Global Oil & Gas: Venture Global Accused of Reneging on LNG Contracts for Europe

Global Oil & Gas: Venture Global Accused of Reneging on LNG Contracts for Europe

European oil majors have asked a cross-Atlantic government task force to intervene in a dispute with Venture Global LNG Inc., warning that the US supplier “reneging” on contracts to supply liquefied natural gas threatens Europe’s energy security and undermines the US as a reliable supplier. In separate letters, Shell Plc and BP Plc accuse Venture Global of “misconduct” for withholding fossil-fuel cargo agreed under long-term contracts and instead opting to sell LNG on the spot…

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Global Oil & Gas: Oil Unchanged as Market Struggles for Direction

Global Oil & Gas: Oil Unchanged as Market Struggles for Direction

Oil narrowly held onto a four-day winning streak as investors weighed a mixed supply-and-demand outlook. West Texas Intermediate settled unchanged near $78 a barrel, erasing an equities-led morning rally. The US benchmark has struggled for direction — crossing above its 200-day moving average just one week after breaching it on the way down. Prices earlier tested the 13-day moving average, another key resistance level, before retreating.  While oil demand is healthy, according to the International…

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Africa Oil & Gas: Angola’s Sonangol partners US company to provide services to the oil industry

Tidewater Marine, a US company that owns and operates one of the largest fleets supporting the oil industry, has partnered with Sociedade Nacional de Combustíveis de Angola (Sonangol) to set up an Angolan company under an investment project recently approved by the Angolan government.

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Global Markets: IEA Sees US Oil Output Surge Stealing OPEC Share In Next 5 Years

U.S. shale oil output is set to surge over the next five years stealing market share from OPEC producers and moving the United States, once the world’s top oil importer, closer to self sufficiency, the International Energy Agency said on Monday. A landmark deal in 2017 between OPEC and rivals including Russia to curb output to reduce global oversupply materially improved the outlook for other producers as prices rose sharply throughout the year, the IEA…

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