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Aramco said to expand oil field in May to maintain Saudi capacity

RIYADH, Saudi Arabia (Bloomberg) -- Saudi Arabian Oil Co. will complete the expansion of its Shaybah oil field by the end of May, allowing the biggest crude exporter in the world to maintain the level of its total production capacity, accor......【More】

2016-04-25

Oil megaprojects dreamed up a decade ago thrive amid price slump

HOUSTON (Bloomberg) -- Oil production in some of the riskiest, highest-cost regions of North America is still thriving, even as the worst slump in a generation takes a bite out of U.S. shale. Onshore U.S. output is poised to drop 22% from l......【More】

2016-04-22

Aibel wins contract for BP’s Glen Lyon FPSO

STAVANGER, Norway -- Aibel has been awarded a contract for yardstay and assistance with the final preparations of the Glen Lyon FPSO. The vessel arrived in Haugesund, Norway, on Wednesday. With a length of 270 m and a width of 52 m, Glen Ly......【More】

2016-04-21

Saudi's other warning makes oil traders sweat after Doha failure

LONDON (Bloomberg) -- After his comments thwarted supply negotiations in Doha, oil traders are weighing another implied warning from the Saudi deputy crown prince: the threat of an intensifying clash with Iran over market share. It was Moha......【More】

2016-04-19

Saudi prince says he could add a million barrels immediately

DIRIYAH, Saudi Arabia (Bloomberg) -- Saudi Arabia could raise crude production by more than a million barrels a day immediately, said the kingdoms Deputy Crown Prince, as he reiterated the nation would only agree to freeze production if all......【More】

2016-04-18

Oil can top $50 with production freeze deal, Bank of America says

CHARLOTTE, North Carolina (Bloomberg) -- Oil prices can climb above $50/bbl if an output freeze deal is struck in Doha this weekend, according to Bank of America Corp. A flat output profile for OPEC (excluding Iran) and Russia would tighten......【More】

2016-04-14

Oil producers risk severe impact on prices if freeze deal fails

LONDON (Bloomberg) -- The early success of an oil supply accord between OPEC and Russia in reviving crude prices is magnifying the potential costs of failure if producers meeting this weekend fail to complete their deal. Brent crude futures......【More】

2016-04-13

Kuwait targets oil output at 43-year high as freeze talks loom

KUWAIT CITY (Bloomberg) -- Kuwait Oil Co. will soon offer contracts for offshore rigs and support services to drill its first undersea wells as the Persian Gulf nation tries to boost crude output to the highest level in more than four decad......【More】

2016-04-12

Reports of oil rally's death premature as inventories decline

NEW YORK (Bloomberg) -- Hedge funds betting that oils rally was over missed an 11% gain after U.S. crude inventories unexpectedly fell. Short positions in West Texas Intermediate crude jumped 35% in the week ended April 5, according to the......【More】

2016-04-11

Oil and gas capital spending set for record drop in Canada

OTTAWA (Bloomberg) -- Canadas oil and gas companies will slash investments by 35% in 2016, a record two-year decline that underscores a need for new pipelines, the industrys main advocacy group says. Capital spending will fall to C$31 billi......【More】

2016-04-08