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Obama Sends Special Operations Forces to Help Fight ISIS in Syria

WASHINGTON — President Obama announced on Friday that he had ordered several dozen Special Operations troops into Kurdish-controlled territory in northern Syria to assist local fighters battling the Islamic State, authorizing the first open-ended mission by American ground forces into the country. While the deployment was small in scale, it was large in import for a president who until now had refused to send American ground troops for any sustained operations into a country devastated by more than four years of civil war. But with the fight against the Islamic State stalled, Mr. Obama concluded that a change was needed. The White House said the troops would number “fewer than 50” and insisted that they would only train and advise the local forces, not play a direct combat role against the Islamic State, also known as ISIS or ISIL. But administration officials acknowledged that Americans operating closer to the […]

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OPEC October oil output falls led by Saudi, Iraq: Reuters survey

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, August 21, 2015. OPEC oil output has fallen in October from the previous month, a Reuters survey found on Friday, as declines in top producers Saudi Arabia and Iraq outweighed higher supply from African members. The drops are not indicative of deliberate supply cuts to prop up prices, sources in the survey said, and the Organization of the Petroleum Exporting Countries is still pumping close to a record high as major producers focus on defending market share. OPEC supply has fallen in October to 31.64 million barrels per day (bpd) from a revised 31.76 million in September, according to the survey, based on shipping data and information from sources at oil companies, OPEC and consultants. With one day left in October, the final figures could be revised. Even so, OPEC […]

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OPEC Oil Output Rises in October Led by Libya, Saudi Arabia

OPEC crude production climbed this month, led by gains in Libya and Saudi Arabia. Output by the Organization of Petroleum Exporting Countries rose by 74,000 barrels to 32.211 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month’s total was revised 89,000 barrels higher to 32.137 million a day because of changes to the Iraqi, Ecuadorean and Emirati estimates. OPEC has been boosting supply as it seeks to force higher-cost producers to cut output. The 12-member group agreed on June 5 to retain its collective output target of 30 million barrels a day, which it has exceeded since June 2014. "This data shows that the battle for market share is far from over," John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by phone. “There’s a complete lack of coordination and cooperation […]

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South African waters drawing in energy companies

European energy companies among those showing interest in basins in southern African waters. Statoil and Eni add Mozambique acreage to their portfolios. Photo by James Jones Jr./UPI STAVANGER, Norway, Oct. 30 (UPI) — Southern African waters drew more interest from energy explorers with Norway’s Statoil and Italy’s Eni wading into Mozambique waters. Statoil and Eni were among those winning bids to explore for potential reserves in the waters off the coast of Mozambique, where depths range from 650 feet to 5,900 feet. Nick Maden, a regional exploration director for Statoil, said Mozambique waters are among the more promising frontier basins in the area , where the oil potential is said to be "significant." "The position strengthens and develops our global exploration portfolio," he said in statement. Eni last year said it discovered natural gas in a well in an area off the Mozambique coast thought to hold 85 trillion […]

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Iran to announce oil output rise at next OPEC meeting: Shana

Iran will officially notify producer group OPEC in December of its plans to raise its crude oil output by 500,000 barrels per day (bpd), the Iranian oil minister said on Saturday. "We…ask them to respect the 30-million-barrel ceiling which they have agreed," Bijan Zanganeh was quoted as saying by Shana, the ministry’s news agency. "Iran is prepared to supply at least 500,000 bpd of crude oil to global markets," he added. The Organization of the Petroleum Exporting Countries (OPEC) will meet in Vienna in early December. OPEC is pumping close to a record high as major producers focus on defending market share. This has added to amply supplies, which have helped cut prices by more than half from June 2014 to below $50 a barrel. Under a deal reached with six major powers in July, Iran agreed to curb its nuclear program in exchange for an end to economic […]

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PetroChina frets over future growth

