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Shootings, bombings kill 12 in Iraq

President Barack Obama and Iraqi Prime Minister Nouri al-Maliki stay in their seats, Friday, Nov. 1, 2013, following a meeting in the Oval Office of the White House in Washington. The prime minister arrived at the White House Friday to personally appeal to President Barack Obama for more U.S. assistance in beating back the bloody insurgency consuming his country. (AP Photo/Pablo Martinez Monsivais) BAGHDAD (AP) — A double suicide bombing and other attacks killed 12 people in Iraq on Monday, said officials, while Iraqi legislators passed a law laying the groundwork for next year’s parliamentary elections. Violence has spiked in Iraq since April, with the pace of killing reaching levels unseen since 2008. U.N. figures released last week showed that at least 979 people, mostly civilians, were killed last month alone. The latest attacks came two days after Prime Minister Nouri al-Maliki returned from a trip to Washington in […]

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UN aid chief says 40% of Syrians in need of assistance

Displaced Syrian women and children near Kafer Rouma, ancient ruins used as temporary shelter by those families who have fled from the heavy fighting and shelling in the Idlib province countryside of Syria 5 November 2013 Last updated at 01:46 The number of those needing help has risen by more than 30% since September Some 9.3 million people in Syria – or about 40% of the population – now need outside assistance, UN humanitarian chief Valerie Amos has said. This figure has risen by 2.5m from the 6.8m total the UN gave in September. The Syria crisis “continues to deteriorate rapidly and inexorably”, Ms Amos told the UN Security Council. Meanwhile, UN-Arab League envoy Lakhdar Brahimi is due to hold talks with US and Russian diplomats aimed at paving the way for a Syria peace conference. In Geneva, Mr Brahimi will also meet representatives from the rest of the […]

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India says patience needed on Sudan's missed pipeline payments

NEW DELHI, Nov. 4 (UPI) — Indian energy company ONGC Videsh Ltd. was asked to be patient with Sudan, which has missed four payments for pipeline work, officials said. Sudan missed the payments to the international subsidiary of India’s Oil and Natural Gas Corp. for pipeline work in Sudan, the Times of India reported Saturday. “We should show some more patience to the government of Sudan … as it would have repercussions on our engagement with that country in the oil sector,” India’s Ministry of External Affairs was quoted as saying. The Times reported India is vying for a larger role in a Sudanese oil sector dominated by Chinese energy companies. Sudan controls most of the pipeline infrastructure in the country but lost some reserves to South Sudan when the latter gained independence in 2011. “Our ambassador has also suggested [ONGC Videsh] should look at the possibility of converting […]

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India says patience needed on Sudan’s missed pipeline payments

NEW DELHI, Nov. 4 (UPI) — Indian energy company ONGC Videsh Ltd. was asked to be patient with Sudan, which has missed four payments for pipeline work, officials said. Sudan missed the payments to the international subsidiary of India’s Oil and Natural Gas Corp. for pipeline work in Sudan, the Times of India reported Saturday. “We should show some more patience to the government of Sudan … as it would have repercussions on our engagement with that country in the oil sector,” India’s Ministry of External Affairs was quoted as saying. The Times reported India is vying for a larger role in a Sudanese oil sector dominated by Chinese energy companies. Sudan controls most of the pipeline infrastructure in the country but lost some reserves to South Sudan when the latter gained independence in 2011. “Our ambassador has also suggested [ONGC Videsh] should look at the possibility of converting […]

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Heavy gunfire heard in Libya's capital Tripoli

TRIPOLI (Reuters) – Heavy shooting from guns and anti-aircraft weapons erupted early on Tuesday in the Libyan capital Tripoli, Reuters witnesses said. The fighting occurred between militias in the eastern Suq al-Juma area, said a militia source with government ties, adding that he had no further information. Reuters reporters in Tripoli could hear intermittent gunfire for three hours. A Facebook website showed what it said were two burned-out cars from the scene of the fighting, though Reuters could not verify its authenticity. An interior ministry official told Reuters he had no information about the shooting. A defense ministry official declined to comment, while no other officials were immediately available. OPEC producer Libya faces chaos and anarchy as the government struggles to rein in militias, gangs and Islamist radicals in a country awash with arms two years after the ouster of former leader Muammar Gaddafi. Suq al-Juma was a center […]

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Heavy gunfire heard in Libya’s capital Tripoli

TRIPOLI (Reuters) – Heavy shooting from guns and anti-aircraft weapons erupted early on Tuesday in the Libyan capital Tripoli, Reuters witnesses said. The fighting occurred between militias in the eastern Suq al-Juma area, said a militia source with government ties, adding that he had no further information. Reuters reporters in Tripoli could hear intermittent gunfire for three hours. A Facebook website showed what it said were two burned-out cars from the scene of the fighting, though Reuters could not verify its authenticity. An interior ministry official told Reuters he had no information about the shooting. A defense ministry official declined to comment, while no other officials were immediately available. OPEC producer Libya faces chaos and anarchy as the government struggles to rein in militias, gangs and Islamist radicals in a country awash with arms two years after the ouster of former leader Muammar Gaddafi. Suq al-Juma was a center […]

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Deposed Egypt president Mohamed Morsi defiant as trial adjourned

