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Energy

Views Of Tankers & Refineries As Oil Trades Near 12-Year Low

Oil Price Crash to $30, The Lowest in 12 Years

Oil price continue to crash the lowest level. The price was closed at the lowest in 12 years to nearly $30 and is expected to continue dropping.

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SAUDI-DESERT-OIL-ARAMCO

HSBC and JPMorgan Well Ahead In ARAMCO IPO Race

State-owned Saudi Arabian Oil Co. (ARAMCO) is possibly going for an IPO aiming to raise funds for $1 trillion to $10 trillion. Some shares of the IPO may be awarded among the local banks and investors following ARAMCO’s action plan. However, experience in banking operations in the kingdom is believed to play the key role for selection which put HSBC and JPMorgan well ahead in the IPO grabbing race.

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Deputy Crown Prince Mohammed bin Salman Of Saudi Arabia Visits Jordan

Saudi Aramco plans IPO

Saudi Aramco may tap capital market very shortly. The Kingdom of Saudi Arabia (KSA) is considering a major restructuring plan for the world's biggest oil producing company in the wake of lower oil prices. The Saudi government may also sell some of the stake in Aramco.

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Pump jack

Oil slump hits $125-mn property debt in North Dakota

The continuous drop in oil price for the past 18 months may impact $125 million real estate-backed securitized loans in North Dakota. The oil drillers in North Dakota have reduced their activity in the wake of lower oil prices. The reduced activity in shale hubs is poised to dampen the property market in North Dakota.

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Pemex

Mexico's Pemex to slash down jobs in 2016

Mexico oil giant Petroleos Mexicanos (Pemex) is planning to trim its headcount in 2016. The State-run company has suffered a record loss, while its production is declining to 25-year low. Pemex has taken up a restructuring exercise to bring back profitability to the company.

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Oil depot

Congress to abolish crude export restrictions, oil refiners to receive $3 a barrel tax break

The US Congress is pushing a tax break for oil refiners as a compromise to finally allow unrestricted crude-oil exports. According to The Wall Street Journal, the bill could potentially end the long-time ban on U.S. oil exports, which has been around for forty years.

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Oil tanker

Oil supply glut creating traffic jams at sea

The skyrocketing oil inventories are paving the way for more traffic jams on the seashores as oil tankers are queuing up along the US Gulf Coast. The uncompromised Opec's decision to continue its production level coupled with shale production in the US is adding to huge volumes of inventories.

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Statoil

Corvus Energy Succeeds, Where U.S. Energy Startups Failed

Corvus Energy, Canadian lithium-ion battery company has successfully made it to top three in Deloitte Technology Fast 500 ranking. Recently, Statoil, Norwegian largest offshore oil and gas company also invest in Corvus battery technology.

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Oil field

ISIS selling oil to Syria

ISIS (Islamic State in Iraq and Syria) has begun selling Iraqi crude oil to Syria, against which the Islamic militant group has been fighting to take over the country.

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Exxon Mobil Corp

Major oil firms have biggest war chests for takeovers

The continuous oil price fall is one side of the coin. The other side is showing rosy picture as six major oil companies have more than enough funds to snap up competitors. It's estimated that world's top six listed oil companies have over $0.5 trillion in stocks and cash enough to fund takeovers plans. ExxonMobil lead the pack, while Chevron, BP Plc, Shell, ConocoPhillips and Total are in the top-six positions.

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Tomas Gonzalez

Colombia oil production slips below target

The oil production in Colombia is poised to drop below the target of one million barrels per day in 2016 following the slowing down of drilling activity and ageing of major oil fields.

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Gas Station

EIA cuts 2016 production forecast for US

The US Energy Information Administration (EIA) has lowered outlook for the US crude production in 2016. EIA has reduced the forecast for 2016 by one percent in the US oil production.

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Toshiba Corp

Toshiba intends to offload $7B US gas commitment

Amidst a major accounting scandal, Japanese electronics major Toshiba is in the process of offloading its $7.4 billion (GBP4.87billion) commitment on US liquefied natural gas (LNG) imports.

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Oil drilling

Oil prices skid on profit booking, supply risk holds losses

Oil prices dropped on low volumes as investors preferred to book profit to take advantage of overnight rally. The oil price is hovering above $50 a barrel on disruption in production in Brazil and Libya.

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Pump jack

Drilling activity in Canada set to slow down

The oil drilling activity in Canada is taking a hit as crude oil price is still hovering at $50 a barrel. The current situation is forcing Canadian oil companies to lower drilling activity in 2016.

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