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OPEC oil output in May reaches highest since 2012 – survey

LONDON – OPEC oil supply in May climbed further to its highest in more than two years as increasing Angolan exports and record or near-record output from Saudi Arabia and Iraq outweighed outages in smaller producers, a Reuters survey showed. The boost from the Organization of the Petroleum Exporting Countries puts output further above its target of 30 million barrels ...

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Officials: Militants blow up natural gas pipeline in Egypt

EL-ARISH, Egypt (AP) — Security officials in Egypt say suspected Islamic militants have blown up a natural gas pipeline outside el-Arish, the provincial capital of North Sinai. The officials say authorities stopped the flow of the gas to extinguish the fire after the blast, which happened early Sunday morning. No group immediately claimed the attack. However, Ansar Beit al-Maqdis, or ...

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Rare run of oil finds is little respite for price-hit explorers

LONDON – Exploration firms have made a rare run of oil and gas discoveries in recent weeks as more targeted search strategies bear fruit, but they offer little respite to a sector that remains severely bruised by the oil price slump. Global exploration and production (E&P) companies that scour frontier lands and seas in search of new energy reserves have ...

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Alberta wildfires burn for 6th day, 10 pct of oil sands crude offline

CALGARY, Alberta – Firefighters battled wildfires in northern Alberta, Canada’s biggest crude-producing region, for a sixth day on Thursday, with two blazes near oil sands facilities still out of control. The wildfires have forced producers in the Western Canadian province, the largest source of U.S. crude imports, to shut in 233,000 barrels per day of crude production, around 10 percent ...

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Croatian dilemma: Oil in the Adriatic, or tourism

MEDULIN, Croatia — Peter Fries has been coming to Croatia for years after falling in love with its pristine coastline, fresh seafood, mellow wine and friendly hosts. With Croatia announcing it will allow oil drilling in the Adriatic sea, the 60-year-old German businessman is having second thoughts about his loyalty to this Mediterranean tourist haven known for glorious sunsets over ...

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Sour is the new sweet: OPEC’s view of oil quality dilemma

LONDON – The U.S. shale oil boom is turning global crude pricing on its head with the historical notion that light grades shall be priced at a premium to heavy ones quickly disappearing, according to predictions from producer group OPEC. The trend will have big implications for global oil flows, reducing revenues of light-oil-producing nations such as Nigeria and refiners ...

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Norway’s king opens Arctic drilling conference in Alaska

ANCHORAGE, Alaska — An Alaska conference on Arctic offshore drilling received royal treatment Wednesday. King Harald V of Norway gave opening remarks at conference in Anchorage hosted by INTSOK, a trade organization established in 1997 by the Norwegian government and its oil and gas companies. One of the group’s 2015 goals is to promote the Norwegian oil and gas industry ...

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Former Petrobras executive sentenced to five years in jail

SAO PAULO – A Brazilian judge sentenced a former international director at state-run oil firm Petroleo Brasileiro SA to five years in prison for money laundering on Tuesday, the second company executive convicted in an ongoing corruption probe. Federal Judge Sergio Moro said there was ample evidence that the former director, Nestor Cervero, set up a front company to launder ...

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Alberta energy minister inexperience a concern for industry

CALGARY, Alberta – Canada’s oil and gas industry is concerned about the inexperience of Alberta’s new energy minister, but is ready to give her the benefit of the doubt for now as she takes on the closely watched role, analysts and executives said on Monday. Marg McCauig-Boyd, a one-time teacher with a master’s degree in administration and leadership from San ...

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