Posts filtered on Category
Russia’s efforts to replicate North Dakota’s Bakken shale boom are being hindered by the U.S. ban on exports of equipment and technology after Vladimir Putin’s annexation of Crimea and the insurgency in Ukraine.
Global supplies have continued to outpace demand six months after the group adopted a policy aimed at keeping its market share. Saudi Arabia and Russia are both pumping oil at near record levels.
“It’s clear that the subject isn’t viewed in the same way on both sides of the Atlantic,” Total SA Chief Executive Officer Patrick Pouyanne, one of the signatories, said on Monday at a press conference in Paris. “We are working with those who come forward.”
Brent crude, the lifeblood for a nation that depends on petroleum for about 20 percent of its economic output, has rallied more than 40 percent since a Jan. 13 low of about $45.
Shell, which is increasingly focusing on oil and liquefied natural gas with its planned acquisition of BG Group, said it is in exclusive talks to sell its subsidiary, France-based Butagaz LPG, to Ireland-based DCC Group, which largely focuses on LPG distribution throughout Europe.
The surge in European refining margins, which jumped by the most in 4 years last quarter, cannot be sustained because the region still has surplus processing capacity.
The Moscow-based producer has cut spending for this year in response to the decline in oil, trimming expenditures on older Siberian wells and some international projects.
Talks with the 12-nation group will take place on June 2-3, Energy Minister Alexander Novak said Tuesday in Moscow.
CEO Patrick Pouyanne said Total is “demonstrating its resilience and profiting from its integrated model” in the face of a 50 percent drop in the average Brent crude oil price over the last year.
BP will raise $486 million selling its stake in a natural-gas transportation system in the U.K. North Sea.