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News Releases Oil & Gas News
Released:  28/11/20142014-11-28
Word count:  583

A ‘unilateral decision’ was taken by OPEC not to cut production and to leave the daily output ceiling unchanged at 30 million barrels, despite a major oversupply that has caused oil prices to fall more than 30%.

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RT
“We are not sending any signal to anyone, we are just trying to have a fair price,” OPEC Secretary General Abdalla Salem El-Badri told reporters in Vienna on Thursday.

World oil demand is expected to increase in 2015, Salem El-Badri said.

"I've been in this business for a long time. When I was a minister, oil was $15 per barrel. So the current price can be called good," the Secretary said.

Brent Crude plunged on the news, falling more than $3 to below $75 per barrel after the Organization of the Petroleum Exporting Countries decided not to cut production.

Kuwaiti oil minister Ali Saleh al-Omair, said that he was “happy” with the decision not to restrict output.

“I speak on behalf of the ministers, we have no target price, we have a fair price,”El-Badri said.

Oil prices have fallen more than $40 per barrel since mid-June when oil peaked at $115 a barrel. Low prices have been triggered by oversupply created by increased US production and waning demand from China and Europe. Oil ministers from the 12 members of the Organization of the Petroleum Exporting Countries (OPEC) met in Vienna Thursday. The next OPEC meeting will be held in June 2015. Who wins? The decision to cut production wasn't shared by all. The cut won't negatively affect Gulf producers - Saudi Arabia, Qatar, Kuwait, and the UAE- since they can sustain lower prices, as they have trillions saved up in buffer funds. READ MORE: Cut or no cut? No OPEC consensus as oil hits 4yr low Venezuela, Nigeria, Iran, Iraq, and Ecuador were fighting to cut production to boost prices, as their economies lack the financial buffers of the Gulf States to weather low oil prices. Low oil prices help big importers like China and India because petroleum products become cheaper, but hurt exporting countries because billions in revenue are lost.

READ MORE: Higher oil prices could drag OPEC’s ‘best customers’ into recession, expert warns Oil prices also affect currencies, such as the Russian ruble, which, in tandem with oil, has lost more than 30 percent since June.

Consumers benefit from low oil prices, because it means cheaper petrol in their automobiles. Airlines make bigger margin profits as jet fuel is cheaper, and transport companies, such as a courier service or bus company, save money on petrol. Non-aligned

Together, OPEC accounts for 40 percent of world oil output. Saudi Arabia is the largest of the 12 exporters with 16 percent of global production. The US which is not a member of OPEC pumps nearly the same amount, and Russia, also not a member, produces 14 percent.

A Russian oil tycoon waned that OPEC's decision was a strike against the American market, which becomes unprofitable at $70-80 per barrel.

“In 2016, when OPEC completes this objective of cleaning up the American marginal market, the oil price will start growing again,” Leonid Fedun, a board member of Lukoil, Russia's largest private oil company, told Bloomberg News.

The shale boom has increased US production by 60 percent since 2008, and is on par to soon overpass Saudi output. “The shale boom is on a par with the dot-com boom. The strong players will remain, the weak ones will vanish," Fedun said. Earlier this week non-OPEC members Russia and Mexico held meetings with members of the energy cartel, but no agreement to cut production was reached.

“OPEC’s decision means the problem of excess oil on the market will not be solved quickly,” Russia’s Ministry of Finance said. Other major non-OPEC energy producers are China, Canada, Mexico, Brazil, and Norway.  
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News Releases

News Releases
Released:  28/11/20142014-11-28
Word count:  45

TRIPOLI, Nov 27 (Reuters) - Libya has begun preparations to restart the southwestern El Feel oilfield, a spokesman for state National Oil Corp (NOC) said on Thursday.

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The field had been closed earlier this month after clashes at the neighbouring El Sharara oilfield. Both fields use the same power supply.

"We are testing the pipelines at El Feel," NOC spokesman Mohamed El Harari said.

(Writing by Ulf Laessing, Editing by Keith Weir; )  
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News Releases

News Releases Oil & Gas News
Released:  28/11/20142014-11-28
Word count:  460

recognised government has appointed a new head of state National Oil Corp (NOC) handling oil exports, a deputy premier said on Wednesday, as a political conflict over control of the country is hitting the vital energy sector.

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Reuters
The embattled government, working out of a small city in the east after losing control of the capital Tripoli, officially announced the decision in a crowded Vienna hotel lobby hours before an OPEC meeting. Libyan websites had reported the news weeks ago but officials did not confirm it until now.

Libya has two governments and parliaments competing for legitimacy as turmoil grips the major oil producer three years after the ouster of Muammar Gaddafi.

The recognised government of Prime Minister Abdullah al-Thinni had originally confirmed NOC Chairman Mustafa Sanallah when it unveiled a new cabinet in September. But he is based in Tripoli where a rival cabinet and assembly has set shop.

The new chairman is Al-Mabrook Bou Seif, Thinni's deputy premier Abdelrahman al-Taher told reporters in a Vienna hotel with people drinking champagne and getting their caricatures drawn in the middle of a corporate event in the background.

"He is the NOC chairman," Mohamed Oun, deputy vice prime minister for energy, said without giving further details. He said Sanallah was no longer NOC chairman.

Oun said the decision, which came after the rival government had appointed an oil minister working out of the NOC headquarters, had been already made at the start of November.

He and Taher were facing a barrage of questions from reporters confused who would be representing Libya at the meeting after rival oil minister Mashallah Zwai told Reuters he would come with a separate delegation.

There was no immediate sign of Zwai in Vienna. He had said late on Tuesday that he was still waiting for an invitation and visa. Taher, not known to be an oil expert, declined to discuss OPEC polices. Oun put oil production at 700,000 barrels a day, roughly in line what Zwai said on Tuesday.

There is little known about Bou Seif. He is from the same tribe as Ibrahim Jathran, a port rebel leader who, with thousands of armed men, seized major oil ports in the east for one year to press the government into regional autonomy.

He eventually agreed to reopen the ports in April, give the battered oil industry a welcome lift.

It is unclear how the new NOC chairman would take control of NOC based in Tripoli some 1,000 km away from the eastern government seat.

Trying to set up a new state firm would raise questions of the legality of oil exports. Both sides have so far avoided dragging NOC, which handles together with the central bank oil exports, into the political conflict as Libya depends on oil revenues.