Morsi supporters gather outside Cairo Police Academy on November 4, 2013. Mohamed Morsi and other defendants arrived to the Police Academy, for their trial in the east of Cairo on November 4,2013. Protesters, raised Egypt’s ousted Islamist president, Mohamed Morsi , on Monday defiantly insisted he was the country’s legitimate leader as his trial for inciting violence got off to a raucous start at a heavily-guarded police academy on the outskirts of Cairo. Rejecting the proceedings against him as “cover for a coup”, the former president repeatedly interrupted the presiding judge, who adjourned the hearing when Mr Morsi tried to demand a special trial in accordance with procedures for the impeachment of a president set out in the suspended 2012 constitution. “I am Dr Mohamed Morsi, the president of the republic, and I am present here by force and against my will. The coup is criminal and treasonable,” he […]

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China plans to prove the sceptics wrong

Ingram Pinn illustration Foreign commentators and local bloggers regularly predict that China is heading for an economic and political crisis. But the country’s leaders are in strikingly confident mood. They believe that China can keep growing at more than 7 per cent a year for at least another decade. That would mean the country’s economy – already the second-largest in the world – would double in size. And, depending on the assumptions you make about US growth and exchange rates, it would probably mean that China becomes the world’s largest economy by 2020. Nobody embodies the leadership’s confidence better than the burly, imposing figure of Xi Jinping, China’s president. Last week, I was part of a group of foreign visitors – brought together by the 21st century Council, a think-tank – who met the Chinese leader in Beijing. Mr Xi’s manner is warmer and less formal than that of […]

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China warns local leaders to cut industry bloat

AP Photo BEIJING (AP) — Chinese leaders have ordered local officials to stop expanding industries such as steel and cement in which supply outstrips demand, a Cabinet statement said Tuesday, in a sign previous orders to cut overcapacity were ignored. Beijing has been trying since 2009 to cut excess production capacity, which has triggered price-cutting wars that threaten the financial health of some industries. But lower-level leaders whose promotions depend on economic development have continued to support local industries. In a video conference on Monday, planning officials warned local leaders to stop ignoring orders to reduce overcapacity in industries including steel, cement, aluminum and glass. “Those who still violate discipline will be heavily punished,” said the deputy director of the Cabinet planning agency, the National Development and Reform Commission, Hu Zucai, according to the government newspaper China Daily. Economists and business groups warn industrial overcapacity could hurt Chinese banks […]

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China premier warns against loose money policies

BEIJING (Reuters) – China needs to sustain economic growth of 7.2 percent to ensure a stable job market, Premier Li Keqiang said as he warned the government against further expanding already loose money policies. In one of the few occasions when a top official has enunciated the minimum level of growth needed for employment, Li said calculations show China’s economy must grow 7.2 percent annually to create 10 million jobs a year. That would cap the urban unemployment rate at around 4 percent, he said. "We want to stabilize economic growth because we need to guarantee employment essentially," Li was quoted by the Workers’ Daily as saying on Monday. His remarks were made at a union meeting two weeks ago but were only published in full this week. Yet even as authorities keep an eye on growth, Li sounded a warning on easy credit supply, which he said had […]

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EU Set to Recommend Overhaul of State Support in Energy Markets

The European Union is poised to call on governments to improve their state-aid mechanisms in energy markets, including support programs for renewable energy. The European Commission, the 28-nation bloc’s regulatory arm, aims to start a public debate on government intervention in the electricity market as end-user prices rise, according to a draft of an EU communication to be published in Brussels today. The increased costs are caused by high and rising taxes and levies on final power charges, as well as the costs of networks and fuels, according to the draft, which was obtained by Bloomberg News . “Public intervention can be useful and effective to attain policy objectives set at Union, regional, national or local level, but it must be well-designed and should be adapted to changes in market functioning, technology and society that occur over time,” the commission said in the document. The call for a public […]

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Foster Wheeler gets Russian liquefied natural gas contract

ZUG, Switzerland, Nov. 4 (UPI) — Engineering company Foster Wheeler said Monday it was selected to help with initial developments of a Russian liquefied natural gas project for the Far East. Foster Wheeler, which has headquarters in Switzerland, said it secured one of two contracts from Russian energy company Rosneft and its U.S. counterpart Exxon Mobil to take on the initial front-end engineering design work for the project. Rosneft said it aims to build a facility that draws on the natural gas reserves on Sakhalin Island. The plant will be designed to process 5 million tons of LNG per year, officials said. Rosneft announced in September it chose CB&I UK as a recipient of a front-end engineering and design contract for the LNG project. “With our initial front-end engineering and design contractors on board now we will see the project begin to take shape in a matter of months,” […]

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Shell may give up Nigerian oil pipeline because of thefts, sabotage

http://cdn.ph.upi.com/sv/em/upi/UPI-14191383565588/2013/1/7017360716656a0b3e101ef08a71bdea/Shell-may-give-up-Nigerian-oil-pipeline-because-of-thefts-sabotage.jpg ABUJA, Nigeria, Nov. 4 (UPI) — A Shell subsidiary in Nigeria said it’s considering giving up its stake in a 60-mile oil pipeline in the Niger Delta because of thefts and sabotage. Shell Petroleum Development Co. said it may sell its claim to the Nembe Creek Trunkline, the Nigerian newspaper ThisDay reported Monday. The decision, the newspaper reported, comes three years after the company spent $1.1 billion on pipeline overhauls. The trunkline and the region’s Trans-Niger oil pipeline are used for the delivery of an estimated 400,000 barrels of crude oil per day from oil fields in the Niger Delta. In July, the Nigeria Extractive Industries Transparency Initiative estimated Nigeria lost $10.9 billion in oil revenue to theft and sabotage from 2009-11. The government has blamed instability in the Niger Delta for its failure to meet a 2013 production target of 2.53 million barrels of oil per day. […]

