Oil industry needs to invest $10 trillion

February 21, 2018 0

The global oil industry will need to invest over $10 trillion by 2040 to replace declining output capacity and ensure there’s plenty of supply in the upcoming years, OPEC president Suhail Mohamad Al-Mazrouei said Tuesday.

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Oil industry must adapt to market changes: BP

February 21, 2018 0

Basic market fundamentals such as the balance between supply and demand will always challenge the oil industry, but a current big challenge companies are facing is the transition to a low-carbon economy, Bob Dudley, CEO of BP said Tuesday.

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UAE remains committed to OPEC oil output cut: official

February 20, 2018 0

Suhail Al-Mazrouei, the United Arab Emirates (UAE) Minister of Energy and Industry and current OPEC president, said Saturday his country “will spare no effort to reach the state of market stability aspired by both producers and consumers,” UAE state news agency WAM reported.

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Interior to hold largest O&G lease sale in U.S. history

February 20, 2018 0

The U.S. Department of the Interior is planning to auction 77.3 million acres of offshore waters for drilling, covering coastal waters in Texas, Louisiana, Mississippi, Alabama and Florida — the largest sale of oil and gas leases in U.S. history.

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