Zwai had threatened to boycott any OPEC decision should he not be allowed to attend the Vienna meeting on Thursday.

(additional reporting by Ahmed Elumami in Tunis; Writing by Ulf Laessing; Editing by Susan Fenton and David Gregorio)  
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News Releases

News Releases
Released:  27/11/20142014-11-27
Word count:  738

When OPEC leaders convene in Vienna Thursday, the recent sharp decline in the oil price will top the agenda. Yet despite the pressures, our research suggests that the underlying economics of production should eventually drive the oil price higher from current levels.

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Since the end of August, the price of Brent crude has fallen by more than 20% to about US$80 a barrel. It comes after three relatively stable years during which the price stayed within the US$90–110 per barrel range.

Several factors have triggered the decline. Demand growth has slowed, particularly in emerging markets and the euro area. Non-OPEC production growth has stayed strong, driven by the US shale revolution. And OPEC production has also increased as Libyan facilities have started coming back online. Meanwhile, there’s growing concern that Saudi Arabia is rethinking its commitment to play a balancing role in world markets.

Oil Price = Production Cost + Security Premium

But what really drives the oil price? In our view, oil prices are underpinned by the full cost of new production plus a security premium. This premium is influenced by the availability of spare capacity to meet potential supply disruptions (like the recent civil war in Libya or sanctions on Iran).

Oil demand grows slowly by about 1%–1.5% a year. That may not sound like a lot, but meeting this demand growth for about 0.9 million to 1.2 million barrels per day (bbl/d) is no easy task. Unlike most commodities, oil needs intense investment just to keep production flat, because producing fields decline by about 6% a year (or 5.5 million bbl/d). So the world needs new projects to deliver about 6.5–7 million bbl/d of new supply—just to preserve current spare capacity (Display).

Additional supply from US shale will help meet some of that demand growth. But we believe new investments in ultra-deep water and oil sands are still needed. According to our analysis, some of these projects require oil prices of at least US$80–90 to be economical.

Gauging Spare Capacity

Spare capacity matters for these calculations. Saudi Arabia controls most of the industry’s spare capacity, which amounts to about three million bbl/d, according to our estimates. That’s not really a lot considering that troubles in a major producer such as Libya, Iran, Iraq, Nigeria or Venezuela could curtail supply by more than one million bbl/d.

It also feeds into the security premium. Consumers are anxious to sustain smooth oil supplies no matter what, and will tend to pay to secure it when capacity is tight—or when there’s a perceived threat to supply. This explains why the oil price spiked in June as ISIS drove on Baghdad. On average we believe the security premium adds about US$10 to prices.

Taken together, all of these factors suggest an equilibrium oil price of US$90–100, according to our analysis. Of course in the short term, if production rises faster than demand, a glut of oil can push prices below this range. But if low prices persist, investment will be suppressed and spare capacity will tighten (Display). Then, prices are likely to begin rising again

The Saudi Question

Short-term swings in demand and the phasing of new supply additions can cause the price to fluctuate. But in recent years, Saudi Arabia has adjusted production to keep the market balanced and prices fairly stable. Saudi officials recently suggested that they might no longer be willing to cut supply to balance weaker demand and US supply growth. This may be a negotiating stance ahead of the big OPEC meeting on November 27—or it could reflect a desire to reduce investment by non-OPEC producers.

If OPEC moves to curtail production in the coming months, Brent prices could rise back into the US$90 range fairly quickly. Alternatively, a Saudi tactical shift could keep prices lower for longer.

But not forever. If US$80 oil is sustained for a year or more, we think the impact on investment will be significant and the seeds of a future spike in oil prices will have been sown. In our view, it’s only a matter of time before the market begins to recognize this—and starts to push up oil prices again.

This blog was originally published in InstitutionalInvestor.com.

The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AllianceBernstein portfolio-management teams. AllianceBernstein Limited is authorized and regulated by the Financial Conduct Authority in the United Kingdom.

Kevin Simms is Chief Investment Officer—Global and International Value Equities and Jeremy Taylor is a Senior Research Analyst and Portfolio Manager at AllianceBernstein (NYSE:AB).

This article originally appeared at The Alliance Bernstein Blog. Copyright 2014.
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News Releases

News Releases
Released:  27/11/20142014-11-27
Word count:  159

Nov 25 (Reuters) - Goldman Sachs has been ordered to divulge earlier than planned the profits it made on trades it carried out for Libya's sovereign wealth fund, at the centre of a $1 billion legal battle, a representative of the fund told Reuters on Tuesday.

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Reuters
In a ruling on Monday by the High Court in London, a judge ordered the Wall Street bank to expedite the release of the profit figures, rather than deliver them at the Feb. 20 standard disclosure deadline, a spokesman for the Libyan Investment Authority (LIA) said.

The bank declined comment on Tuesday. It has previously said it believes the case is without merit. In court documents, lawyers for Goldman have argued that the trades turned sour because of the collapse of financial markets.

The court ruling came after the latest hearing in the case, brought by the LIA earlier this year, which alleges Goldman exploited a position of trust by encouraging it to invest more than $1 billion in a series of equity derivatives trades that expired as worthless in 2011.

The LIA estimates Goldman made "substantial and unusually high" profit of around $350 million on the trades, which were executed in 2008, court documents show.

(Reporting by Clare Hutchison; Editing by David Holmes)  
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News Releases

News Releases
Released:  26/11/20142014-11-26
Word count:  111

State-owned Afriqiyah Airways has reported a slight increase in revenues as its operations begin to stabilize, according to Gulf News.

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MENAFN reports that the airline, which moved its operations to Mitiga International Airport from nearby Tripoli International, said that it is satisfied with its current passenger numbers and that it expects that its revenue will improve during the second half of this year.

The airline continues to fly to Turkey, Jordan, Egypt, Morocco, Nigeria and Sudan, but with only half of its fleet the rest was damaged in the fighting.

Afriqiyah said that it has finalized the insurance deal to repair the aircraft, which would start to return to service in early 2015, with expectations that the carrier will have its fleet fully operational by the end of next year.

(Source: MENAFN)
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News Releases

News Releases
Released:  26/11/20142014-11-26
Word count:  71

BENGHAZI, Libya, Nov 24 (Reuters) - Libya has restarted production at the eastern Nafoura field after locals demanding jobs ended a protest, a spokesman for the state oil operator said on Monday.

