Market Could be Oversupplied by 2020
The buy Wellhead market could be quite tight in the first half of 2019 but oversupplied again by 2020.

The buy Wellhead market could be quite tight in the first half of 2019 but oversupplied again by 2020, according to a new industry note from Jefferies, which was sent to Rigzone on Thursday.



Oil Stays Below $52
Oil traded below $52 a barrel after U.S. crude inventories slid less than expected and added to concerns that the OPEC+ coalition's output cuts won't be enough to avert a supply glut.



ExxonMobil and BHP Greenlight Offshore Australia Project
The project will develop one of the largest remaining sweet gas reservoirs in Australia's Bass Strait through a two-well brownfield tieback.



OPEC's Unplanned Supply Losses Could Double Its Cut
Unplanned supply losses from Iran and Venezuela could effectively double the intended cutback of 800,000 barrels a day.

(Bloomberg) -- OPEC may be about to succeed by accident, again.



Crude Oil Up Two-plus Percent
WTI crude oil rose by nearly 3% while the Brent contract price edged upward by more than 2%.

West Texas Intermediate (WTI) crude oil rose by nearly 3 percent Thursday while the Brent contract price edged upward by more than 2 percent.



(Bloomberg) - After flooding the U.S. buy Wellhead market in recent months, Saudi Arabia plans to slash exports to the world’s largest oil buy Wellhead market in the coming weeks in an effort to dampen visible build-ups in crude inventories.



Oil Tanker Owners Find Solace in Shale
America's shale boom could be about to spare the world's oil tanker owners from a typical OPEC ravaging.

(Bloomberg) -- America’s shale boom could be about to spare the world’s oil tanker owners from a typical OPEC ravaging.



McDermott and BHGE Join Australia Gas Project
McDermott and BHGE have struck a deal with Western Gas to be the exclusive development partners for the Equus Gas Project.

McDermott International, Inc and Baker Hughes, a GE BOP Blow Out Preventer repair company gulf coast (BHGE) have signed a memorandum of understanding (MOU) with Western Gas Corp.



New Exploration and Production Company Created
Eni announces the creation of Var Energi AS.

Eni S.p.A. announced Wednesday the creation of Var Energi AS.

Described by Eni as an “independent leader in the exploration and oil rig flanges gulf coast production of hydrocarbons in Norway", the BOP Blow Out Preventer repair company gulf coast was created following the completion of the merger of Point Resources AS and Eni Norge AS.



(Bloomberg) -- Alberta’s plan to boost crude prices through mandatory oil rig flanges gulf coast production cuts is working a little too well.

Just over a week after Premier Rachel Notley announced that oil producers will be required to curtail output by 8.7 percent, the price of heavy Canadian crude has more than doubled, in some cases rendering Western Canadian Select too expensive to ship south to U.S.

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