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  1. MARKET WATCH: Crude oil prices continue climbing after OPEC agreement

    Crude oil prices on the New York market gained for a third consecutive day Dec. 2, still drawing support from news that the Organization of Petroleum Exporting Countries agreed to reduce cartel production by roughly 1.2 million b/d if some non-OPEC countries cut by 600,000 b/d. The US benchmark gained 12% for the week ended Dec. 2, marking the highest weekly percentage gain since 2009. “It is a dangerous game that Saudi Arabia is playing,” said Barclays commodities research. “Should prices rise too high, then the amount of shale oil that comes into the market will eventually start to cut into their market share.” He referred to US shale producers. OPEC’s agreement is effective Jan. 1, 2017. Ole Hansen, Saxo Bank head of commodity strategy, said the floor for Brent crude probably now is $45/bbl, but he suggested “the market may have to wait” to see $70/bbl oil again. “OPEC has a poor history of compliance, and that may come back to haunt the producers once the initial euphoria and position adjustments have run their course,” Hansen said. He also questioned the validity of the non-OPEC reduction target of 600,000 b/d. “Russia has never before supported a concerted production cut, and the market may adopt a ‘show-me-the-barrels-first’ approach before believing it will happen,” Hansen said. Libya and Nigeria “both pose a challenge to the deal,” he added. Those countries were exempted from the production adjustment. “Any increase from these two countries will naturally dilute the impact of the agreed production cuts,” Hansen said. Energy prices The January crude oil contracts on the New York Mercantile Exchange gained 62¢ on Dec. 2 to close at $51.68/bbl. The February contract rose 69¢ to $52.65/bbl. The natural gas contract for January fell 69¢ to a rounded $3.44/MMbtu. The Henry Hub spot market for natural gas closed at $3.41/MMbtu, down 1¢. Heating oil for January climbed 1¢ to a rounded $1.66/gal. Reformulated gasoline stock for oxygenate blending for January increased 1¢ to a rounded $1.56/gal. The Brent crude contract for January on London’s ICE was up 52¢ to $54.46/bbl. The March contract rose 56¢ to $55.14/bbl. Gas oil for December closed Dec. 2 at $475/tonne. The average price for OPEC’s basket of benchmark crudes on Dec. 2 gained $1.14 to $50.49/bbl. Contact Paula Dittrick at paulad@ogjonline.com .

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    Mon, 5 Dec 2016

  2. OPEC limits are positive step in changed market, speakers tell forum

    The Organization of Petroleum Exporting Countries took a good first step when its members agreed to limit production and exports at its recent meeting, a former Saudi Arabian petroleum minister said. But the cartel probably won’t exert the kind of global market influence it did in the 1970s and ...

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    Fri, 2 Dec 2016

  3. MARKET WATCH: Oil-price rally from OPEC agreement eases

    The Nov. 30 agreement by members of the Organization of Petroleum Exporting Countries to collectively cut production delivered a jolt of excitement amongst traders and resulted in an accompanying spike in crude oil prices during the week ended Dec. 2.

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    Fri, 2 Dec 2016

  4. Oil and Gas: Saudi-Iran rivalries could scuttle tentative OPEC deal

    Up to this week, chances that OPEC countries would agree to their first cut in output in eight years were looking good. Now, not so much.

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    Wed, 30 Nov 2016

  1. Oil and Gas: OPEC closer to deal to cut oil output, sparking price rally

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    Thu, 1 Dec 2016

  2. Economist: Carbon price not an oil-sands deal breaker

    Oil-sands investment can grow in Alberta despite the Canadian government’s carbon-pricing plan announced last month, according to a TD Bank economist.

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    Wed, 23 Nov 2016

  3. Texas can’t ‘swim’ in oil that hasn’t yet been discovered

    Texas now “swims” in 20 billion bbl of crude oil that the US Geological Survey has “discovered” in the Pennsylvanian-Permian Wolfcamp shale of West Texas.

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    Fri, 18 Nov 2016

  4. Oil and Gas: Vast field of recoverable oil, natural gas found in Texas

    The U.S. Geological Survey has determined that a vast shale field in West Texas could yield 20 billion barrels of oil, making it the largest source of shale oil the agency has ever assessed.

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    Thu, 17 Nov 2016

  5. Charger Shale Oil Company, Oaktree form $900M Permian Basin JV

    Charger Shale Oil Company LLC and funds managed by Oaktree Capital Management LP have formed a joint venture focused on the Permian Basin.

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    Fri, 9 Sep 2016

  6. Charger Shale Oil JV targets Permian basin

    Charger Shale Oil Co. LLC, Midland, Tex., and funds managed by Oaktree Capital Management LP, Los Angeles, have formed a joint venture targeting 100 horizontal well locations across multiple horizons in the Permian basin.

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    Fri, 9 Sep 2016

  7. Oil and gas: OPEC talks production cuts at previously unannounced meeting

    Senior representatives of OPEC and six other oil producing nations ended "fruitful and constructive discussions" Saturday on coordinated actions aimed at cutting production, a statement issued by the cartel said.

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    Mon, 31 Oct 2016

  8. Emerald Oil emerges from bankruptcy, changes name

    Emerald Oil Inc. and its subsidiaries completed a Section 363 sale process and emerged from Chapter 11 bankruptcy protection as a debt-free entity.

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    Wed, 16 Nov 2016

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