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Superior Energy Equipment Seized by PDVSA in Venezuela

Petroleos de Venezuela SA, the state oil company, seized about $1 million worth of equipment from Superior Energy Services Inc. (SPN) , the Houston-based company said. PDVSA expropriated two hydraulic units that were idled after the Caracas-based company missed payments, Greg Rosenstein, head of corporate development, said by phone from New Orleans. The units operated in eastern Venezuela’s Anzoategui state, Associated Press reported Nov. 1. The move follows comments by Oil Minister Rafael Ramirez on Sept. 11 that private companies unwilling to work with PDVSA on increasing production capacity should leave the country. Superior has operated in Venezuela for 15 years. “We were surprised by the takeover as we have had a cordial relationship with PDVSA,” Rosenstein says. “We continue to work with PDVSA and the Venezuelan authorities and look to resolve this issue soon.” The so-called snubbing units have a combined value of about $1 million and Superior’s […]

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Crude Sees Small Uplift Amid Ample Supply

Nymex crude-oil futures were choppy in Asian trading hours Monday ahead of several key economic data releases this week that may influence U.S. monetary policy and oil prices. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $94.67 a barrel at 0558 GMT, up $0.06 in the Globex electronic session. December Brent crude on London’s ICE Futures exchange rose $0.34 to $106.25 a barrel. The Brent-WTI spread is currently at $11.59 a barrel. Data on tap this week include the U.S. third-quarter GDP advance estimate, U.S. labor market report for October, eurozone manufacturing data and several Chinese economic indicators. Last week, the U.S. Federal Reserve kept its monetary policy unchanged but some strong economic data since then has raised concerns that the Fed’s tapering of asset purchases may happen as soon as December. A withdrawal of monetary stimulus would boost the U.S. […]

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WTI Trades Near Four-Month Low on U.S. Crude Supply; Brent Gains

West Texas Intermediate oil traded near the lowest price in more than four months amid speculation U.S. crude supplies will be sufficient. London-traded Brent rebounded as an index of China ’s services industry advanced to the highest level this year. Futures were little changed in New York after falling 3.3 percent last week, the most since June. Crude stockpiles in the U.S., the world’s biggest oil consumer, have risen for the past six weeks, according to government data. Libya is boosting production and preparing to resume operations at an export terminal, said an Oil Ministry official. “The big risk is to the downside even though prices have come off quite a bit,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney. “For the supply side, the market isn’t so concerned about the risk premium in the Middle East . If we just look at the basic […]

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Iraq’s pipeline bombings halt oil pumping

Iraq’s pipeline bombings halt oil pumping Page added on November 3, 2013 A major oil pipeline has been bombed in northern Iraq, forcing pumping to be suspended, security officials said. Three blasts went off on Saturday in Nineveh province along the pipeline, which runs to the Turkish port of Ceyhan, but the incident did not cause any casualties. An official with the state-owned North Oil Co in the city of Kirkuk said repair works had already started on the pipeline and oil pumping was expected to resume on Sunday. Rebels frequently attack the pipeline, which carries a significant portion of Iraq’s oil exports to international markets. Growing pressure The Iraqi authorities are under growing pressure after the autonomous Kurdish region in the north of the country said it would build a second oil pipeline to Turkey, a route to Western markets that would bypass national infrastructure. However, Turkish Energy […]

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Israel to drill for oil in the West Bank

Israel to drill for oil in the West Bank Page added on November 4, 2013 A large reserve may lie under Israel and the occupied territories, but Palestinians are unlikely to reap the benefits. Israeli investors had reason to celebrate last month with the news that Israel may soon be joining the club of oil-producing states, in addition to its recent finds of large natural gas deposits off the coast. Shares in Givot Olam, an Israeli oil exploration company, rallied on reports that it had located much larger oil reserves at its Meged 5 site than previously estimated. The company, which says it has already sold $40m worth of oil since the Meged field went operational in 2011, now believes that the well is sitting on exploitable reserves of as much as 3.53 billion barrels – about a seventh of Qatar’s proven oil reserves. Only one cloud looms on […]

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Energy Needs Trump Turkey-Israel Tension

ISTANBUL—Turkey and Israel’s political divergence in the past few years is of little concern to businessmen, especially when some of the world’s largest natural gas deposits are at stake. Israel, together with Cyprus, sits on more than 120 trillion cubic feet of natural gas in the Eastern Mediterranean, according to U.S. Geological Survey assessments. That’s enough to meet natural gas needs for 2,400 years in energy-starved Turkey, which relies on Russia for 60% and Iran for 20% of its imports. The trick is navigating the choppy political waters. It’s a difficult proposition as Turkey-Israel ties have been at best strained for the past three years, and Ankara doesn’t even recognize the Cypriot government in Nicosia. But executives from Turkish and Israeli energy firms say their deals can allow corporations to surmount the obstacles politicians can’t overcome. If they succeed, Turkey may see a fifth of its annual natural gas […]

