News Oil 

EIA lowers U.S. oil output forecasts, raises WTI, Brent price outlook

“For 2020, it raised the WTI and Brent forecasts by 0.7% each to $55.01 and $60.51, respectively” writes Markets Commodities Reporter for marketwatch.com. The EIA forecasts 2019 U.S. crude production of 12.25 million barrels a day, down 0.3% from the November forecast.Meanwhile, the agency lifted its 2019 West Texas Intermediate and Brent price forecasts by 0.5% each to $56.74 and $63.93, respectively.It also cut its 2020 U.S. output forecast by 0.9% to 13.18 million barrels a day.The U.S. Energy Information Administration lowered its forecasts for U.S. crude-oil production for this…

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News Oil 

Mohamed El-Erian Is A Confident ‘Yes’ on Buying Saudi Aramco Shares

“The oil price, and its trajectory, will be crucial to the future of OPEC, Saudi Arabia and the Aramco IPO itself” writes Natasha Turak for cnbc.com. El-Erian, who was tapped by Aramco as an informal advisor in early 2018, added that “It wouldn’t matter at what price,” saying that he’d buy shares “at the IPO price.”. On Wednesday, 1.5% of the kingdom’s state oil company will begin trading on the Saudi stock exchange, the Tadawul, amounting to the largest public offering on record at $25.6 billion.Ahead of the listing, Aramco…

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News Oil 

Oil prices fall to $64.19 barrel due to US-China trade war

“Experts at Goldman Sachs predicted that crude oil prices will stabilise at current levels next year, where Brent is expected to stabilise at levels of $60 a barrel in 2020” writes Mohamed Adel for dailynewssegypt.com. Accordingly, Youssef predicted that the price of a barrel of oil would continue to decline.The export data raised a state of concern in a market already worried about the damage caused by the Sino-American trade war and its impact on global demand.He pointed out that the continuing trade war between the United States and China,…

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News Oil Reviews 

Oil Daily Review December 9, 2019

Oil Daily Review for December 9, 2019 Oil Is Moving Higher Oil has rallied and will likely move to the $64-$65 level by the end of January.   Oil Price Outlook Hinges on US Trade Policy Following OPEC Meeting The price of oil extends the advance from the October low as OPEC and its allies pledge to take additional steps to balance the energy market.   United States Baker Hughes US Oil Rig Count down to 663 from previous 668 United States Baker Hughes US Oil Rig Count down to…

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GBP Markets News Oil Stocks 

A British oil stock tanked 60% after the shock resignation of the CEO and head of exploration

“Tullow Oil, a British oil company, tanked on Monday morning after the company announced the resignation of its CEO and exploration director as well as cutting its production guidance” writes Finanzen Net Gmbh for businessinsider.com. The stock tanked 60% in the first hour of trading in London, wiping over $700 million (£534 million) from its market cap.The oil company announced on Monday that its CEO, Paul McDade, and Angus McCoss, exploration director resigned with immediate effect, and the firm will cut production guidance for this year and 2020.Thompson added that…

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News Oil Stocks 

European Stocks Are Struggling In the Week of the ECB’s Last Meeting of the Year

“European stocks are going nowhere fast as a new week begins and investors keep an eye on trade talks and central bank meetings” writes Barbara Kollmeyer for nasdaq.com. The German DAX 30 index slipped 0.2% to 13,146.65, while the French CAC 40 fell 0.3% to 5,855.33.European stocks are struggling for traction as the week kicks off, with some losses in the drug sector and a plunge in Tullow Oil shares.European stocks struggled on Monday, as investors looked set to press pause after strong gains late last week, driven by better-than-expected…

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Markets News Oil 

Oil prices stumble on weak China exports hangover

“On Friday, those producers agreed to deepen their output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd, representing about 1.7% of global production” writes Midwest Communications Inc for 95kqds.com. Drilling companies cut five oil rigs, leaving a total of 661, the lowest since April 2017.The sagging export data is “a casualty again of the protracted trade war,” said Stephen Innes chief Asia market strategist at AxiTrader. Source: 95kqds.com

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News Oil 

Rationing ables Iran to export 300ml of gasoline per day

“Stressing the fact that exports of oil products to the neighbors like Iraq continues despite the unrests, Hamid Hosseini noted that exporting the mentioned amounts of gasoline could bring the country up to $4 billion of revenue” reports tehrantimes.com. Back in November, deputy finance and economic affairs minister said the fuel rationing plan would make the country able to export 3.65 billion liters of gasoline every year and earn about 14 trillion rials (about $3.3 billion) from the exports. “On average, 100 million liters of gasoline is produced in the…

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News Oil 

Why Texas’s fossil fuel support could spell disaster

“With kindred spirits in the Trump White House, Texas is now intensifying its support of the fossil fuel industry and, pipeline by pipeline, literally laying the groundwork for production to ramp up even more in the next decade” writes Tom Dart for theguardian.com. Having a massive fossil fuel industry is not compatible.” Though Texas is also the national leader in wind power capacity, the fracking investment locks the state into a fossil fuel future and enables the US to export cheap gas to other countries, perpetuating worldwide demand.Despite the oil…

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