PetroChina, one of the largest companies of its kind in China, says it’s concerned by the longevity of the slump in crude oil prices. Photo courtesy of PetroChina BEIJING, Oct. 30 (UPI) — Net profits are expected to decrease significantly if crude oil prices remain low during the fourth quarter, one of China’s largest producers warned. PetroChina, one of the country’s top producers and refiners, reported what may be its worst quarter on record, with net income falling nearly 80 percent year-on-year to around $820 million. The company attributed the decline to weak global economic recovery, slow growth in China and low international crude oil prices. Twin crashes on the Chinese stock market in mid-summer were attributed to lingering weakness . The Chinese government has since intervened by manipulating the value of its currency and slashing interest rates in an effort to slow the decline. Chinese weakness drags on […]

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Fuel-starved Nepal signs agreement with China for oil, ending India’s monopoly

KATHMANDU, Nepal – Fuel-starved Nepal has signed an agreement with China to import gasoline, diesel and cooking gas, effectively ending a monopoly on supply from India, which has restricted fuel convoys as a result of political protests in the Himalayan nation. The decision to import Chinese oil amid severe shortages has brought China a step closer to Nepal, which traditionally is more influenced by India in the south. The two Asian giants have been jostling for influence in landlocked Nepal. Nepal sent a team of officials this week to Beijing, where they signed a memorandum of understanding Wednesday with China National United Oil Corp., said Nepal Oil Corp. official Deepak Baral. Details on how much fuel Nepal will receive, prices and other arrangements still need to be worked out, Baral said, but he confirmed the supply would be on a regular basis. It would be the first time for […]

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Marathon cancels Garyville refinery upgrade

Marathon Petroleum Corp. has canceled a major upgrade of its 522,000-b/d Garyville, La., refinery ( OGJ Online, Apr. 24, 2014 ). The company referred to what would have been a $2.2-2.5-billion project as ROUX, for “residual oil upgrade expansion.” Marathon Petroleum Pres. and Chief Executive Officer Gary R. Heminger cited “market conditions.” The company took a $144 million charge against third-quarter earnings to account for capitalized costs, including front-end engineering and long lead-time equipment. It reported earnings of $948 million for the third quarter, compared with $672 million in the third quarter of 2014.

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Conoco producing more in oversupplied market

ConocoPhillips says production, including in war-torn Libya, is strong despite downturn in crude oil markets. File photo by project1photography/Shutterstock HOUSTON, Oct. 30 (UPI) — Nearly across the board, ConocoPhillips reported net production for the third quarter increased at a time when oversupplies are hurting corporate profits. "We are accelerating actions to position our company for low and volatile prices, while improving the underlying performance of the business," said Ryan Lance, chairman and chief executive officer. Net production from the United States, including struggling Alaska, increased for Conoco. From lucrative Texas and North Dakota shale basins, output increased by 10 percent from third quarter 2014. From Canada, production increased 14 percent and, from the Middle East and Asia, output increased by 10 percent from last year. Only in Europe did production decline, down about 1 percent year-on-year. Most of Conoco’s peers reported heavy losses for the third quarter in a […]

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Industry lobbies for Atlantic drilling

Industry groups launch ad blitz in support of oil and gas exploration in the U.S. waters of the Atlantic Ocean. File photo by A.J. Sisco/UPI RICHMOND, Va., Oct. 30 (UPI) — Industry supporters have started an ad blitz in southern U.S. states, arguing offshore oil and gas exploration can exist side-by-side with the environment. North Carolina Petroleum Council Executive Director David McGowan is among those behind a campaign organized with the help of the American Petroleum Industry. McGowan and others say opening Atlantic basins up to oil and gas drillers would bring net benefits to the region. "With new technologies, offshore energy development is safer than ever and continues to drive coastal U.S. economies while existing with tourism and fishing," McGowan said in a statement. The U.S. Interior Department in February released a draft proposal for 2017-22 for access to federal waters. Ten leases are planned for the Gulf […]

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