Hot NEWS – OPEC reaches deal to cut production by 1.2 million barrels in January 2017

The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut supply by 1.2 million barrels per day (bpd) to 32.5 million barrels, the head of the organization announced.

Ahead of the official announcement, Bloomberg broke the news, quoting an unnamed delegate in Vienna. Crude prices soared more than 7 percent on the report. As of 16:29 GMT, Brent crude was trading at nearly $50 per barrel, while US crude benchmark WTI was above $48.

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Calling the decision “historic,” the organization said the output cut would be in effect from January 1, 2017. The deal was reached after weeks of negotiations, as Saudi Arabia, Iraq and Iran fought for the very last barrel of production. This is the first coordinated cut from OPEC in eight years. Continue reading

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25 World’s Largest Public Oil & Gas Companies in 2016 – Interesting Information

The World’s Largest Public Oil & Gas Companies in 2016 by Forbes. This is so interesting to know that Russian companies are ranked as the first and the second biggest public oil and gas company in 2016.

Forbes’ List of the 25 Biggest Public Oil & Gas Companies

  1. Gazprom gazprom(GAZP, com) – Russia – 8.38 MMBoepd – EV $84.3 billion
  2. Rosneftrosneft (ROSN, com) – Russia – 5.07 MMBoepd – EV $72.5 billion
  3. ExxonMobil exxon( XOM, com) – USA – 4.10 MMBoepd – EV $390 billion
  4. PetroChina petrochina( PTR, com) – China – 4.07 MMBoepd – EV $303 billion
  5. BP bp(BP; com) – UK – 3.24 MMBoepd – EV $121 billion
  6. Royal Dutch Shell shell(RDS.A – com) – Netherlands – 2.95 MMBoepd – EV $216 billion
  7. Chevron chevron(CVX; com) – USA – 2.62 MMBoepd – EV $207 billion
  8. Petrobras petro-bras(PBR; com) – Brazil – 2.55 MMBoepd – EV $132 billion
  9. Lukoil luk-oil(LKOH; com) – Russia – 2.40 MMBoepd – EV $36.2 billion
  10. Total total(TOT; com) – France – 2.35 MMBoepd – EV $136 billion
  11. Statoil stat-oil(STO; com) – Norway – 1.81 MMBoepd – EV $63 billion
  12. Eni eni( E; com) – Italy – 1.69 MMBoepd – EV $74 billion
  13. ConocoPhillips conoco-philip(COP; com) – USA – 1.59 MMBoepd – EV $71.5 billion
  14. Surgutneftegas surgutneftegas(SGTZY; ru) – Russia – 1.49 MMBoepd – EV $8.5 billion
  15. CNOOC cnooc(CEO; com) – China – 1.36 MMBoepd – EV $397 billion
  16. China Petroleum & Chemical [Sinopec] sonopec(SNP; com) – China – 1.32 MMBoepd – EV $130 billion
  17. Oil and Natural Gas Corp.ongc (ONGC; com) – India – 1.07 MMBoepd – EV $23 billion
  18. Anadarko Petroleum adanako(ticker: APC; com) – USA – 840,000 Boepd – EV $43 billion
  19. Canadian Natural Resources canadian-natural-resources(CNQ; com) – Canada – 790,000 Boepd – EV $40 billion
  20. Devon Energy devon(DVN; com) – USA – 680,000 Boepd – EV $29 billion
  21. Ecopetrol ecopetrol(EC; com) – Colombia – 670,000 Boepd – EV $33 billion
  22. Occidental Petroleum oxy(OXY; com) – USA – 650,000 Boepd – EV $57 billion
  23. Suncor Energy suncor(SU; com) – Canada – 580,000 Boepd – EV $50 billion
  24. EOG Resources eog(EOG; com) – USA – 570,000 Boepd – EV $47 billion
  25. Repsol repsol( REP; com) – Spain – 560,000 Boepd – EV $33 billion

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OPEC agrees to limit oil output at 32.5 million barrels per day = Oil jumps 6%

ALGIERS (Reuters) – OPEC agreed on Wednesday to cut its oil output for the first time since 2008, with the group’s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.

Two sources in the Organization of the Petroleum Exporting Countries said the group would reduce output to 32.5 million barrels per day from current production of 33.24 million bpd.

How much each country will produce is to be decided at the next formal meeting of OPEC in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia, sources said.

OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. (REUTERS Photo)

OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. (REUTERS Photo)

Oil prices LCOc1 jumped more than 5 percent to trade above $48 per barrel as of 1830 GMT after the outcome of OPEC’s informal meeting in Algeria took traders by surprise. Still, many said they wanted to see the details of the deal. Continue reading

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Texas Earthquakes Caused By Hydraulic Fracturing, Say Scientists !!!

We’ve never done hydraulic fracturing jobs so we don’t know if this is true. It is quite difficult to understand the relationship about Earthquake and Fracking. Please let us about your comment down at the comment box below.

Story –> Scientists say that five Texas earthquakes, including one that hit a magnitude of 4.8 on the Richter scale, were all directly caused by fracking. The scientists used a space-based radar that revealed the quakes were triggered by injections of wastewater in both oil and gas drilling.

Five “significant” earthquakes in 2012 and 2013 shook up the Timpson area in East Texas. For the very first time, a group of scientists could track the ground’s movements through radar from satellites. On Thursday, a report in the professional journal Science confirmed that the quakes had occurred unnaturally. Previously, scientists had found this to be likely through a more traditional method.

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Baker Hughes cuts employee pay 5 percent by using furloughs

This might be good ideas from Baker Hughes to keep oil and gas people in the business during downturn. Read the full details below.

Houston-based Baker Hughes is cutting employee pay for many U.S. workers by 5 percent through a new furlough program to reduce costs and lessen the need for additional job reductions.

The pay cuts, which Baker Hughes described as temporary, will stretch from the pay period beginning Sept. 11 through the final paycheck of the year. In exchange for the pay cut, employees will get holidays on Oct. 10, Nov. 23, Dec. 23 and Dec. 28, according to an internal memo acquired by the Houston Chronicle.

The memo said the furlough program is designed to “help Baker Hughes reduce the need for additional layoffs and to achieve the cost savings needed to enable profitable growth.” Among those excluded from the pay cuts are some top executives and other global operations employees in the United States;  many employees in chemicals operations; some human resources workers; many sales people; and corporate security and information technology workers, among others. Most leadership is included in the furlough, according to the memo.

Baker Hughes spokeswoman Melanie Kania said in a prepared statement, “These efforts will allow us to lessen the need for additional workforce reductions while remaining focused on serving customers and maintaining safe, compliant operations.”

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