06272016Mon
Last update: Mon, 27 Jun 2016 02pm

Americas

Markets - Energy - Americas

Argentina to boost crude oil output to 653,000 bpd by 2025 LA JOLLA: Argentina aims to eliminate its need for crude imports while usincreasing domestic oil output to 653,000 barrels per day (bpd) in 2025, a 23 percent increase from 2015, an official from the Energy Ministry said on Thursday.The South American country is working to cover its energy needs after becoming a net importer three years ago due to falling crude and gas output amid a low investment environment. To achieve that, it needs to boost local output to cut crude imports and start reducing costly purchases of liquefied natural gas (LNG) currently made through tenders on the open market and from neighboring Chile. "We don't believe in self sufficiency. We believe in supplying the country's needs," said Daniel Redondo, Energy Planning Secretary from the Energy Ministry, at a conference in La Jolla, California. "Self sufficiency would imply to have an exportable surplus and that is not going to happen ...

Markets - Energy - Americas

Oil dips after hitting $50/bbl as glut worries resurface NEW YORK: Oil prices hit $50 a barrel on Thursday for the first time in seven months, then bounced below that level and settled lower on the day as investors worried robust price gains could encourage more output and add to the global glut. Wildfires in Canada's oil sands, unrest in the Nigerian and Libyan energy sectors, and a near economic meltdown in OPEC member Venezuela have knocked out nearly 4 million barrels per day ...

Markets - Energy - Americas

Oil tests out $50 a barrel as supply concerns resurface NEW YORK: Oil prices tested the $50-per-barrel mark on Thursday as production outages brought a faster-than-expected recovery to an oversupplied market many thought will stay depressed through the year.While a crude glut could grow in coming months if demand stalls, wildfires in Canada's oil sands, unrest in the Nigerian and Libyan energy sectors, and a near economic meltdown in OPEC member Venezuela have knocked out nearly 4 million barrels per day in immediate production.That has ...

Markets - Energy - Americas

Exxon shareholders pass measure that may put climate expert on board DALLAS/SAN RAMON: Voters at Exxon Mobil Corp's annual meeting on Wednesday approved a measure to let minority shareholders nominate outsiders for seats on the board, meaning a climate activist could eventually become a director at the world's largest publicly traded oil company.The so-called proxy access measure was the first Exxon shareholder proposal since 2006 to be approved, and it was the only one of 11 proposals related to climate change to pass at meetings held ...

Markets - Energy - Americas

Oil rises on US crude drawdown hopes, Wall St. rally NEW YORK: Oil prices rose on Tuesday as investors anticipated a weekly drawdown in U.S. crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support."We're gearing up on expectations that the wildfires in Canada may finally be showing up in U.S. crude inventory numbers," said Phil Flynn, analyst at the Price Futures Group in Chicago. "If they show up decisively, it may be ...

Markets - Energy - Americas

Colombia April crude output down 11.1pc year-on-year BOGOTA: Colombia produced an average of 914,000 barrels of crude oil per day (bpd) in April, the Mines and Energy Ministry said on Monday.The output was down 11.1 percent from the year before, according to Reuters calculations. The ministry did not give a reason for the decline.Natural gas production rose 7.28 percent year-on-year to 1.031 billion cubic feet per day.State-run Ecopetrol produces more than one-half of Colombia's oil, while Toronto-listed Pacific Exploration and Production Corp ...

Markets - Energy - Americas

Exxon's Baton Rouge refinery prepares Tuesday restart of CDU: sources HOUSTON: Exxon Mobil Corp was preparing to restart a crude distillation unit on Tuesday at the 502,500-barrel-per-day Baton Rouge, Louisiana refinery, sources familiar with plant operations said on Monday. Exxon spokeswoman Lana Venable declined on Monday to discuss operations at the Baton Rouge refinery. "We continue to meet all contractual commitments," Venable said. The 90,000-bpd CDU called PSLA 7 was shut on May 17 for de-coking, which removes excess carbon that accumulates within the unit. ...