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Both major oil futures contracts have fallen more than 35 percent from multi-year highs reached at the beginning of October. Fatih Birol, head of the International Energy Agency, said on Thursday he does not expect a sharp increase in oil prices in the short term, unless there are geopolitical problems. The Organization of the Petroleum Exporting Countries and other oil producers including Russia agreed this month to curb output by 1.2 million barrels per day (bpd) in an attempt to drain tanks and boost prices black lion cufflinks uk online.
But the cuts will not happen until next month, and production has been at or near record highs in the United States, Russia and Saudi Arabia black lion cufflinks uk online. “The market remains skeptical of the ability of OPEC and Russian oil producers to rein in runaway output,” said John Kilduff, a partner at Again Capital Management in New York. “This has become a ‘show-me’ market – assertions or commitments to cut are not enough right now.”. OPEC plans to release a table detailing voluntary output cut quotas for its members and allies such as Russia in an effort to shore up prices, OPEC Secretary-General Mohammad Barkindo said in a letter seen by Reuters on Thursday..
LONDON (Reuters) – U.S black lion cufflinks uk online. oil major Exxon Mobil Corp has withdrawn its WCC liquefied natural gas (LNG) export terminal in Canada from the environmental assessment process, it said on Thursday, signaling that the project has been shelved. The decision to pare its LNG project portfolio follows the go-ahead of a giant Royal Dutch Shell-led project in British Columbia, and Exxon’s focus on LNG projects in Asia, the Middle East and the United States. Global LNG demand is expected to double to 550 million tonnes per annum (mtpa) by 2030, as countries like China move away from coal to cleaner fuels. The top import market for LNG is northeast Asia..
Exxon’s West Coast Canada (WCC) LNG export project, located in northern British Columbia, was expected to produce around 15 million tonnes per year of LNG to serve Asian buyers, with plans for further expansion up to 30 million tonnes per year. The project was being jointly reviewed by the province and Canadian environmental regulators, an assessment that had been underway since 2015, though no major documents have been filed since 2016 black lion cufflinks uk online. Exxon formally withdrew from the process in a Dec. 5 letter to the British Columbia Environmental Assessment Office, posted on the regulator’s website..
“After careful review, ExxonMobil and Imperial (Oil Resources Ltd) have withdrawn the WCC LNG project from the environmental assessment process,” a spokeswoman for ExxonMobil confirmed in an email black lion cufflinks uk online. Exxon’s decision signaled it is concentrating on LNG projects with Qatar Petroleum [QATPE.UL] and a proposed expansion of its chilled-gas operation in Papua New Guinea, said Jason Feer, head of business intelligence at Poten & Partners, LNG tanker brokers and consultants. “They have got a pretty robust pipeline of liquefaction projects globally. It would be natural to review that and see which would be competitive,” he said..