Oil Market Stew: Kuwait, Saudi Vs. Russia, & Ballooning U.S. Stockpiles.?3 major factors are?influencing global oil markets?Wednesday morning: the end of the Kuwait oil strike, stepped up tensions between Russia & Saudi regarding oil market share, and increasing U.S. oil stockpiles. [Oilpro]
Oil Prices – Confused After Doha??Matt Epstein writes, “The outcome of the OPEC + Russia gathering in Doha was?not an unpredictable outcome?given the strategic momentum going into the meeting – continued conflict between Riyadh and Tehran.” [Oilpro]
Opinion: We’ve Already Hit Bottom.?Don Minter writes, “The $27 we hit in February was the bottom. We’re not going to see that again until we see $60+. You heard it here first.” Minter explains why he has made such a bold prediction in?this insightful post.?[Oilpro]
Saudi Reportedly Chooses JPMorgan, Michael Klein To Advise On Aramco IPO.?Saudi Arabia has reportedly chosen?JPMorgan Chase & Co. and former Citigroup investment banker Michael Klein?to advise Saudi Aramco on its planned initial public offering in 2017, Bloomberg reported. [Oilpro]
Total Reveals?Wide-Ranging Plan To Become The “Responsible” Supermajor.?Total plans to enact a wide-ranging new organization plan starting at the beginning of 2017.Its ambition?is to “meet the needs of a growing world population, tackle climate change and provide solutions that match changing customer expectations.” [Oilpro]
Statoil’s New Subsea Concept, “Cap-X”.?Norway’s Statoil has announced a new subsea solution called “Cap-X” that the company says is designed to cut costs and increase efficiency. The development of?the Cap-X solution?is part of Statoil’s efforts to reduce costs in its project portfolio. [Oilpro]
Exxon Starts Production At Major Deepwater Gulf Of Mexico Project.?ExxonMobil announced Tuesday the start-up of oil production at the?Julia oilfield in the Gulf of Mexico?“under budget and ahead of schedule.” The first production well is now online, the company said, and a second well will start producing in coming weeks. [Oilpro]
Mexico’s Deepest Offshore Oil Still Draws Interest.?Mexico’s upcoming deepwater oil and gas tender is drawing significant interest even at $40 oil,?a panel of experts said Tuesday in Houston. Twenty-one companies have asked to access to data on the?fields that may be auctioned?and are vetting the deep-water fields, according Mexican regulators. [Fuelfix]
Bohai Shipbuilding Industry To Build China’s First Offshore Nuclear Platform.?China Shipbuilding Industry Corporation (CSIC) has confirmed?that it will construct the?first offshore nuclear platform?at its affiliate yard Bohai Shipbuilding Industry. [Splash 247, Oilpro]
Painful Transition For O&G States As Oil Revenues Evaporate.From Alaska to Louisiana, the great American oil boom is coming to an end. For states that are top energy producers, the crash in oil prices has brought?a major economic hangover,?a loss of tax revenues and big budget shortfalls. [CNBC]
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