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Top News & Analysis Houston

  • *Investors from Asia, Mideast, Australia, eye pipelines. Dealmakers said they are advising funds, including from Asia, Australia and the Middle East, about potential investments that could bring billions of dollars of new capital to the sector. Peter Bowden, co-head of energy investment banking at Jefferies Group LLC, said major pipelines with long-term...

  • LONDON, March 9- Royal Dutch Shell has agreed to sell most of its Canadian oil sands assets for $8.5 billion, the latest international oil major to withdraw from the costly and carbon-heavy projects. Shell is trying to sell assets totalling $30 billion to cut debt following its $54 billion acquisition of BG Group and is under investor pressure to mitigate...

  • WASHINGTON, March 9- The new head of the Environmental Protection Agency said on Thursday he is not convinced that carbon dioxide from human activity is the main driver of climate change and said he wants Congress to weigh in on whether CO2 is a harmful pollutant that should be regulated. In an interview with CNBC, EPA Administrator Scott Pruitt said the Trump...

  • *Saudis warn executives OPEC won't take hit for more shale supply. HOUSTON, March 9- Senior Saudi energy officials told top independent U.S. oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production from U.S. shale fields, two industry sources told Reuters on Thursday.

  • *Saudis warn executives OPEC won't take hit for more shale supply. HOUSTON, March 9- Senior Saudi energy officials told top independent U.S. oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production from U.S. shale fields, two industry sources told Reuters on Thursday.

  • HOUSTON, March 9- A pipeline network with spare capacity could allow Mexico to export oil and gas from its flagship offshore Trion project to the United States, the head of Mexico's oil regulator said on Thursday. Although a development plan has yet to be submitted, the consortium could use a cheaper and quicker option of getting production to the United States by...

  • Rising confidence in the growth prospects of the U.S. shale patch is in striking contrast to the retreat of the world's top oil firms from the high-cost oil sands of Canada. While shale producers reap the benefits of technological advances, oil majors that bet billions of dollars on giant long-term projects in Canada have taken a hit. Shell said it would remove 2...

  • HOUSTON, March 9- The oil and gas industry risks losing public support if progress is not made in the transition to cleaner energy, Royal Dutch Shell Plc Chief Executive Ben van Beurden said on Thursday. The world's second largest publicly-traded oil company plans to increase its investment in renewable energy to $1 billion a year by the end of the decade, van...

  • The selloff continued Thursday, as U.S. crude hit a low of $48.79 a barrel in early trading, its first drop below $50 all year, while Brent crude touched a low of $51.60 a barrel, its lowest since Dec. 1. "The high level of uncertainty that has kept the oil complex trading in a relatively narrow trading range since late last year has been replaced, at least for the moment, by a...

  • "The high level of uncertainty that has kept the oil complex trading in a relatively narrow trading range since late last year has been replaced, at least for the moment, by a bearish market sentiment," said Dominick Chirichella, senior partner at the Energy Management Institute in New York. So far, there has been no indication that Saudi and OPEC would extend the...

  • OPEC members are running out of money and need higher prices to reduce their budget deficits and halt the slide in their foreign reserves. And for all their bravado, shale producers and the entire U.S. oil supply chain have been badly wounded and rescued by a rise in prices largely engineered by OPEC. The bad-tempered exchanges between OPEC and shale chiefs that...

  • HOUSTON, March 9- U.S. shale oil producers are plotting ambitious production growth outside the red-hot Permian Basin in Texas, widening a resurgence that could confound OPEC's strategy to tighten global supplies. As shale firms rebound from a two-year price war with OPEC, many are planning to expand production in North Dakota, Oklahoma and other shale regions.

  • "The high level of uncertainty that has kept the oil complex trading in a relatively narrow trading range since late last year has been replaced, at least for the moment, by a bearish market sentiment," said Dominick Chirichella, senior partner at the Energy Management Institute in New York. So far, there has been no indication that Saudi and OPEC would extend the...

  • HOUSTON, March 8- The sharp fall in oil prices on Wednesday is temporary and the price should go up if the world's top producers stick to their agreement to curb output, the energy minister for the United Arab Emirates said. U.S. oil prices slid more than 5 percent on Wednesday to the lowest since December, after U.S government data showed record inventories climbed...

  • HOUSTON, March 8- Bolivia is scrambling to find new buyers for its natural gas after Brazil's state-run oil company signaled it plans to reduce imports from the neighboring country, Bolivia's state-owned YPFB Chaco said on Wednesday. An existing contract between YPFB Chaco and Petroleo Brasileiro SA, known as Petrobras, involves 30 million cubic meters per...

  • HOUSTON, March 8- Financially strapped oil producers are spending billions to boost production before it's clear that recent crude price gains brought on by OPEC output cuts can be sustained. For now, U.S. producers are taking advantage of the price increase spurred by OPEC's production cuts to boost their output. Some of the oil they are pumping would not have...

  • CARACAS/ HOUSTON/ NEW DELHI, March 8- Venezuela's state-run oil company, PDVSA, has spent at least a decade trying to build business ties and boost shipments to refineries in India, where crowds once welcomed the late socialist leader Hugo Chavez with cries of "Viva!" Venezuela has given up the fight for coveted market share in India because of a combination of...

  • HOUSTON, March 7- The Organization of the Petroleum Exporting Countries is moving to bring U.S. shale producers and hedge funds into widening talks about how best to tame a global oil glut. Last November, OPEC took initial steps to widen its market reach as it sought to end a two-year price war, striking a historic agreement with 13 non-member countries, including...

  • *Argentina shale development decision in 18 months. By Ron Bousso and Ernest Scheyder. The Anglo-Dutch company plans to make shale oil and gas in the United States, Canada and Argentina a key engine of growth in the next decade, targeting output of around 500,000 barrels of oil equivalent per day, Greg Guidry told Reuters in an interview.

  • HOUSTON, March 7- The United Arab Emirates is accelerating its oil production cuts and expects to meet its commitment to reduce output by 139,000 barrels per day by June, its energy minister said on Tuesday. Suhail bin Mohammed al-Mazrouei told Reuters on the sidelines of the CERAWeek conference in Houston that the OPEC member cut more production last month...