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The field in volatile eastern Libya used to produce up to 65,000 barrels a day of oil until local protesters forced a shutdown over a month ago, demanding to be hired by state oil firm AGOCO, oil officials said. "We have restarted production," said a spokesman for AGOCO, adding the company would give a production update in the coming days.

(Reporting by Ayman al-Warfalli; Writing by Ulf Laessing; Editing by Mark Potter)  
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Oil & Gas News

Oil & Gas News
Released:  26/11/20142014-11-26
Word count:  443

Should OPEC decide to cut production this week in an effort to boost oil prices, media reports suggest that Iraq, Iran, and Libya could be given an exemption from making supply reductions.

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The three counties may not have to cut production since they are not operating at full capacity, and are not likely to do so, Bloomberg News reported, citing two sources close to the proposal.

“It makes sense that these three countries shouldn’t have to make further cuts,” Abhishek Deshpande, oil markets analyst at London-based Natixis, told Bloomberg News on Monday.

The 12 members of the Organization of Petroleum Exporting Countries meet Thursday in Vienna to decide whether to cut production or not.

Swiss bank UBS believes they will make a cut to boost oil prices, which have fallen more than 30 percent from a $115 peak in mid-June.

“We do think they are going to cut, by somewhere between 0.5-1 million barrels per day. And we think that provides a lot of upside on the oil price given the market position right now,” Wayne Gordon, a commodity analyst at UBS Wealth Management told Bloomberg News.

The current $80 a barrel price has been driven by ramped production from American shale, as well as a general decrease in global demand, spurred by economic lethargy in Europe and China.

The Organization of the Petroleum Exporting Countries or OPEC includes Iran, Iraq, Kuwait, Saudi Arabia, the UAE, Qatar, Venezuela, Algeria, Angola, Libya, Nigeria, and Ecuador. Together they produce more than 40 percent of the world’s oil.

Low oil prices have put many OPEC members under budget pressure, as the oil exporting countries use oil prices as a foundation for setting state budgets. Iran needs a price at $140 per barrel to balance its budget, whereas Saudi Arabia needs a price of $90.70 per barrel, Qatar $77.60 per barrel, and the United Arab Emirates $73.30 per barrel.

Venezuela, which has been pushing for a decrease in production, as it needs oil to settle above $120 to balance its budget.

“On a revenue basis, it’s their best proposition to cut production, here at UBS we think they will cut production, that’s our view,” Gordon told Bloomberg.

Moscow's wish

Russia is not an OPEC member nor does it have an official presence at Thursday’s talks, but Rosneft CEO Igor Sechin and Russia’s Energy Minister Aleksandr Novak are holding meetings with OPEC officials on Tuesday.

Russia, after Saudi Arabia, is the single biggest producer of oil, accounting for 14 percent of world supply.

Last week Energy Minister Aleksandr Novak said the Russian government is considering decreasing oil production in order to buoy world prices, but a final decision hasn’t been made. Russia may suggest cutting its oil production by around 300,000 barrels per day as long as OPEC reduces its production by 1.4 million barrels per day, Kommersant reported, citing a source close to the government.
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Oil & Gas News

Oil & Gas News
Released:  25/11/20142014-11-25
Word count:  400

Brent crude fell for a second day as OPEC considered exempting three members from potential production cuts when it meets this week. West Texas Intermediate also dropped in New York.

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Futures dropped as much as 0.7 percent in London. Iraq, Iran and Libya won’t have to trim supplies should the Organization of Petroleum Exporting Countries agrees to reduce output, according to two people with knowledge of the proposal. If the market is oversupplied, it isn’t the first time, Saudi Arabia’s Oil Minister Ali Al-Naimi said in Vienna yesterday as the 12-nation group prepared for discussions on Nov. 27.

Oil has collapsed into a bear market amid the fastest rate of U.S. production in more than three decades, even as slowing global economic growth signaled weaker demand. OPEC, which pumps about 40 percent of the world’s crude, has maintained its official quota at 30 million barrels a day since January 2012.

“We’ve seen oversupply before but the U.S. is the difference,” David Lennox, a resource analyst at Fat Prophets in Sydney, said by phone today. “We’ll need to see a cut under 30 million barrels to boost prices.”

Brent for January settlement declined as much as 57 cents to $79.11 a barrel on the London-based ICE Futures Europe exchange and was at $79.17 at 8:18 a.m. London time. The contract slid 68 cents to $79.68 yesterday. The European benchmark crude traded at a premium of $3.63 to WTI.

‘Unacceptable’ Prices

WTI for January delivery was 20 cents lower at $75.58 a barrel in electronic trading on the New York Mercantile Exchange. It lost 73 cents to $75.78 yesterday. The volume of all futures traded was about 37 percent below the 100-day average for the time of day. Prices have decreased 23 percent this year.

OPEC pumped 30.97 million barrels a day in October, exceeding its collective output target for a fifth straight month, according to data compiled by Bloomberg. Action must be taken to boost prices because current levels are unacceptable, Iraqi Oil Minister Adel Abdul Mahdi said yesterday.

The proposal to spare Iran, Iraq and Libya from supply cuts is one of several being discussed as they’re pumping below potential, said the two people, who asked not to be identified in line with their national policies. The three countries produced almost 7 million barrels a day last month, compared with a 1970s peak of more than 10 million, data compiled by Bloomberg show.

To contact the reporters on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net; Rupert Rowling in London at rrowling@bloomberg.net

To contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net James Herron  
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News Releases

News Releases
Released:  25/11/20142014-11-25
Word count:  296

Nov 23 (Reuters) - Libya's Nafoura oilfield will resume production on Monday after protesters demanding jobs ended a protest, officials at the Libyan state operator said on Sunday.

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Reuters
The field in volatile eastern Libya used to produce up to 65,000 barrels a day of oil until local protesters forced a shutdown over a month ago to demand to be hired by the state oil firm AGOCO, oil officials said.

"The production at Nafoura oilfield will resume tomorrow," AGOCO spokesman Omran Zawie said. Several mostly smaller fields in the east have been closed in the past three months by locals making political or financial demands, part of turmoil in Libya three years after the ouster of former strongman Muammar Gaddafi.

Separately, oil officials said the southwestern El Feel field has not yet resumed production after Libya shut it down more than a week ago when clashes forced the closure of the neighbouring El Sharara oilfield.

Both sites use the same power supply.