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This Natural Gas Find Could Completely Change the World As We Know It

This Natural Gas Find Could Completely Change the World As We Know It Page added on November 4, 2013 One thing that makes the energy sector so intriguing is the constant overlap between markets and politics. In many ways, energy security is synonymous with national security, and the supply and demand needs of the oil market can make the most unlikely bedfellows. One country that has been at the center of energy and politics for decades has been Israel. For years the country has been dependent upon foreign energy sources, but a major discovery by Noble Energy (NYSE: NBL ) and its partners has turned this situation on its head. Let’s look how this massive natural gas find could affect both the political landscape and the pockets of major oil companies like ExxonMobil (NYSE: XOM ) . With a name like Leviathan, it has to be big In 2010, […]

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Rebels in Colombia Hit Energy Sector Hard in 'Black October'

BOGOTA—Colombia’s energy sector, the main driver of its economy, is limping away from “Black October,” a term coined by Marxist rebels who set forth on a month-long blitzkrieg, attacking oil pipelines, coal trains, electricity plants and transmission towers in a show of strength during peace talks with the government. There were roughly two dozen attacks during October on high-profile targets like oil pipelines, according to security analysts and companies. That was more than double the number of attacks in September and by far the highest for any month this year, according to analysts. The Colombian government usually comes out with a count months later. Colombia’s army declined to comment. Most of the attacks are believed to be the work of the country’s main guerrilla force, the Revolutionary Armed Forces of Colombia, or FARC. The attacks add to doubts about the rebels’ sincerity in reaching a peace agreement with the […]

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Rebels in Colombia Hit Energy Sector Hard in ‘Black October’

BOGOTA—Colombia’s energy sector, the main driver of its economy, is limping away from “Black October,” a term coined by Marxist rebels who set forth on a month-long blitzkrieg, attacking oil pipelines, coal trains, electricity plants and transmission towers in a show of strength during peace talks with the government. There were roughly two dozen attacks during October on high-profile targets like oil pipelines, according to security analysts and companies. That was more than double the number of attacks in September and by far the highest for any month this year, according to analysts. The Colombian government usually comes out with a count months later. Colombia’s army declined to comment. Most of the attacks are believed to be the work of the country’s main guerrilla force, the Revolutionary Armed Forces of Colombia, or FARC. The attacks add to doubts about the rebels’ sincerity in reaching a peace agreement with the […]

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Venezuela’s government seizes US-owned oil rigs

Page added on November 3, 2013 Venezuela has quietly seized control of two oil rigs owned by a unit of Houston-based Superior Energy Services after the company shut them down because the state oil monopoly was months behind on payments.   The seizure took place Thursday after a judge in the state of Anzoategui, accompanied by four members of the local police and national guard, entered a Superior depot and ordered it to hand over control of two specialized rigs to an affiliate of PDVSA, the state-owned oil producer.   PDVSA justified the equipment’s expropriation, calling it essential to the South American nation’s development and welfare, according to a court order obtained by The Associated Press. Company workers were instructed to load the rigs, known as snubbing units and used to repair damaged casing, onto trucks to be deployed at “critical wells” elsewhere, according to the document.   “It […]

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China’s grandees ready for crucial political event

A soldier outside parliament in Beijing ©Reuters A soldier in Beijing. The party will discuss ‘unprecedented’ reforms at their meeting, according to one leader In the coming days, the Communist Party of China will hold the country’s most anticipated political event of the year. The show trial of disgraced politician Bo Xilai may have given the masses a dose of high political theatre but the forthcoming closed-door meeting of party grandees could prove to be far more significant and far-reaching. The third plenary session of the 18th Congress of the CPC Central Committee will take place between November 9 and November 12. The party leadership has strongly hinted that Mr Xi will use this occasion to send a powerful message to the world about his plans for the rest of his decade in power. Last week, Yu Zhengsheng, the fourth-ranked leader in the party hierarchy, described the reforms to […]

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Indonesia likely to miss revised 2013 crude output target: SKK Migas

Jakarta (Platts)–4Nov2013/226 am EST/726 GMT Indonesia is likely to miss the government’s revised 2013 crude production target of 840,000 b/d, by pumping only 827,000 b/d on average this year, Elan Biantoro, spokesman for upstream regulator SKK Migas, said Monday. But the country may manage to arrest the rate of decline in output, Biantoro added. “The average production as of October this year is 827,000 b/d on average. We estimate that the production figure is likely to be same until the end of the year. It is difficult to meet the government’s target,” Biantoro said. Article continues below… Request a free trial of: Oilgram News Oilgram News Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand trends, government actions, exploration and technology Daily futures summary Weekly API statistics, and much more […]

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Coal Displacing Nat Gas…Already

