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MARKET WATCH: NYMEX crude oil drops modestly on inventory report

Crude oil prices dropped modestly, settling under $53.80/bbl on Dec. 29 after a weekly US government report showed an increase in US crude oil inventories and with uncertainty about supply and demand in the coming year.

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MARKET WATCH: Crude oil prices fall on reports of rising OPEC production

Light, sweet crude for November and December each dropped slightly more than $1/bbl Oct. 2 on the New York market. Analysts said prices fell as investors questioned the adherence level of the Organization of Petroleum Exporting Countries to its production-cut targets.

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Demand for oil will grow through 2040 even as dominance of the internal combustion engine weakens in road transportation, according to base-case projections by IHS Market. But gasoline consumption will decline as fuel economy improves and as gasoline-fueled vehicles lose their share of new-vehicle sales, the firm says in research it calls Reinventing the Wheel.

 

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Lakes Oil Ltd. of Melbourne is suing the government of Victoria for $2.7 billion (Aus.) in damages following the states ban on onshore gas exploration. The writ was filed in the Supreme Court.

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Baker Institute: Mexico elections could disrupt energy reform continuity

Public perceptions coupled with Mexicos upcoming presidential and local elections could disrupt continuity of the nations ongoing oil and electric reforms, panelists said during a Feb. 15 event at Rice Universitys James A. Baker III Institute for Public Policy.

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ExxonMobil Corp. will streamline its upstream organization and centralize project delivery across the company to support its plans to double operating cash flow and earnings by 2025. Effective Apr. 1, three new upstream companies will be created: ExxonMobil Upstream Oil & Gas Co., ExxonMobil Upstream Business Development Co., and ExxonMobil Upstream Integrated Solutions Co.

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Could fracking with carbon dioxide instead of water be greener?

Using CO2 to fracture rocks for oil and gas is being touted as a more environmentally friendly approach to fracking, but it may not be greener overall

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The French legislature has passed the ban on oil and gas exploration and production announced earlier this year.

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Total has acquired a 16.33% interest in the Waha concessions in Libyas Sirte basin with the purchase of Marathon Oil Libya Ltd. for $450 million.

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DOI cuts most Alaska tracts in latest 2017-22 OCS leasing-plan move

The US Department of the Interior released a proposed final program (PFP) for the 2017-22 US Outer Continental Shelf oil and gas leasing that removed all tracts offshore Alaska. National oil and gas associations, other business organizations, and members of Alaskas government immediately criticized the Nov. 18 action.

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