"Technical checks are ongoing at the field but production has not yet resumed yet," said an oil worker at the field, which is operated jointly by the state oil firm NOC and Italy's ENI.

Libya has not published any recent production data but El Feel was pumping at least 80,000 barrels a day earlier this year. El Sharara was pumping at least 200,000 bpd until clashes between tribesmen and state oil guards broke out this month.

NOC failed to resume output at the El Sharara field over a week ago after unknown people blocked a pipeline.

Mohamed Adam Lino, a member of the House of Representatives, said tribal elders were trying to mediate between competing armed groups vying for control of the El Sharara field.

"We do not have a direct connection with those who control the field, but the elders are trying to reach a solution," he said.

(Reporting by Ayman al-Warfalli and Ahmed Elumami; Writing by Ulf Laessing; Editing by Tom Heneghan; Editing by)
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News Releases

News Releases Contract News
Released:  25/11/20142014-11-25
Word count:  172

Medserv Libya has signed a tripartite agreement with a leading international oil company and a leading rig operator to support activity offshore Libya.

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Times of Malta
Further agreements have also been signed with other leading international service companies, representing supply vessel support, mud-mixing operations, procurement and local representation, the company said.

While operations out of the company’s Misurata base remain difficult, assistance and support to clients still operating in Libya is being provided through the Medserv Libya out of Tripoli.

As anticipated, the second half of the year has seen a rise in activity both in Malta and Cyprus where both bases are working at high levels of capacity.

Medserv Cyprus has moved from ‘stand by’ status to fully operational as the rig, Saipem 10000, commenced drilling operations offshore Cyprus. This increased the volume of work and is contributing strongly to the group’s results for the year.

The new office block built to accommodate the various clients using the Malta facility is also fully occupied and the company is increasing office space by installing new high-quality porta-cabin offices at both the base in the Malta Freeport and the land at Ħal Far in response to clients’ demands.  
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Oil & Gas News

Oil & Gas News
Released:  24/11/20142014-11-24
Word count:  339

(Reuters) - Brent crude futures rose above $80.50 a barrel on Monday ahead of a meeting of the producer group OPEC at which an output cut will be discussed, while China's move to lower interest rates late last week also underpinned prices.

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Reuters
Asian markets rallied on Monday with shares in Shanghai hitting three-year highs as the prospect of further policy stimulus in China and Europe whetted risk appetites globally while sending the euro skidding.

Oil markets, however, remained more hesitant. Brent saw only a slight rise on Monday, with analysts saying supply and demand fundamentals were preventing further rallies.

Brent was trading at $80.60 a barrel at 0730 GMT, up 24 cents but off a more than one-week top of $81.61 reached on Friday. U.S. crude was up 21 cents to $76.72 a barrel.

"China's surprise rate cut might provide some initial support to commodities, but weak domestic demand and tight credit conditions will likely continue to weigh on sentiment," ANZ bank said in a research note.

FOCUS ON OPEC

Analysts said market focus this week would be on whether the Organization of the Petroleum Exporting Countries' (OPEC) cuts output at its meeting in Vienna on Nov. 27 to stop the recent price falls which have hurt oil export revenues of its 12 member states.

French bank Societe Generale said an OPEC production cut of over 1 million barrels per day was needed to balance the market, which it estimated with a probability of 60 percent to happen.

Since June, oil has lost 30 percent in value, with Brent plunging from a high above $115 and U.S. crude from above $107. OPEC members Iran, Libya and Venezuela have urged fellow crude producers to support oil prices through production cuts, while Kuwait has said an output reduction is unlikely.

Key will be the position of the club's biggest producer and exporter Saudi Arabia, which has so far sent mixed messages.

If there is no intervention by OPEC, analysts said oil prices could fall lower still and that market fundamentals implied lower prices even if OPEC cuts output.

"We're in the middle of a very fundamental change in the oil markets – the type of change that only happens every decade or two," Societe Generale said, adding that Brent prices could fall as low as $70 and U.S. prices to $60-$65.

(Editing by Himani Sarkar)  
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Oil & Gas News

Oil & Gas News
Released:  24/11/20142014-11-24
Word count:  1176

A new era could be on the horizon! The energy world is entering into a momentous week.

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Saudi gazette
While it eagerly awaits the outcome of the ongoing deliberations between the P5+1 and Iran on Tehran’s purported nuclear program, eyes are also focused on the upcoming OPEC ministerial this week. The OPEC moot in Vienna this Thursday, is being dubbed by many as one of the most important and crucial in its recent history.

All this is taking place in the midst of what is being described by some as the ‘Great Oil Crash.’ And the trend is not expected to go off - any time soon. “It is increasingly clear that we have begun a new chapter in the history of the oil markets,” the IEA stated in its November oil market report, observing that the world’s oil supply is outstripping projected oil demand.

We are very much in the midst of a glut, with little possibility of any rally in near term. Oil producers are scurrying to hold on to their market share in China and elsewhere in the emerging markets. In the meantime, the Alaskan North Slope crude oil is now being exported to South Korea on a regular basis.

Adding to the glut has been the return of Libya’s oil production, despite a raging civil war with two competing governments asserting governance over the country. And despite the ongoing war against IS, exports from Baghdad continue to rise to a record post- Iraq war levels.

The Kurds are in the meantime, also flexing their crude muscles with a deal with Baghdad allowing them to increase their oil exports from Northern Iraq in the coming months. And to top it all, North Sea production is also set to rise over 11 percent in December. Overflow is imminent.

Prices are to go down - unless - taps are tightened! As the OPEC ministers are preparing to sit down in Vienna next Thursday, fireworks seem imminent. Oil market watchers appear divided. All sort of projections - from a large OPEC production cut to a small cut to none at all - are being made.

Eyes but, remain focused on Riyadh. What would be the stance of Saudi Arabia on a possible cut in output? Is Riyadh in a battle for market share or is it a part of a well-thought-of policy to let the prices melt, not only to hamper the growing shale business in the United States but also to make life for Moscow and Tehran more miserable? “Is it just my imagination or is there a global oil war underway pitting the United States and Saudi Arabia on one side against Russia and Iran on the other?” New York Times columnist Thomas Friedman, wrote last month.

Already in Russia, the idea of a Saudi-US plot against Moscow is a common currency as its economy struggles under the effects of low oil prices and Western sanctions imposed over its annexation of Crimea and support for rebels in eastern Ukraine.