In January, 2012, the price of nat gas plunged to below $2/mcf due to overproduction by shale operators. Such low prices did, indeed, prompt utilities to switch from coal fired generation to natural gas fired generation if they had the capacity. Industry crowed that this was the shape of things to come with electricity costs plummeting for consumers and heralding the end of “King Coal”. Unfortunately, as with most aspects of unconventional shale production, this proved short lived and oversold. Glaring numbers show another picture altogether. Electricity generation from natural gas began to fade only months after it had gained ground in much the same way that shale gas wells fade only months after initial production. As gas prices moved up to trade between $3.50-4/mcf, utilities promptly began switching back to using coal for generation. According to EIA (Energy Information Administration): “During the first half of 2013…the price of […]

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Alberta Says ‘Quid Pro Quo’ With U.S. Required on Carbon Rules

Alberta won’t raise its levy on greenhouse-gas emissions unless the U.S. acts on the issue, Premier Alison Redford said. “In Alberta, we’re not looking to increase our price on carbon unless there’s going to be a move from the United States ,” Redford said in a Canadian Broadcasting Corp. radio interview that aired today. “There has to be a quid pro quo.” Redford is heading to Washington this month to lobby for U.S. approval of the Keystone XL pipeline that would connect Alberta’s oil sands with Gulf Coast refineries. She plans to discuss the existing C$15 ($14.40) per metric ton that the province levies on carbon from emitters that don’t meet greenhouse-gas reduction targets, she said. Canada has delayed implementing regulations regarding greenhouse gas emissions for the oil and natural gas industry. The federal government has said it’s working with Alberta, where most of Canada’s energy companies are based, […]

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Ukraine minister: Naftogaz debt to Gazprom to be resolved Monday

KIEV, Ukraine, Nov. 4 (UPI) — A dispute over late payment of $882 million owed by Ukraine’s Naftogaz to Russia’s Gazprom will be resolved Monday, a Ukrainian minister said. Minister of Energy and Mines Eduard Stavytskyy told Ukrainian broadcaster Channel 5 Saturday during a soccer game between ministers and members of Parliament the problem of debts for Russian gas will be hammered out Monday. He said the talks between Naftogaz and Gazprom are in the the final stages, but wouldn’t reveal the nature of any of the negotiations, or if the government will step in to provide financial help for the Ukrainian company. “I want to emphasize that the issue is actually solved and on Monday you will learn the details,” Stavytskyy said. He said last week he had given the two energy companies until Thursday to come to an agreement on the debt, but that deadline was pushed […]

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Russia breaks oil output record

Page added on November 3, 2013 Russian oil output, the largest in the world, reached 10.59 million bpd (barrels per day) in October, setting the record for the country’s post-Soviet period, Energy Ministry data showed. The landmark was reached due to Rosneft increasing production at the Vankor field in the Krasnoyarsk Region, the Vedomosti paper reports. The output at the field was 18.3 million tons last year, with the company planning Vankor reach 25 million tons annually. Another influential factor is the larger amount of Gazprom-produced gas condensate, which has now reached 350,000 bpd. The country’s total output in October reached 44,773 million tons, which is 1.3 percent higher than during the same period last year. According to the International Energy Agency, Russia’s all-time production of black gold reached its peak at 11.41 million bpd in 1988, when it was still part of the Soviet Union. The production of […]

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What’s After Oil ?

What’s After Oil ? If you’re wondering about the direction of gasoline prices over the long term, forget for a moment about OPEC quotas and drilling in the Arctic National Wildlife Refuge and consider instead the matter of Hubbert’s Peak. That’s not a place, it’s a concept developed a half-century ago by a geologist named M. King Hubbert, and it explains a lot about what’s going on today at the gas pump. Hubbert argued that at a certain point oil production peaks, and thereafter it steadily declines regardless of demand. In 1956 he predicted that U.S. oil production would peak about 1970 and decline thereafter. Skeptics scoffed, but he was right. It now appears that world oil production, about 80 million barrels a day, will soon peak. In fact, conventional oil production has already peaked and is declining. For every 10 barrels of conventional oil consumed, only four new […]

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U.S. Oil Futures Finish at Four-Month Low

NEW YORK–U.S. oil futures tumbled Friday, falling below $95 a barrel for the first time in more than four months, hurt by a rising dollar against the euro and concerns over a glut of domestic supplies and weak demand. Meanwhile, increasing oil production in Libya sent Brent crude futures down to their lowest settlement value since July 4. The steep declines for crude prices began early in the day amid speculation that the European Central Bank will cut interest rates as soon as its meeting next week amid a report of slowing inflation and a high jobless rate in the euro zone. With the news, the euro fell 0.6% against the dollar to $1.34945, its second straight day of sharp declines. “Crude is priced in dollars, so it should get weak when the dollar is up and that started the selloff here today,” said Tariq Zahir, managing member of […]

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WTI Crude Falls Below $95 First Time Since June on Supply

West Texas Intermediate crude fell below $95 a barrel for the first time since June on surging U.S. stockpiles and as the dollar gained versus the euro, curbing commodity demand from investors. Futures capped a fourth straight weekly decline, the longest stretch of decreases in more than a year. A U.S. government report on Oct. 30 showed that supplies advanced a sixth week. The dollar climbed against the euro for a fifth day on speculation that the European Central Bank will reduce interest rates to spur economic growth. “The supply side has overtaken everything else,” said Phil Flynn, senior market analyst at the Price Futures Group in Chicago . “There’s plenty of oil around and the market is in breakdown mode. We’re also down because the dollar is up against the euro on expectations the ECB will cut interest rates, which is extremely bearish for the market.” WTI for […]

