Articles by Tsvetana Paraskova

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Growing Asian Oil Demand Could Drain The Supply Glut

The global oil glut that crashed the crude prices from $100 highs more than two years ago has not yet cleared, and the most optimistic forecasts currently are that the market could swing into a small deficit toward the end of the first half of this year. In terms of regional markets, the Asian one – where energy demand growth is expected to drive global oil demand growth for at least a decade or two – has been showing increased crude oil imports over the past three months. Asian buyers now have plenty of choice – OPEC’s output cuts…


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Oil Prices Poised For Weekly Gain Ahead Of U.S. Rig Count Report

Oil prices were advancing on Friday morning in a relatively calm trade, as a weaker dollar was helping oil futures set the stage for a weekly gain after last week’s sharp drop. As of 9:07AM (ET) on Friday, WTI Crude traded up 0.59 percent at $49.04, while the price of Brent was up 0.50 percent at $52. On Wednesday this week, oil prices finally looked up after the EIA reported a slim decline in record inventories, but still, a first drawdown in 10 weeks – even if a mere 200,000 barrels. Also on Wednesday, the International Energy Agency…


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Jordan Secures Funding To Build $2.1B Oil Shale Plant

Jordan’s Attarat Power Company (APCO) has secured financing from Chinese banks to proceed with its plan to build a $2.1-billion power plant in Jordan that would be fired by oil shale – a sedimentary rock that can be burned directly for electricity generation. The financing-closure agreement will now allow APCO to begin construction of the power plant, a company official told Reuters. APCO – owned by one Estonian, one Malaysian and one Chinese company – is an affiliate of Estonia’s Enefit, the world’s largest…


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Venezuela’s PDVSA Offers Rosneft Stake In Chevron-Held JV

Venezuela’s struggling state oil firm PDVSA has offered Russian oil giant Rosneft 10 percent of its 70-percent stake in a joint venture in which the other 30 percent is held by U.S. Chevron, Reuters reported on Thursday, citing five industry sources. The oil company of troubled Venezuela – where a devastating economic crisis is causing daily food and medicine shortages for millions – has offered Rosneft 10 percent of the Petropiar joint venture in the extra-heavy crude area of the Orinoco Belt. Chevron holds a 30 percent interest…


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Draft Budget Nuclear Waste Plans Anger Nevada

A stipulation in the draft “skinny budget” released by the Trump administration has put the government at odds with the state of Nevada as it envisages a $120-million allocation to be spent on restarting ”licensing activities for the Yucca Mountain nuclear waste repository and initiate a robust interim storage program.” The summary of the draft goes on to add that this investment “would accelerate progress on fulfilling the Federal Government’s obligations to address nuclear waste, enhance national security,…


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China’s Crude Oil Production Falls 8% Year Over Year

China’s crude oil production dropped by 8 percent annually to 31.44 million tons in January and February, as high domestic production costs prompted refineries to import more crude oil, according to data by the Chinese National Bureau of Statistics (NBS). In the first two months of this year, the total crude processing volume stood at 90.76 million tons, up by 4.3 percent compared to the same period last year. Crude oil imports, on the other hand, rose by 12.5 percent to 65.8 million tons, Xinhua news agency reports, quoting NBS figures.…


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China’s Crude Oil Production Falls 8% Year Over Year

China’s crude oil production dropped by 8 percent annually to 31.44 million tons in January and February, as high domestic production costs prompted refineries to import more crude oil, according to data by the Chinese National Bureau of Statistics (NBS). In the first two months of this year, the total crude processing volume stood at 90.76 million tons, up by 4.3 percent compared to the same period last year. Crude oil imports, on the other hand, rose by 12.5 percent to 65.8 million tons, Xinhua news agency reports, quoting NBS figures.…


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Has OPEC Underestimated U.S. Shale Once Again?

The U.S. shale cowboys are back on their horses and leading a strong recovery in the oil patch that is not expected to falter even as WTI prices dropped last week below $50 per barrel for the first time in more than two months. With lessons learned from the oil price crash and budgets streamlined and focused on the most prolific shale plays, U.S. drillers are giving OPEC a hard time by raising output and hedging future production. Meanwhile, the cartel members are trying to cut supply and fix the price of oil at such a range that would allow them…


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Is Kurdish Oil A Gamble Worth Taking?

The semi-autonomous region of Kurdistan in northern Iraq is estimated to have 45 billion barrels of oil reserves that it started to explore just a decade ago, after the fall of Saddam Hussein. At the beginning of the 2010s, Kurdistan had been planning to have its production reach 1 million bpd by 2015, but the advance of Islamic State in northern Iraq in 2014, the start of the oil price crash, and the continuous disputes with the central Iraqi government in Baghdad over oil production, export routes and revenues all have stalled the development…


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Iran Launches 15,000 Bpd Production From Azar Field

Iran said that it launched on Tuesday production of crude oil – at an initial rate of 15,000 bpd – from the Azar oil field that it shares with neighboring Iraq. Crude oil production from the field is expected to double in the spring, and then reach 65,000 bpd by the end of the next Iranian calendar year in March 2018, Iranian oil ministry’s news service, Shana, reported on Tuesday. The development plan of the project consists of drilling a total of 19 wells in 55 months, as well as designing and building required surface facilities,…