Riyadh has been composed to all this speculation. However, with the OPEC ministerial just round the corner, it is making it clear - Saudi Arabia is for stable markets.

“Saudi oil policy... have been subject of a great deal of wild and inaccurate conjectures in recent weeks. We do not seek to politicize oil ... For us it’s a question of supply and demand, it’s purely business,” Minister Ali Al-Naimi was quoted as saying a couple of weeks back.

However, one thing is being made apparent: Riyadh was not willing to solely shoulder the burden of stabilizing the markets. In his meeting with Venezuelan Foreign Minister Rafael Ramirez earlier this month, Minister Naimi reportedly said: Saudi Arabia won’t cut output on its own. Mr. Naimi is expected to repeat the message to delegates at the Vienna ministerial, the WSJ said.

It has made known to its fellow OPEC member that all the members need to bear joint responsibility for the global oil market and that they should not expect Saudi Arabia to be the only country within OPEC to cut its supplies, former oil ministry official Mohamed Al-Sabban was recently quoted as saying. Unless agreement is reached on this fundamental issue, Saudi Arabia will continue defending its market share, he insisted.

Concern is but spreading. Energy diplomatic flurry could be witnessed all around - preceding the crucial Vienna meeting. Kuwait’s cabinet and the country’s Supreme Petroleum Council held an “extraordinary” joint meeting last week to consider measures to stop the slide in prices. According to KUNA, the meeting “discussed steps that have to be taken on all levels…including having consultations with fellow OPEC member states for maintaining interests of all parties”.

This was despite the earlier Kuwait statement expressing confidence on market situation. Only last week Kuwait’s oil minister had stressed that he did not believe there would be a reduction in output by OPEC when its 12 members gather in Vienna. Iran too has been badly hit by the falling oil prices.

In a statement last week, Iran’s oil minister criticized (some) countries of “trying to justify keeping oil production at the current level – which were set before countries such as Iran were allowed to return to selling oil in the global marketplace,” he emphasized. Iran is already tapping its sovereign wealth fund to mitigate the impact of the oil price slump.

In the backdrop, Iranian Petroleum Minister Bijan Namdar Zanganeh has been undertaking visits to Gulf Arab states Qatar, Kuwait and the United Arab Emirates. Zanganeh also held talks in Tehran with Rafael Ramirez of Venezuela. In a press talk, Zanganeh also indicated that he would talk with Saudi Arabia about market share when OPEC meets next week in Vienna.

Venezuela, Ecuador and Libya have all been contributing to the debate by saying that a cut was appropriate. Rafael Ramirez, who was Venezuela’s energy minister until two months ago, has also been visiting Algeria, Iran, Qatar and Russia in recent weeks.

As market players sit down to evaluate their priorities, Russia has said it’s willing to cooperate with Saudi Arabia on the oil market, while avoiding a commitment to limit output to reverse plunging prices.

In a joint statement issued after a meeting between the Russian Foreign Minister Sergei Lavrov and his Saudi couterpart Prince Saud Al-Faisal in Moscow on Friday, the two agreed to coordinate on “issues” affecting the energy and oil markets.

Saudi Arabia and Russia, which together produce 25 percent of global oil, agreed the market “must be free of attempts to influence it for political and geopolitical reasons,” Lavrov added. Where supply and demand are “artificially distorted,” oil exporters “have a right to take measures to correct these non-objective factors.”

And to follow up, Rosneft Chief Executive Igor Sechin was reportedly flying in to Vienna on Nov. 25 for an energy market conference, just two days before the OPEC meeting. The surprise announcement raised speculation that Sechin, a close ally of Russian President Vladimir Putin and a former deputy prime minister, would use the meeting as a cover to meet OPEC ministers, exploring common ground. Much is definitely at stake!  
Comments:

News Releases

News Releases
Released:  24/11/20142014-11-24
Word count:  464

A double shot of upbeat U.S. data and talk oil cartel OPEC may consider trimming output to shore up slumping prices sent crude futures rising on Thursday.

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investing.com
In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in January traded up 0.85% at $75.13 a barrel during U.S. trading, up from a session low of $74.22 a barrel and off a high of $75.53 a barrel.

The January contract settled down 0.19% at $74.50 a barrel on Wednesday.

Support for the commodity was seen at $73.92 a barrel, Wednesday's low, and resistance at $76.48 a barrel, Tuesday's low.

Oil prices continued to rise on reports that Libya may favor cutting output to shore up prices at OPEC's Nov. 27 meeting.

Samir Kamal, Libya's OPEC governor, told Reuters on Wednesday that OPEC could agree to take small steps to trim global supply, which drew applause in energy market.

Oil ministers from Iran, Libya, Venezuela, Ecuador and Algeria have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to lower production.

Markets are speculating that a Saudi-backed willingness to let prices slide will prompt U.S. shale producers to halt operations as a result, as such production costs more than traditional drilling.

Once U.S. shale producers table their operations for profitability reason, prices would presumably rise as the global economy absorbs excess supply.

Upbeat U.S. data pumped up prices as well.

Manufacturing activity in the Philadelphia-region expanded at its fastest rate since December 1993 in November, fueling optimism over the U.S. economic outlook, official data showed on Thursday. The Federal Reserve Bank of Philadelphia reported earlier that its manufacturing index improved to 40.8 this month from 20.7 in October.

Analysts had expected the index to decline to 18.5 in September.

On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions. The current new orders index, which reflects the demand for manufactured goods, increased 18 points, to 35.7.

The current employment index rose 10 points in November, to 22.4, and hit a 3½ year high.

Elsewhere, the Labor Department reported that the U.S. consumer price index was unchanged in October, beating expectations for a 0.1% dip.

On a year-over-year basis consumer prices rose 1.7% last month, unchanged from September, and stronger than market calls for a 1.6% jump.

Core inflation, which strips out volatile food and energy components, rose by 0.2% during the month, pushing the annual rate up to 1.8%, both figures in line with market forecasts.

Also from the Labor Department, data released earlier revealed that the number of Americans filing new claims for unemployment benefit fell by 2,000 last week, to 291,000. Economists had expected a fall to 286,000, thought it was still the tenth straight week that initial claims remained below 300,000.

