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Oil prices have rallied about 10 percent in the past month as drilling cutbacks in the U.S. and reduced energy investment globally suggest the surplus in world oil markets will eventually dissipate.
Consulting firm IHS Inc. says only one in every 20 projects planned are actually necessary by 2025 as weakening Asia economies, cheap coal, the return of nuclear power in Japan and the ever-expanding glut of shale supply in North America temper demand for the power-plant fuel, putting tens of billions of dollars worth of export projects at risk.
HRG’s properties in the sale include drilling rights across about 90,000 acres (36,000 hectares) and produce about 34 million cubic feet a day.
Oil has rebounded this week with the U.S. benchmark going past $50 for the first time since July as output from the world’s biggest consumer drops and Shell and Pacific Investment Management Co. said the worst may be over.
Oil has traded below $50 a barrel after prices slumped to a six-year low in August amid speculation a global glut will persist through next year.
The halving of oil to less than $50 a barrel has the potential to alter one of the most powerful economic and political forces of the past half century: the rise of the petrostate.
Zueitina began Thursday loading 600,000 barrels of crude on the Sea Faith tanker. The shipment, bound for Italy, is the first since May
With income from oil accounting for about 90 percent of revenue in the Arab world’s largest economy, a drop of more than 40 percent in crude prices in the past 12 months has put pressure on the nation’s finances.
CEO Jeff Immelt is focusing on building up the manufacturing units, which make products ranging from jet engines to oi field equipment, and shrinking the GE Capital lending arm.
Planned expansions of Kinder Morgan pipelines that would supply gas to a proposed LNG export terminal in Georgia may be delayed by one month as the company awaits government approval for the projects.