Sudden Shift Of Raging Canada Wildfire Threatens Major Oil Sands Facilities. The catastrophic wildfire that has been raging in Alberta for more than two weeks suddenly started moving north late Monday towards major oil sands facilities, forcing the evacuation of around 8,000 people from work camps in the area late last night. [Oilpro]
Oil Prices Retreat After Hitting 2016 High. Oil prices took a pause from their rally on Tuesday, falling back slightly from the 2016 highs they hit on Monday as some investors took profits. [MarketWatch, Oilpro]
Nigerian Oil Output Plunges. Oil production has suffered a colossal drop since 2005. When it once boasted of 2.4m bpd, it now produces 1.7m. Queues form on a daily basis outside petrol pumps and while rows break out at gas stations, a campaign of violence is being orchestrated that leaves people dying in a fight between militants and soldiers, and oil companies considering their long-term future. [Oilpro]
U.S. Discloses Saudi Holdings of Treasuries for First Time. The Treasury Department released a breakdown of Saudi Arabia’s holdings of U.S. debt, after keeping the figures secret for more than four decades. The special arrangement was a product of the 1973 oil shock following the Arab embargo. [Bloomberg]
Petrobras Under New Ownership. During a dramatic week in which President Dilma Rousseff was suspended from office and sent for an impeachment trial, the latest quarterly disaster update from Petrobras almost went unnoticed. [Oilpro, NewsBase]
Libyan Factions Agree In Principle On Unified Oil Structure. Rival factions have agreed in principle to have one oil organization for strife-torn Libya, the foreign minister in the new U.N.-backed, national unity government said on Tuesday. [Reuters]
Chevron To Chop Another 800 Jobs In Thailand. Chevron plans to cut 800 staff in Thailand this year as it looks to cut $500m in costs from its Thai business. According to Pairoj Kaweeyanun, president of Chevron Thailand Exploration and Production, output would not be impacted by the cuts. [Splash 247, Oilpro]
Kuwait: Iran Should Learn From Market. Kuwait has called on Iran to join an oil production freeze plan after major producers failed to agree on keeping output at current levels. [PressTV, Oilpro]
The Marcellus Shale Now Produces Basically as Much Gas Per Day as Iran or Qatar. By 2014, Marcellus gas output was already in the same league as that of Iran, Qatar, and Canada. Once other countries’ 2015 gas production data is fully released this year, we’ll almost certainly see the Marcellus in an even more favorable spot relative to foreign competitors—virtually neck-in-neck with Iran and Qatar and larger than Canada. [Oilpro]
T. Boone Pickens Thinks Oil Is Going Even Higher.“You could be at 50 or 60 [dollars per barrel] in 60 days,” famed oil investorT. Boone Pickens tells Yahoo Finance. “Supply is down and demand is up and price is going to go with it.” [Yahoo Finance, Oilpro]
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