The number of continuing claims also fell, to 2.33 million, the lowest level since December 2000. Separately, on the ICE Futures Exchange in London, Brent oil futures for January delivery were up 0.88% at US$78.79 a barrel, while the spread between Brent and U.S. crude contracts stood at $3.66.
Comments:

Dear Sir/Ma I am direct to a project Funder who is also known as private lender they specialized in bank instrument lease and sales their funds is purely earned from private and corporate investment portfolios without criminal origin.With the group capital fund which are specifically for lease/sale in form of bank instrument. The Financial institution can finance your signatory projects such as Real Estate Development, Aviation Service, Agriculture Finance, Petroleum Importation, Telecommunication, construction of Dams or Bridges and all kind of projects. The bank instrument can be use for purchase of goods from any manufacturer irrespective of their location. It can also serve as collateral with any bank in the world to secure loan for your project or to establish line of credit with your bank. We offer Bank Guarantee , all are issue from bank such as Deutsche Bank, HSBC Bank, UBS Zurich, Barclay's Bank , Standard Chartered Bank E.T.C. For more information, Endeavor to contact me as your convenient time. Regards Mr. gradmir Bajic Email:~bajiclease@gmail.com Skype: bajiclease Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

DO YOU NEED FUNDING FOR A PROJECT? !!!
4 days ago

News Releases

News Releases
Released:  21/11/20142014-11-21
Word count:  517

Brega Petroleum Marketing Co. intends to tenderingSupply and installation of the thermal insulation of tank no. 501 B project at Ras Elmungar terminal , according to scope of work and requirements which are summarized in the following essential items:

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NOC

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Collection and transfer of aluminum sheets and hand over to the company s waste site.
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Collecting mineral wool, put mineral wool in nylon bags and seal it and disposed of according to environmental procedures.
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Removal and dismantling of all roof mineral wool and aluminium sheets.

So companies possessing relevant experience, and has technical and financial capabilities are invited to express their interest in participation to execute this project, to submit their files for Pre-Qualification according to the following terms and conditions:

1.
Fill out the PQQ available viahttp://www.brega.ly/tender.zip    and return via email    highertenders@brega.ly  also hard copy of PQQ Document to be enclosed with the company’s file.
2.
A cover letter expressing of interest to participate in pre-qualification for the project, addressed to High Tender Committee.
3.
Provide organisation's articles of incorporation and its chart - official evidence attesting registration at the commerce registration office – valid business license – valid tax clearance certificate.Foreigncompaniesshould submit registration documents from Libyan official state bodies.
4.
Provide the financial status for the last) 3(years (2011 –2012 – 2013) authenticated by legal auditor.
5.
Provide details of your experience of similar scope of work.
6.
Provide list of technical crew and company’s equipment.
7.
Full address of company headquarter and its branches, telephone, fax numbers, email& website address.
Important Notes:
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Only officially assigned representative will be dealt with.

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The invitation to tender and handing over specification and general terms& conditions documents only to companies that found qualified by pre-qualification evaluation final result.

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Documents shall be submitted to the Secretary of the High Tenders Committee in a sealed envelope addressed to Brega Petroleum Marketing Co. High Tenders Committee office, located at Tripoli International Airport Road, Brega’s Finance department building, Tripoli, near Tripoli Oil Terminal.

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The closing date for submission of documents is on Monday 01/12/2014.
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Any file is not included the required documents will be rejected.
For any quarries please contact High Tenders Committee:
Tel. 021 362 0110fax:021 361 9870 Email: highertenders@brega.ly
Comments:

Dear Sir/Ma I am direct to a project Funder who is also known as private lender they specialized in bank instrument lease and sales their funds is purely earned from private and corporate investment portfolios without criminal origin.With the group capital fund which are specifically for lease/sale in form of bank instrument. The Financial institution can finance your signatory projects such as Real Estate Development, Aviation Service, Agriculture Finance, Petroleum Importation, Telecommunication, construction of Dams or Bridges and all kind of projects. The bank instrument can be use for purchase of goods from any manufacturer irrespective of their location. It can also serve as collateral with any bank in the world to secure loan for your project or to establish line of credit with your bank. We offer Bank Guarantee , all are issue from bank such as Deutsche Bank, HSBC Bank, UBS Zurich, Barclay's Bank , Standard Chartered Bank E.T.C. For more information, Endeavor to contact me as your convenient time. Regards Mr. gradmir Bajic Email:~bajiclease@gmail.com Skype: bajiclease Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

DO YOU NEED FUNDING FOR A PROJECT? !!!
4 days ago

Oil & Gas News

Oil & Gas News
Released:  21/11/20142014-11-21
Word count:  675

Brent and West Texas Intermediate crude gained for the first time in four days as investors weighed the potential outcome of next week’s OPEC meeting.

Play
Bloomberg
Leading members of the Organization of Petroleum Exporting Countries are resisting calls to reduce output while others including Venezuela seek action to support prices at a Nov. 27 meeting in Vienna. An OPEC production cut looks increasingly likely, Morgan Stanley said in a report yesterday. Brent trading volatility rose to the highest in more than two years.

“The market is eyeing next week’s OPEC meeting for some kind of movement,” said Gene McGillian, a senior analyst at Tradition Energy in Stamford, Connecticut. “OPEC needs to take action and make the cuts. The market is still under pressure but we are close to the bottom.”

Brent for January settlement gained $1.23, or 1.6 percent, to end at $79.33 a barrel on the London-based ICE Futures Europe exchange. Total volume of all futures was 21 percent below the 100-day average. Front-month prices have decreased 28 percent this year.

Implied volatility for at-the-money front-month Brent options, a measure of expected futures movements and a key gauge of options value, rose to 32.23 percent yesterday, the highest level since July 2012, according to data compiled by Bloomberg. Volatility was 31.23 percent today.

WTI for January delivery, the most-actively traded, rose $1.35, or 1.8 percent, to $75.85 a barrel on the New York Mercantile Exchange. The December contract, which expired today, climbed $1 to $75.58. The European benchmark crude traded at a premium of $3.48 to WTI for the same month on ICE, compared with $3.60 yesterday.

Bear Market

Oil collapsed into a bear market as OPEC production rose and the U.S. pumps at the fastest rate in more than three decades. OPEC pumped 30.97 million barrels a day in October, exceeding its collective output target of 30 million barrels a day for a fifth straight month, data compiled by Bloomberg show.