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EPA releases draft climate change adaptation implementation plans

The US Environmental Protection Agency released its draft climate change adaptation implementation plans for a 2-month public review. Comments will be accepted until Jan. 3, 2014. The proposed implementation plans provide detailed information about steps the federal environmental regulatory agency plans to take to help communities adapt to a changing climate under US President Barack Obama’s climate action plan, EPA Administrator Gina McCarthy said on Nov. 1. They recognize that EPA must integrate climate adaptation planning into its programs, policies, rules, and operations to ensure that the agency’s work continues to be effective even as the climate changes, she indicated. The proposals potentially could have significant impacts across the US oil and gas industry. EPA said it released its draft agency climate change adaptation plan on Feb. 9 for public review and comment, and expects to issue the final version this fall. All federal agencies were required to develop […]

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Climate Change Seen Posing Risk to Food Supplies

Climate change will pose sharp risks to the world’s food supply in coming decades, potentially undermining crop production and driving up prices at a time when the demand for food is expected to soar, scientists have found. In a departure from an earlier assessment, the scientists concluded that rising temperatures will have some beneficial effects on crops in some places, but that globally they will make it harder for crops to thrive — perhaps reducing production over all by as much as 2 percent each decade for the rest of this century, compared with what it would be without climate change. And, the scientists say, they are already seeing the harmful effects in some regions. The warnings come in a leaked draft of a report under development by a United Nations panel, the Intergovernmental Panel on Climate Change. The document is not final and could change before it is […]

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Iran's inflation hits 36.2 pct in 12 months

TEHRAN, Nov. 2 (Xinhua) — Iran’s inflation for 12 months ending on Oct. 22 hit 36.2 percent, 11.4 percentage points up from its corresponding figure last year, Tehran Times daily reported Saturday, quoting the Statistics Center of Iran. On Oct. 27, Iran’s Finance and Economic Affairs Minister Ali Tayebnia said the government planned to reduce the nation’s inflation rate by 6-7 percent by the end of the current Iranian year (March 20, 2014). Through curbing the runaway liquidity growth, the inflation rate is expected to be brought down, Tayebnia was quoted as saying. Adopting proper and efficient monetary and fiscal policies will help curb the inflation rate as well, he added. Also, Valiollah Seif, Governor of the Central Bank of Iran has pledged to control liquidity and bring down inflation, as President Hassan Rouhani has agreed to separate monetary and fiscal policies, giving the bank more independence, according to […]

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Iran’s inflation hits 36.2 pct in 12 months

TEHRAN, Nov. 2 (Xinhua) — Iran’s inflation for 12 months ending on Oct. 22 hit 36.2 percent, 11.4 percentage points up from its corresponding figure last year, Tehran Times daily reported Saturday, quoting the Statistics Center of Iran. On Oct. 27, Iran’s Finance and Economic Affairs Minister Ali Tayebnia said the government planned to reduce the nation’s inflation rate by 6-7 percent by the end of the current Iranian year (March 20, 2014). Through curbing the runaway liquidity growth, the inflation rate is expected to be brought down, Tayebnia was quoted as saying. Adopting proper and efficient monetary and fiscal policies will help curb the inflation rate as well, he added. Also, Valiollah Seif, Governor of the Central Bank of Iran has pledged to control liquidity and bring down inflation, as President Hassan Rouhani has agreed to separate monetary and fiscal policies, giving the bank more independence, according to […]

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Iran criticizes Iraq for increasing crude exports

AP Photo TEHRAN, Iran (AP) — Iran’s Oil Minister says Iraq has increased its crude oil exports to compensate for a fall in Iranian exports as a result of sanctions over Tehran’s suspected nuclear program, calling the policy “not friendly at all.” Bijan Namdar Zanganeh is quoted by the semiofficial Mehr news agency Saturday as saying that Iraq’s oil policies are to Iran’s detriment. Iran’s oil exports are believed to have fallen from about 2.5 million to over 1.2 million barrels a day as a result of a Western oil embargo against Iran over Tehran’s uranium enrichment program. The U.S. and its allies fear that Iran may ultimately be able to develop a nuclear weapon, a charge Iran denies. Iran generally enjoys good relations with Iraq’s Shiite-led government. © 2013 The Associated Press . All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more […]

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Iraq Leader's Visit Shows Strain With U.S.

WASHINGTON—Iraqi Prime Minister Nouri al-Maliki headed back to Baghdad after a strained visit to Washington that fell short of securing more U.S. military aid and exposed divisions about the causes and cures for rising violence in his country. Mr. Maliki wrapped up his three-day visit Friday with a White House meeting at which President Barack Obama praised the Iraqi leader and said the two countries would step up their efforts to uproot al Qaeda militants expanding their operations across the region. But while Mr. Maliki worked to persuade American leaders to free up more U.S. military aid, leading lawmakers expressed dismay over the Iraqi leader’s repeated insistence that he bore little responsibility for the sectarian violence sweeping his country. Sen. Robert Menendez (D-N.J.), chairman of the Senate Foreign Relations Committee, said he was “extremely disappointed” by his meeting with Mr. Maliki and said the prime minister hurt his case […]

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Iraq Leader’s Visit Shows Strain With U.S.

