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OPEC, content with current oil price levels, agreed to keep the group’s crude output ceiling unchanged at least until June even as Libya, Iran and Iraq plan to increase exports in coming months. Click here to continue reading sample article.
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Penn Virginia may sell assets to pay down a revolving line of credit as it seeks to cut indebtedness and gain positive free cash flow by 2016. Click HERE for more.
All 14 Forties crude cargoes scheduled to load in August were deferred because of planned and unplanned outages in North Sea oil fields and a pipeline. The net effect of the delays is an increase in September loadings to a daily rate of 420,000 barrels a day, and a decrease in those scheduled for August to 213,000, according to [...]
The biggest slump in tanker rates since January is signaling weaker U.S. oil imports. Rates for the biggest crude carriers tumbled 68 percent in the past two weeks, more than reversing their advance since the end of June, according to Clarkson. To read more, click here.
Two of the largest oil producers are readying the Middle East’s first big push into renewable energy, planning solar-power plants that will need more than $1.5 billion in financing by the end of 2014. To read more, click here.
Apache is selling $4 billion in properties, buying back shares and cutting CEO Steve Farris’s target compensation, making it one of the companies that’s taking the medicine before an activist investor, like Carl Icahn, demands it. Click here to continue reading sample article.
The combined carrying capacity of oil tankers leaving Iranian ports last month was 1.17 million barrels a day, 14 percent higher than in February, vessel-tracking data compiled by Bloomberg show. To continue reading click here
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