The 12-member group should cut output by 500,000 barrels a day, Libya’s OPEC governor Samir Kamal said yesterday. “OPEC needs to get everybody on board,” said Kyle Cooper, director of commodities research at IAF Advisors in Houston. “It’s going to be a battle. I don’t see who is going to cut. The market is just going to bounce around before the meeting.”

Iran Talks

U.S. Secretary of State John Kerry will today join envoys from six world powers and Iranian counterparts for intensive talks on the country’s nuclear program. Iran won’t cut its oil output by a single barrel, said the country’s Oil Minister Bijan Namdar Zanganeh.

“Under no circumstance will Iran decrease its share of the global market, not even by one barrel,” Zanganeh said in TV interview, according to ministry’s news website Shana.

Zanganeh said he will discuss oil market share with Saudi Arabia, OPEC’s largest producer, in Vienna on Nov. 26, the day before the group’s meeting, according to a report from the official Islamic Republic News Agency, citing the same TV interview.

Crude also gained on speculation stronger economic growth in the U.S. will increase demand. Existing homes sold at a 5.26 million annual pace in October, the strongest since September 2013 and up 1.5 percent from a revised 5.18 million pace in September, the National Association of Realtors reported today.

The Conference Board’s index of U.S. leading indicators, a gauge of the outlook for the next three to six months, climbed 0.9 percent last month, the most since July, after rising 0.7 percent in September, the New York-based group said today.

Refinery Runs

“The economy looks good, and when the economy is good, demand rises,” said Carl Larry, a Houston-based director of oil and gas at Frost & Sullivan. “Strong refinery runs are going to keep oil supported.”

Demand for gasoline climbed to 9.19 million barrels a day last week, the most since Aug. 29, the Energy Information Administration reported yesterday.

Regular gasoline prices averaged $2.85 a gallon nationwide yesterday, the lowest since November 2010, according to AAA.

U.S. refineries operated at 91.2 percent of capacity last week, the most since Sept. 19, the EIA said.

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Stephen Cunningham, Charlotte Porter  
Comments:

Oil & Gas News

Oil & Gas News
Released:  21/11/20142014-11-21
Word count:  331

NEW YORK, Nov 20 (Reuters) - Oil closed higher on Thursday, snapping a three-day loss, as strong U.S. economic data bolstered crude markets but focus remained on whether OPEC will cut output to end a five-month long selloff when it meets next week.

Play
Reuters
Factory activity in the U.S. mid-Atlantic region grew at its fastest pace in two decades, U.S. home resales jumped to their highest in more than a year in October, and a gauge of future U.S. economic activity gained more than expected last month.

Chances have also risen in recent days that the Organization of the Petroleum Exporting Countries will agree on reducing production when it meets on Nov. 27, analysts said.

Benchmark Brent oil settled up $1.23 at $79.33 a barrel, after a session high at $79.46. U.S. crude finished up $1 at $75.58 after an intraday peak of $75.76.

"The market seems to be riding the wave of the strong U.S. data. There's also growing speculation that OPEC may do something to support prices," said Phil Flynn, analyst at Price Futures Group in Chicago. Higher demand for heating oil from unseasonably cold U.S. weather also helped, said Harish Sundaresh, commodity strategist and portfolio manager at Boston's Loomis, Sayles & Co, which manages $220 billion. "The U.S. is very short heating oil inventory going into the winter months," Sundaresh said.

Front-month heating oil futures closed up nearly 1 percent at $2.38 per gallon.

U.S. crude stockpiles unexpectedly jumped 2.6 million barrels last week although inventories of distillates, including heating oil, fell by 2 million barrels.

Fear of prolonged low prices for oil have pushed some U.S. producers such as Apache Corp, Continental Resources Inc and Denbury Resources Inc to budget less on drilling next year.

OPEC members Iran, Venezuela and Libya are calling on the group to cut production to support prices, which have sunk more than 30 percent since June to four-year lows, as U.S. output of high quality, light shale crude overwhelms demand in a lacklustre global economy.

Market bets on the outcome of the OPEC meeting varied sharply, with analysts at Austria's JBC Energy expecting a 1 million-barrel-per-day cut at least, while New York-based consultancy Eurasia Group expects none.

(Additional reporting by Christopher Johnson and Simon Falush in London; Editing by Marguerita Choy)
Comments:

Dear Sir/Ma I am direct to a project Funder who is also known as private lender they specialized in bank instrument lease and sales their funds is purely earned from private and corporate investment portfolios without criminal origin.With the group capital fund which are specifically for lease/sale in form of bank instrument. The Financial institution can finance your signatory projects such as Real Estate Development, Aviation Service, Agriculture Finance, Petroleum Importation, Telecommunication, construction of Dams or Bridges and all kind of projects. The bank instrument can be use for purchase of goods from any manufacturer irrespective of their location. It can also serve as collateral with any bank in the world to secure loan for your project or to establish line of credit with your bank. We offer Bank Guarantee , all are issue from bank such as Deutsche Bank, HSBC Bank, UBS Zurich, Barclay's Bank , Standard Chartered Bank E.T.C. For more information, Endeavor to contact me as your convenient time. Regards Mr. gradmir Bajic Email:~bajiclease@gmail.com Skype: bajiclease Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

DO YOU NEED FUNDING FOR A PROJECT? !!!
4 days ago

News Releases

News Releases Oil & Gas News

The National Oil Corporation (NOC) announced today that GX Technology, a wholly-owned subsidiary of ION Geophysical Corporation, will commence the first phase of seismic data acquisition on Wednesday November 19th for the LibyaSPAN™ multi-client 2D regional survey

Play
NOC
in the Libyan territorial waters of the Mediterranean Sea. The survey is being conducted as part of a joint agreement between National Oil Corporation (NOC), North Africa Geophysical Exploration Company (NAGECO, wholly-owned by NOC), and ION – GX Technology (ION-GXT). BGP has been selected as the seismic acquisition contractor and will be utilizing their R/VDFKT1vessel.

The whole program covers 21,000 km of 2D regional survey onshore and offshore Libya and will be completed in 6 phases. This first Phase of the project will encompass 7,718 kilometers of new high-end long-offset seismic data covering the entire Libyan offshore region (See Map).LibyaSPAN is being developed in anticipation of future license rounds in Libya to help oil and gas companies evaluate large regions and focus on areas with the highest chance of success.

