Crude oil rally knows no limit  From @UPI -- Strong recovery for U.S. consumer wages balanced against a slowdown in the European economy, but it was enough for a soft rally Friday for crude oil prices. The U.S. Commerce Department reported personal...

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Wood Mac sees major supply shortfall by 2035 if exploration results don't improve EDINBURGH -- The global oil market could face a supply shortfall of 4.5 MMbpd by 2035 if exploration success doesn't improve, according to a new study by Wood Mackenzie....

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Top oil service firms mull North America retreat as losses mount HOUSTON (Bloomberg) -- Two of the three largest oil rig operators and fracers are considering pulling back from the North American market as losses mount. Schlumberger—after posting...

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WTI climbs above $45 amid U.S. crude output drop, Fed statement From @Bloomberg -- Oil closed above $45/bbl in New York for the first time since November after U.S. crude output dropped and Federal Reserve policy makers signaled they’re open to raising...

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Exxon Mobil loses top credit rating it held since Great Depression IRVING, Texas (Bloomberg) -- Exxon Mobil Corp. was demoted from the top credit rating by Standard & Poor’s for the first time since the Great Depression as the collapse of the...

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Exxon Mobil Loses Top Credit Rating It Held Since Depression From @bloomberg -- Exxon Mobil was demoted from the top credit rating by Standard & Poor’s for the first time since the Great Depression as the collapse of the biggest oil-market rally...

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Russia sees no moves to cap oil output before June OPEC meeting MOSCOW (Bloomberg) -- Russia doesn’t anticipate any new initiatives to freeze oil production before an OPEC meeting scheduled for June, according to Energy Minister Alexander Novak. “I...

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GE seen becoming third largest oilfield service provider STAVANGER, Norway -- GE may become the third largest oilfield service provider in 2016 if the company buys the planned divestments by Halliburton and Baker Hughes, according to the latest estimate...

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Apache awards Subsea 7 contract offshore UK ABERDEEN, Scotland -- Apache North Sea has awarded Subsea 7 a sizeable engineering, procurement, installation and commissioning (EPIC) contract for the Callater field development, located 335 km northeast...

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Turning the tanker: A daunting challenge faces the new boss of Mexico’s oil giant  From @theeconomist -- The radio in the office of José Antonio González is tuned to American classical-music stations. The sounds may be relaxing, but the firm...

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Oil majors' $100 hangover hurts profit as cost cuts fall short LONDON (Bloomberg) -- The world’s biggest oil companies, set to report their worst quarterly earnings in more than a decade, are finding their cost-cutting efforts haven’t matched the decline...

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Halliburton reports $2.1 billion charge on job cuts, assets HOUSTON (Bloomberg) -- Halliburton Co. said it’s booking a $2.1-billion expense in the first quarter for cutting jobs and writing off assets, giving some results early and delaying the full...

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Schlumberger cuts more jobs as CEO sees industry cash crisis HOUSTON (Bloomberg) -- Schlumberger Ltd. cut another 2,000 jobs in the first quarter as the world’s largest provider of oilfield services sees the industry in a full-scale crisis. The global...

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Cheap oil is taking shipping routes back to the 1800s From @bbcfuture_official -- The plummeting price of oil on international markets has had many effects – one of which is that it may be cheaper for ships to travel right around Africa than go through...

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Otto Energy announces Gulf of Mexico discovery WEST PERTH -- Otto Energy Ltd has announced that it has been advised by Operator Byron Energy, that the SM-71 #1 well, located at the South Marsh Island Block 71, has completed drilling to the final...

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Aker Solutions wins engineering framework agreement from Lundin Norway LONDON -- Aker Solutions secured a framework agreement from Lundin Norway to provide engineering services for offshore developments in Norway. The agreement covers early-phase...

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OPEC’s talks on curbing oil production come to nothing From @theeconomist -- Goodbye to $40 oil? Bets that Brent crude would continue to rally were at their highest level since 2011, according to Deutsche Bank, when news came on April 17th of the...

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Saudi's other warning makes oil traders sweat after Doha failure LONDON (Bloomberg) -- After his comments thwarted supply negotiations in Doha, oil traders are weighing another implied warning from the Saudi deputy crown prince: the threat of an intensifying...

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The global oil deal that never came to be From @Reuters -- It was supposed to be the easiest deal ever reached among key oil market players, a mere formality. Eighteen countries were gathering in the Qatari capital of Doha to rubber-stamp the first...

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Grand oil bargain is victim of Saudi Arabia's Iran fixation DOHA, Qatar (Bloomberg) -- In the end, the outcome of Sunday’s summit of 16 oil ministers at Qatar’s Sheraton hotel turned on one country that wasn’t there. Iran’s decision, on the eve of...

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Kuwait oil-worker strike curbing crude output for second day DUBAI (Bloomberg) -- Kuwait was seeking to restore crude production as thousands of oil workers stayed off their jobs for a second day in a strike that’s slashed the OPEC member’s output...

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Oil-freeze talks end in failure amid Saudi demands over Iran DOHA (Bloomberg) -- Negotiations between 16 #oilproducers in Doha ended without any agreement on limiting supplies, a diplomatic failure that threatens to renew the rout in prices. The...

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DeepOcean Ghana wins three-year contract with Tullow AMSTERDAM, Netherlands -- DeepOcean Ghana has been awarded a three-year contract with options for two additional years, to provide a light construction vessel to Tullow Ghana. In this regard, #DeepOcean...

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Doha Oil-Freeze Talks Delayed to Address Saudi-Iran Differences From @bloomberg -- Talks in Doha between some of the world’s biggest oil producers on freezing production have been delayed until later Sunday amid changes to the wording of the agreement,...

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Qatar's oil-freeze letter to Norway reveals Doha deal logicFrom @Bloomberg -- The preliminary agreement by Russia, Saudi Arabia, Venezuela and Qatar to freeze output has already put a floor under crude prices and a deal this weekend to...

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Schlumberger to pare Venezuela services on lack of payments From @Bloomberg -- Schlumberger will reduce activity in Venezuela after the world’s largest oil services provider failed to collect enough payments from the national oil company. The reduction...

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Qatar's oil-freeze letter to Norway reveals Doha deal logic OSLO, Norway (Bloomberg) -- The preliminary agreement by Russia, Saudi Arabia, Venezuela and Qatar to freeze output has already put a floor under crude prices and a deal this weekend to include...

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Oil can top $50 with production freeze deal, Bank of America says CHARLOTTE, North Carolina (Bloomberg) -- #Oilprices can climb above $50/bbl if an output freeze deal is struck in #Doha this weekend, according to Bank of America Corp. “A flat output...

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OPEC warns of deeper cuts to oil demand forecast on slowdown VIENNA, Austria (Bloomberg) -- OPEC said it may deepen cuts to its forecast for global oil demand growth due to slowing economic expansion in emerging markets, warmer weather and the removal...

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