.6 percent to 9.16 billion barrels in 2016, from 10.24 billion barrels a year earlier. Once the world’s third largest crude […]

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Shell sells onshore Gabon oil assets to Carlyle for $587 mln

Carlyle Group has bought Royal Dutch Shell’s onshore assets in Gabon for $587 million as the world’s largest private equity fund expands in the global oil and gas sector. For Shell, the deal marks a further step in a $30 billion asset disposal programme to help cut debt after its $54 billion acquisition of BG […]

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New oil and gas find offshore Norway

Norwegian energy company Statoil made an oil and gas discovery in the North Sea in an area not previously known to hold reserves, the government said. Using its Gullfaks C platform, the Norwegian Petroleum Directorate confirmed a discovery of oil and gas in the Gimle field, about 4 miles away from the Gullfaks field that’s […]

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USD/MXN drops below 19.00 for the first time in four months

The Mexican peso continues to rise again the US dollar and today it reached a fresh 4-month high. USD/MXN dropped below 19.00 for the first time since the US presidential election. The pair bottomed at 18.97 and it was hovering slightly below 19.00. The greenback weakened today against emerging market currencies. Also, the recovery in […]

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