Mr. Bashir Garea, NOC Exploration Manager, commented: “We’re pleased that this valuable program is moving forward. LibyaSPAN will provide a comprehensive picture of the Libyan geology, tying all of the major basins and providing the deep imaging essential to understanding new exploration plays. It will provide good data for future license rounds and successful exploration activities” Final delivery of the fully-imaged dataset and regional interpretation is scheduled for late 2015.
Comments:

Dear Sir/Ma I am direct to a project Funder who is also known as private lender they specialized in bank instrument lease and sales their funds is purely earned from private and corporate investment portfolios without criminal origin.With the group capital fund which are specifically for lease/sale in form of bank instrument. The Financial institution can finance your signatory projects such as Real Estate Development, Aviation Service, Agriculture Finance, Petroleum Importation, Telecommunication, construction of Dams or Bridges and all kind of projects. The bank instrument can be use for purchase of goods from any manufacturer irrespective of their location. It can also serve as collateral with any bank in the world to secure loan for your project or to establish line of credit with your bank. We offer Bank Guarantee , all are issue from bank such as Deutsche Bank, HSBC Bank, UBS Zurich, Barclay's Bank , Standard Chartered Bank E.T.C. For more information, Endeavor to contact me as your convenient time. Regards Mr. gradmir Bajic Email:~bajiclease@gmail.com Skype: bajiclease Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

DO YOU NEED FUNDING FOR A PROJECT? !!!
4 days ago

Dear Sir/Ma I am direct to a project Funder who is also known as private lender they specialized in bank instrument lease and sales their funds is purely earned from private and corporate investment portfolios without criminal origin.With the group capital fund which are specifically for lease/sale in form of bank instrument. The Financial institution can finance your signatory projects such as Real Estate Development, Aviation Service, Agriculture Finance, Petroleum Importation, Telecommunication, construction of Dams or Bridges and all kind of projects. The bank instrument can be use for purchase of goods from any manufacturer irrespective of their location. It can also serve as collateral with any bank in the world to secure loan for your project or to establish line of credit with your bank. We offer Bank Guarantee , all are issue from bank such as Deutsche Bank, HSBC Bank, UBS Zurich, Barclay's Bank , Standard Chartered Bank E.T.C. For more information, Endeavor to contact me as your convenient time. Regards Mr. gradmir Bajic Email:~bajiclease@gmail.com Skype: bajiclease Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

DO YOU NEED FUNDING FOR A PROJECT? !!!
4 days ago

News Releases

News Releases
Released:  20/11/20142014-11-20
Word count:  312

NEW YORK, Nov 19 (Reuters) - Oil prices fell for a third straight day on Wednesday, as early gains on talk of a possible OPEC output cut vanished after the Federal Reserve released minutes of last month's policy meeting revealing worries that U.S. inflation could remain below target for "quite some time."

Play
Reuters
The Fed minutes showed central bankers concerned about the economy's strength but reluctant to issue a statement reflecting too much pessimism.

The Fed's outlook was "a negative for energy demand, and the looming interest rate hike will only serve to strengthen the dollar further," said John Kilduff, partner at New York energy hedge fund, Again Capital. "Both elements of the minutes are bearish for the crude oil price outlook."

Benchmark Brent crude oil settled down 37 cents at $78.10 a barrel, after rising as much as 98 cents during the session. It has lost $1.31 in the past three sessions.

U.S. crude finished down 3 cents at $74.61, after a session high at $75.40.

Earlier, oil prices rose after Libya's OPEC Governor Samir Kamal told Reuters he expected the group's Nov. 27 meeting to agree on halting production at above OPEC targets, removing about 600,000 barrels per day (bpd) from the market. OPEC, or the Organization of the Petroleum Exporting Countries, will meet in Vienna to consider adjusting its output target of 30 million bpd. Fears of an oil glut and a 30 percent drop in Brent prices since June has made a few producers clamor for sharp output cuts. But OPEC heavyweight Saudi Arabia has not said if it will support that.

U.S. crude stockpiles rose 2.6 million barrels for the week ended Nov. 14, compared with forecasts of a 800,000-barrel draw, as imports rose to meet demand from refineries hiking runs after seasonal maintenance, data from the Energy Information Administration (EIA) showed.

Despite the unexpectedly large build, oil prices rose by midday as investors focused on the OPEC meeting.

Unseasonably cold weather across America, and a 2-million barrel draw in distillate supplies last week, also supported prices of U.S. heating oil before late profit-taking in that market.

(Additional reporting by Robert Gibbons New York, Ahmed Aboulenein in London and Jacob Gronholt-Pedersen in Singapore; Editing by Marguerita Choy and David Gregorio)  
Comments:

Oil & Gas News

Oil & Gas News
Released:  20/11/20142014-11-20
Word count:  295

(Reuters) - OPEC will agree as a minimum step to remove crude from the market that it is pumping above the agreed target, a Libyan oil official said, to support prices that hit a four-year low.

Play
Reuters
Oil ministers from OPEC meet on Nov. 27 to consider adjusting their output target of 30 million barrels per day (bpd). More delegates are talking of a need to lower production, although top exporter Saudi Arabia has yet to say whether it supports a cut.

"I believe that the ministers will arrive to an agreement, as a minimum, to ask all members to abide by the 30 million ceiling for December," Samir Kamal, Libya's OPEC governor and head of planning at the Libyan oil ministry, told Reuters.

Complying with the target would in theory cut OPEC output by 600,000 bpd based on the International Energy Agency's estimate that OPEC pumped 30.60 million bpd in October. OPEC's own figures put production lower at 30.25 million bpd.

Oil fell to a four-year low below $77 a barrel last week on ample global supply, slowing demand and scepticism that the 12-member Organization of the Petroleum Exporting Countries will be able to bolster prices.

The Libyan official added he also expected OPEC ministers to "keep a watch on the market response and if needed, to set a new ceiling of not more than 29.5 million bpd".

Kamal said he was not speaking on behalf of the Libyan government. Libya is struggling with two administrations -- the internationally recognized government, located in Tobruk since August, and a Tripoli-based rival administration. Neither has commented on the OPEC meeting.

Last month, Kamal called for an OPEC cut of at least 500,000 bpd and said Libya should be exempt from the measure since it is working to sustain a rise in production hit by months of fighting and protests.

Fellow OPEC members Venezuela and Ecuador also want an OPEC cut. Kuwait has said a reduction is unlikely, while traders and analysts are split over the likelihood of action.

(Editing by Dale Hudson)  
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Find out what contracts are on offer in Libya
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