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China oil giant targets first output cut for a decade -- world oil prices are at their lowest for over 12 years


Chinese state energy giant CNOOC has cut its targeted output for 2016

HONG KONG (AFP) – Chinese state energy giant CNOOC has cut its targeted output for 2016, the first such move in more than a decade, as fears grow over the health of the Chinese economy and plunging oil prices.China’s economy grew 6.9 percent last year, its slowest pace in a quarter of a century, while world oil prices are at their lowest for over 12 years. 194 more words

There's still way too much oil out there to revive crude prices

The glut is going nowhere.

The Energy Information Administration just released its latest weekly look at the US oil market (pdf), and it shows that US crude stockpiles are the just 3 million barrels off the record 490 barrels record in April. 163 more words

Cenovus belt-tightening saves $400 million

CALGARY – Cenovus Energy said its numbers show significant belt-tightening at the company has made it more financially resilient, in the face of what is expected to be a prolonged period of lower oil prices. 275 more words


Suncor makes a $4.3bn play for Canadian Oil Sands...again

Hey Insiders,

It’s a showdown in the heart of Canada’s oil patch. A little birdie has told us that Suncor Energy is going after fellow Canadian Oil Sands (COS) and it’s not all copacetic. 126 more words


August's angst augurs agita

A quick update from the Catskills.

Anyone reading this blog for the last month, should not be surprised by stock sell off this week.

Global economic growth is cratering as we enter the currency wars of devaluing their currencies in the hopes of spurring growth through cheaper money. 105 more words


Brazil's state-run oil giant Petrobras net profit falls nearly 90 pct in Q2


Aerial view of the Petrobras Research Centre in Rio de Janeiro. AFP Photo

RIO DE JANEIRO (AFP) – Brazil’s state-run oil giantPetrobras, rocked by a massive graft scandal, said Thursday that second quarter net income fell nearly 90 percent from a year ago, in part due to plummeting crude prices.The company attributed the sharp drop in net income — a figure that was far lower than analysts had expected — to an increase in tax expenses. 186 more words