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Trump To Order Review Of Offshore Drilling Bans

U.S. President Donald Trump on April 28 will order a review of offshore areas currently off-limits to oil and gas drilling to determine which might be reopened, in his administration’s latest move to expand domestic energy production. The order could lead to a reversal of bans on drilling across swathes of the Atlantic, Pacific and […]

OPEC, Non-OPEC Ministers Urges for 100% Implementation of Oil Cut Deal Terms

The JMMC, the joint committee of ministers from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, said on Friday that it was content with the progress made with the implementation of the Vienna agreement on reduction of oil output, and has urged the participating countries to push for 100 percent fulfillment of all obligations. “The JMMC expressed its satisfaction with the progress made towards full conformity […]

Russia reaches almost full compliance with oil output cuts

Russia’s oil production cuts have reached almost 300,000 barrels per day, Energy Minister Alexander Novak said on Friday, in line with its pledge to curtail output as part of a global pact. The Organization of the Petroleum Exporting Countries, along with Russia and other leading non-OPEC producers, pledged to cut output by 1.8 million barrels […]

Oil Prices Rebound in Asia After Latest Bout of Selling

Oil prices rebounded amid some bargain-hunting after a fresh slide overnight to one-month settlement lows. Futures have steadily risen in Asian trading Friday, with global benchmark Brent erasing the decline logged overseas Thursday. June Brent on London’s ICE Futures exchange was recently up 0.8% to $51.83 a barrel while light, sweet crude on the New […]

World Bank Maintains Oil Price Forecast At $55

In its latest Commodity Markets Outlook, the World Bank maintained its Q1 forecast for oil prices at $55 a barrel, saying, however, that overall energy prices will increase 26 percent in 2017. The WB is overall optimistic for oil, expecting supply to tighten in the current quarter as OPEC and non-OPEC production cuts start to affect global […]

Turkish cenbank revises down oil price assumptions to $55 from $57

Turkey’s central bank has revised down assumptions for crude oil prices to $55 from $57 but is maintaining its annual food inflation forecast for 2017 at 9 percent, Central Bank Governor Murat Cetinkaya said on Friday. Food inflation will fall to 7 percent in 2018, he said. Speaking at a quarterly presentation, Cetinkaya said the […]

Oil rebounds from one-month low on hopes for output cut extension

Oil prices rebounded on Friday after dropping to a one-month low the previous day, prompting investors to buy at cheaper levels ahead of a May OPEC meeting at which producers could extend output cuts. Optimism is rising about the prospect of a year-long production curb deal, with most analysts polled by Reuters expecting the accord […]

Exxon profits surge amid higher oil prices

Exxon Mobil Corp.’s profit more than doubled in the first quarter, as its oil-production business swung back from a loss amid rising crude prices, the company said Friday. The Irving, Texas-based oil company made $4 billion, or 95 cents a share, in the first quarter, compared to $1.8 billion, or 43 cents a share, in […]

Uganda’s oil reserves bring promise of work and infrastructure

The discovery of large oil reserves in Uganda in 2006 led to widespread expectations that the economy would quickly be transformed. The dream is now set to become a reality. Production licences have been issued for three blocks, a deal has been struck for the route of the pipeline to take the oil to the […]

Shale revolution casts shadow over longer-dated US oil futures

While the US is breaking population records, states such as Illinois and West Virginia have lost people in recent years.  High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our T&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to […]