October 1, 2020

Texas oil surge threatens OPEC

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The map lays out OPEC’s nightmare in graphic form. An infestation of dots, thousands of them, represent oil wells in the Permian basin of West Texas and a slice of New Mexico. In less than a decade, U.S. companies have drilled 114,000. Many of them would turn a profit even with crude prices as low […]

US: Summer gasoline pump prices spike despite lower oil

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By Julian Lee, Bloomberg From Newsmax Oil’s popularity isn’t what it used to be. It’s not just a looming global trade war. As I’ve written, not only will tariffs and retaliatory measures stifle the activity that normally stokes consumption, they’ll squeeze economies everywhere. That’s a good way to stifle demand. But that’s not the only […]

Saudi cuts oil output as OPEC points to 2019 surplus

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From Newsmax OPEC on Monday forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production. In a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.05 million barrels per day […]

OPEC OKs modest oil-output hike as Saudis, Iran compromise

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From Newsmax OPEC is said to have deal in principle with Iran for output hike OPEC agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs. But the agreement failed to announce […]

ConocoPhillips ‘not close’ to recouping $2 billion from PDVSA, CEO says

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Reuters From E&P U.S. oil producer ConocoPhillips Co. (NYSE: COP) is far from collecting the full value of a $2 billion arbitration award against Venezuelan state oil company PDVSA , ConocoPhillips’ CEO said May 15. ConocoPhillips has won court orders allowing the company to begin seizing PDVSA assets in efforts to collect on an award […]

OPEC’s new price hawk: Saudi Arabia seeks $100 oil

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From Newsmax Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources said, a sign Riyadh will seek no changes to an OPEC supply-cutting deal even though the agreement’s original target is within sight. The Organization of the Petroleum Exporting Countries, Russia and […]

Venezuela reopens air, sea links to Caribbean islands

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From Reuters VALENCIA, Venezuela (Reuters) – Venezuela on Monday reopened air and sea links to the islands of Aruba, Bonaire and Curacao, three months after cutting them off in an attempt to curb smuggling. The move is a welcome relief to those in Venezuela who can afford to fly out, after Copa, one of the […]

Oil dips on concerns about rising U.S. output, OPEC tensions

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By Stephen Eisenhammer, Reuters  From Times of India LONDON (Reuters) – Oil prices dipped on Wednesday on renewed concerns about the efficacy of OPEC-led production cuts due to rising tensions within the export group over Qatar and growing U.S. output. Brent crude prices were at $49.79 per barrel at 0840 GMT, down 33 cents. Brent […]

With millions of barrels of oil stuck in Caribbean Sea, Venezuela shakes up oil giant

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By DIVYANSH AWASTHI From Frontera Venezuela cleaning up corruption Just days after it was reported that more than 4 million barrels of Venezuelan crude and fuels were stuck at sea due to cash flow problems at state-run oil firm PDVSA (Petróleos de Venezuela), the governemnt appointed new management and added a new position of Executive Vice President […]

FAI: A bunch of Bank of America customers lost $1.2 million after putting a big chunk of money in Puerto Rico

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From Business Insider FA Insights is a regular newsletter from Business Insider that delivers the top news and commentary for financial advisors. The Financial Industry Regulatory Authority said on Wednesday it fined Bank of America Merrill Lynch $7 million for inadequate supervision of client brokerage accounts that used leverage to buy Puerto Rican municipal bonds and […]