WASHINGTON—Iraqi Prime Minister Nouri al-Maliki headed back to Baghdad after a strained visit to Washington that fell short of securing more U.S. military aid and exposed divisions about the causes and cures for rising violence in his country. Mr. Maliki wrapped up his three-day visit Friday with a White House meeting at which President Barack Obama praised the Iraqi leader and said the two countries would step up their efforts to uproot al Qaeda militants expanding their operations across the region. But while Mr. Maliki worked to persuade American leaders to free up more U.S. military aid, leading lawmakers expressed dismay over the Iraqi leader’s repeated insistence that he bore little responsibility for the sectarian violence sweeping his country. Sen. Robert Menendez (D-N.J.), chairman of the Senate Foreign Relations Committee, said he was “extremely disappointed” by his meeting with Mr. Maliki and said the prime minister hurt his case […]

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MOL reports successful testing of oil area in Kurdish north of Iraq

BUDAPEST, Hungary, Nov. 1 (UPI) — Hungarian oil company MOL said successful testing of an oil reserve area in the Kurdish north of Iraq confirms it as a commercial prospect, MOL said preliminary testing from the Akri-Bijeel reserve area confirmed “long-term production sustainability.” A recent well test produced 3,192 barrels of “light density oil.” “This declaration is another milestone in the fruitful relationship with the Kurdistan Regional Government, which covers not only the lucrative cooperation in the oil and gas industry, but also a wider area in supporting the development of local communities,” Alexander Dodds, MOL’s executive vice president for upstream operations, said in a statement Friday. The semiautonomous Kurdish government is at odds with the federal government over who controls what aspects of the energy sector. Oil from the Kurdish north typically flows north to Turkish export terminals. French energy company Total and U.S. counterpart Marathon said Wednesday […]

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Surge in Iraqi Violence Reunites Maliki and Obama

WASHINGTON — With violence spiking again in Iraq , fomenting fears of widening instability in the region, Prime Minister Nuri Kamal al-Maliki pressed President Obama on Friday for American help in fighting Qaeda terrorists in his country’s lawless west. Mr. Maliki said the Iraqi government was “mobilizing our people in order to fight Al Qaeda because it’s good for Iraq and the Middle East.” Speaking after a meeting with the president in the Oval Office, Mr. Maliki said he and Mr. Obama had “similar ideas” on counterterrorism priorities, though he did not offer details on any requests for military equipment or other aid. Other Iraqi officials said the government was appealing for a range of aid, including Apache helicopter gunships and Hellfire missiles , as well as more American intelligence and other forms of counterterrorism support, like reconnaissance drones that would be operated by Americans. “Unfortunately, Al Qaeda has […]

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Iraq exports begin to rise again

Iraq exports begin to rise again Iraq’s exports in October increased by nearly nine percent over September, to 2.253 million barrels per day (bpd), as infrastructure work both onshore and offshore in the Basra Gulf helped output overcome adverse weather in the south and a drop in exports from the Iraq-Turkey Pipeline.Iraqi exports had fallen in September to 2.07 million bpd, a drop of 500,000 bpd from August’s average, due to the partial shut-down of the al-Basra Oil Terminal (ABOT) from early September through late October… This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free trial .

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Nigeria: How My Father Turned Me to a Pipeline Vandal At 14 – Suspect

A 15-year-old boy, who was arrested alongside four others by operatives of the Inspector-General of Police Special Task Force on Anti-Pipeline Vandalism, Thursday, disclosed that he was pestered by his father until he joined the illicit act of pipeline vandalism. The suspect, Sani Musa and others were arrested with 200 kegs filled with diesel allegedly siphoned from a pipeline belonging to the Nigerian National Petroleum Corporation, NNPC, along Shagamu/Ibadan expressway. Also recovered was a truck with number plate KMC 111 XW. Their arrest, according to the Assistant Commissioner of Police in charge of the task force, Friday Ibadin, followed a tip-off that some vandals were leaving the NNPC pipeline in Shagamu. Policemen, led by the Sector Commander, Onaghaise Osayande, a Deputy Superintendent of Police, intercepted them. Reinstating the task force’s resolve to curb the menace of pipeline vandals, Ibadin however noted that it would be achieved with the collaboration […]

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Hong Kong Finds Switch to Cleaner Fuels Has Flaws

All but one of Hong Kong’s more than 18,000 taxis now burn liquefied petroleum gas, but one smog-causing pollutant soars if those vehicles’ catalytic converters are not regularly replaced. Alex Hofford/European Pressphoto Agency All but one of Hong Kong’s more than 18,000 taxis now burn liquefied petroleum gas, but one smog-causing pollutant soars if those vehicles’ catalytic converters are not regularly replaced. Municipal governments all over the world, particularly in developing countries with rapidly growing fleets of cars and choking air pollution, have been rushing over the last few years to force taxis and buses to switch to burning liquefied petroleum gas and compressed natural gas, frequently offering subsidies for them to do so. But one of the early leaders of the trend, Hong Kong, said on Friday that the city’s shift over the last decade to almost complete dependence on LPG for light commercial vehicles had produced unintended […]

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Oil-Tanker Rates Surge as Chinese Demand for Cargoes Accelerates

