Mid-Week Review – November 27, 2019

Oil Drillers Continue to Remove Rigs from Permian Basin

In its weekly release, Baker Hughes Company BKR reported a drop in U.S. rig count. Baker Hughes’ data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry.  Click here to read more from Yahoo Finance.

U.S. and France vie to bolster Gulf security after Saudi oil attack

The United States and France are boosting Saudi Arabia’s radar systems following crippling drone and cruise missile attacks on Saudi oil infrastructure in September, which Washington blames on Iran.  Click here to read more from Reuters.

The Proliferation of Drones Is a Threat to the Global Oil Industry

Unmanned aerial systems (UASs) or drones, both armed and unarmed, have altered how states and insurgents conduct warfare in the Middle East. The widespread proliferation of these weapons, combined with the range of capabilities they confer and their potential to alter the logic of escalation between states, may cause significant inter-state conflict to occur.  Click here to read more from Oilprice.com.

Syria war: Who benefits from its oil production?

US Defense Secretary Mark Esper has said US troops are there to guard against not only Islamic State fighters but also Russian and Syrian government forces. For their part, Russian forces are helping Syrians try to regain control of oil production and have their eyes on these facilities. The two countries signed an energy co-operation agreement in 2018 giving Moscow exclusive rights to rebuild the Syrian oil and gas sector. Click here to read more from BBC News.

Mid-Week Review – November 20, 2019

U.S. oil futures mark lowest finish so far this month

Oil futures fell on Tuesday, with U.S. prices settling at their lowest so far this month. A report from Reuters said Russia would likely commit to extend an existing pact to curb output at the early December meeting of the Organization of the Petroleum Exporting Countries and non-member allies but wouldn’t support deeper cuts.  Click here to read more from MarketWatch.

Oil slumps on oversupply fears, trade talk concerns

Oil fell more than $1 a barrel on Tuesday on concerns about excess global crude supply and limited progress toward resolving the U.S.-China trade dispute that has clouded the outlook for oil demand.  Click here to read more from Reuters.

Saudi Aramco’s IPO is set to value the oil giant at up to $1.7 trillion

Saudi Arabia’s state oil giant could be valued at up to $1.7 trillion, according to a price range announced Sunday for its upcoming listing, less than the $2 trillion figure the kingdom’s crown prince had previously targeted.  Click here to read more from CNBC.

Iraq’s Largest Oil Fields Threatened by Anti-Government Protests

Anti-government protests in Iraq continued Monday, with protesters blocking roads leading to five oil fields in the southern Iraqi province of Basra, which is home to the biggest oil fields and the key oil export terminal in OPEC’s second-largest producer.  Click here to read more from Oilprice.com.

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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