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IEA says oil demand more resilient than expected in the face of Omicron
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IEA says oil demand more resilient than expected in the face of Omicron

By Isis Almeida and Grant Smith on 1/12/2022 (Bloomberg) –Global oil demand has proven stronger than expected as the latest coronavirus variant inflicts a softer hit to the economy than anticipated, the International Energy Agency said. “Demand dynamics are stronger than many of the market observers had thought, mainly due to the milder Omicron expectations,”...

U.S. gasoline markets point to bad news for Biden this summer
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U.S. gasoline markets point to bad news for Biden this summer

By Jack Wittels and Chunzi Xu on 1/12/2022 (Bloomberg) –The gasoline market is painting a picture of tight supplies this summer — the last thing Joe Biden will want to see as he tries to contain high fuel prices. On the New York Mercantile Exchange, futures contracts for gasoline are in an increasingly bullish structure...

EIA expects shale to drive record U.S. oil production in 2023
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EIA expects shale to drive record U.S. oil production in 2023

By Sheela Tobben on 1/12/2022 (Bloomberg) –U.S. annual oil production is set to rise to a record next year as shale producers continue to boost output.   Oil supply will average 12.41 million barrels a day in 2023, according to the Energy Information Administration. That would surpass the current annual high of 12.3 million barrels a...

Emboldened green activists target Argentina’s offshore oil plans
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Emboldened green activists target Argentina’s offshore oil plans

By Jonathan Gilbert on 1/12/2022 (Bloomberg) –Environmental activists in Argentina are trying to prevent new oil exploration in the resource-rich South American nation just days after forcing a governor in Patagonia to reverse course on silver mining. The government has been lobbying the case for drillers to search for oil in the Atlantic Ocean ever...

Equinor takes $1.8B impairment on North Sea Mariner field
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Equinor takes $1.8B impairment on North Sea Mariner field

By Stephen Treloar on 1/12/2022 (Bloomberg) –Equinor ASA will make a $1.8 billion impairment on its Mariner field after slashing reserve estimates for the U.K. North Sea oil deposit. The Norwegian company cut total recoverable reserves to about 180 million barrels from a previous estimate of 275 million barrels, it said on Wednesday. The revision...

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OPEC targeting oil prices below $100, Oman’s oil minister says

1/11/2022 LONDON (Bloomberg) –OPEC and its allies don’t want crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said. The Organization of Petroleum Exporting Countries and its allies, a 23-nation group led by Saudi Arabia and Russia, continues to restore output...

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Hunting licenses Nammo Defense tech for perforating applications

1/11/2022 HOUSTON – Titan Division of Hunting Energy Services announced an exclusive licensing agreement with Nammo Defense Systems Inc. for the manufacture of time delay fuses for Hunting’s perforating applications. Time delay fuses provide a controlled delay for operators to position perforating guns after commencing the firing sequence in a tubing-conveyed perforating operation. According to...

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Liberty Lift acquires Corral Oil Field Services

Liberty Lift announced the asset acquisition of Corral Oil Field Services LLC in Andrews, Texas. Corral is a family-owned and -operated artificial lift company specializing in the service, repair, and sale of pumping units and related artificial lift equipment in the Permian basin. View Original Source Here Author:

Oil prices surge as Fed chief’s comments less hawkish than expected
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Oil prices surge as Fed chief’s comments less hawkish than expected

By Julia Fanzeres on 1/11/2022 (Bloomberg) –Oil jumped by the most in month after Jerome Powell’s comments to the Senate Banking Committee appeared to be less hawkish than the Federal Reserve had recently telegraphed. West Texas Intermediate crude rose, in tandem with equity markets, as much as 3.8%, to the highest since November 16. Markets...

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Inmarsat launches its first hybrid L- and Ka-band communications satellite

1/11/2022 Inmarsat, a leader in global, mobile satellite communications confirmed the successful launch of its first Inmarsat-6 satellite, I-6 F1, by Mitsubishi Heavy Industries (MHI) from the JAXA Tanegashima Space Center in Japan. The Inmarsat-6s (I-6) are Inmarsat’s first ever hybrid L- and Ka-band satellites, incorporating increased capacity and new technological advances for ELERA’s transformational...