Rates for the largest oil-tankers surged as Chinese freight traders led an acceleration in Asian demand for the ships to load Middle East crude, sapping a fleet surplus that made the carriers unprofitable almost all year. A very large crude carrier built 16 years ago was hired today at about 13 percent more than yesterday’s prevailing prices, according to Dynacom Tankers Management Ltd., an Athens-based owner. There hasn’t been a bigger one-day gain in 2013, according to data from the Baltic Exchange , a London-based publisher of freight costs on more than 50 trade routes. Rising demand has cut a capacity surplus to the smallest since June 4, according to weekly surveys by Bloomberg News . Increased bookings by Chinese buyers depleted the excess in the largest loading region, according to Halvor Ellefsen, a shipbroker at Galbraith’s Ltd. in London. VLCCs earned $5,598 a day on average this year, […]

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U.S. rail petroleum delivery up 20.1 percent from previous week

WASHINGTON, Nov. 1 (UPI) — The American Association of Railroads said 14,152 carloads of petroleum and petroleum products were carried on U.S. rail systems during the past week. The industry trade group said that equated to about 9.9 million barrels of oil and marked a 20.1 percent increase from the previous week. The AAR said a cumulative 578,885 carloads, or 405 million barrels of oil, were delivered by rail as of Thursday, a 34.4 percent increase from the same time last year. An accelerating pace of oil production in the United States has placed a burden on existing pipeline capacity, industry officials say. U.S. oil production has increased in part because of gains from states including Texas and North Dakota. The AAR said its total for U.S. operations excludes deliveries from Canadian National Railway Co. and Canadian Pacific Railway. Chinese officials release badly faked photo Pamela Anderson looks unrecognizable […]

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AAA: U.S. gasoline prices for October lowest since 2010

WASHINGTON, Nov. 1 (UPI) — The U.S. average price for a gallon of gasoline in October was cheaper than last year but an Illinois refinery fire caused regional woes, the AAA said. A monthly survey published Thursday showed gasoline prices in all 50 states were down from a year ago. Alaska, Utah, Arizona and California had the largest declines with prices, on average, 41 cents lower than last year. Kentucky, Indiana, Ohio and Michigan had the smallest decreases, with an average 7.7 cent decline from last year. AAA spokesman Michael Green told UPI motorists in Illinois, Indiana, Michigan and Ohio were experiencing higher gasoline prices, though, because of a fire last week at a Citgo refinery in Lemont, Ill. “It is possible that consumers in the Great Lakes region will pay higher prices in the days ahead as suppliers compensate for reduced refinery production,” he said. Gasoline prices Friday […]

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Shell to drill again off Alaska's Arctic coast

WASHINGTON, Nov. 1 (UPI) — Oil giant Shell will make another attempt to drill for oil off Alaska’s arctic coast. Simon Henry, Shell’s chief financial officer, announced the decision Thursday during a teleconference with reporters to discuss the company’s third-quarter earnings, the Houston Chronicle reported. Those earnings were nearly a third lower than for the same period in 2012 Shell has devoted nearly $5 billion and eight years of work for its arctic oil exploration off Alaska’s coast in the Chukchi and Beaufort seas. The Kulluk, Shell’s drill ship dedicated to its Beaufort operations, ran aground off Alaska New Years Eve while being towed to Seattle following the 2012 exploration season, which was marked by equipment failures and extreme weather. Shell in February announced what it called a “pause” in its Alaska drilling program for 2013 to prepare equipment and said it planned to resume drilling activity “at a […]

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Shell to drill again off Alaska’s Arctic coast

WASHINGTON, Nov. 1 (UPI) — Oil giant Shell will make another attempt to drill for oil off Alaska’s arctic coast. Simon Henry, Shell’s chief financial officer, announced the decision Thursday during a teleconference with reporters to discuss the company’s third-quarter earnings, the Houston Chronicle reported. Those earnings were nearly a third lower than for the same period in 2012 Shell has devoted nearly $5 billion and eight years of work for its arctic oil exploration off Alaska’s coast in the Chukchi and Beaufort seas. The Kulluk, Shell’s drill ship dedicated to its Beaufort operations, ran aground off Alaska New Years Eve while being towed to Seattle following the 2012 exploration season, which was marked by equipment failures and extreme weather. Shell in February announced what it called a “pause” in its Alaska drilling program for 2013 to prepare equipment and said it planned to resume drilling activity “at a […]

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U.S. Energy Rigs Gain Four to 1,742, Baker Hughes Says

(Corrects gas rig move in second paragraph.) Rigs targeting oil and natural gas in the U.S. increased by four this week to 1,742, according to Baker Hughes Inc. (BHI) Oil rigs rose by 19 to 1,376, data posted on the company’s website show. The gas count fell 16 to 360, the Houston-based field services company said. Miscellaneous rigs rose one to six. The total count gained for the second time in seven weeks. Rigs have fallen from 1,800 a year earlier as producers use new technologies to shorten well-boring time and boost productivity in shale formations. The improvements have driven crude output to the most in two decades, helping the U.S. meet 86 percent of its energy needs in the first seven months of 2013, on pace to be the highest annual rate since 1986. “Technological advances have led the way to the widespread use of new oil and […]

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