Ecopetrol revises 2020 capital plan upwards on signs of oil market recovery

BOGOTA - Ecopetrol S.A. reports that the Board of Directors approved a new organic investment plan for the Ecopetrol Group (GE) with an estimated amount between US $3 – $3.4 billion by 2020. This level

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Second Libyan oil field restarts, potentially complicating OPEC+ deal

CAIRO (Bloomberg) --Libya took another step toward reviving its moribund oil industry by restarting production at a second important field after a five-month halt.

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Oil prices climb on prediction of swift demand rebalance

SINGAPORE (Bloomberg) - Oil rose above $34/bbl, following a prediction from Russia that the market may rebalance as early as next month due to historic output cuts from global producers

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Libyan oil uncertainty grows as crippling civil war drags on

CAIRO (Bloomberg) - The revival of Libya’s oil industry looks even less certain following recent setbacks suffered by Khalifa Haftar, the commander trying to take over the last swaths of the country outside his control

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Oil highest since March as Chinese demand reaches 13 MMbpd

SINGAPORE (Bloomberg) - Oil rose to close at its highest in two months as demand in China returned to near pre-virus level and output curbs continued in the U.S. and elsewhere

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Undercutting rivals helps Saudis grow share in key oil markets

DUBAI (Bloomberg) --The uneasy truce that settled over oil markets this month as some of the world’s largest producers began cutting output belies the raging competition among exporters seeking to preserve their share

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Oil at $30 may be enough to revive shale activity, say drillers

HOUSTON (Bloomberg) --A pair of prominent shale producers said all they need is oil around $30 a barrel to consider bringing back curtailed crude output and fracing new wells

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Continental Resources declares force majeure on some oil deliveries

WASHINGTON (Bloomberg) --Shale explorer Continental Resources Inc. told at least one refiner it couldn’t make an oil delivery after the global pandemic sent prices plunging, a move refiners

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OPEC+ deal threatened as Mexico walks out, refusing to participate in cuts

LONDON (Bloomberg) --An agreement between Saudi Arabia and Russia for record oil-production cuts was endangered late on Thursday as Mexico refused to participate in the curbs and left

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Possibility of output cuts helps oil prices inch higher

SYDNEY (Bloomberg) --Oil rose as investors weighed whether output cuts being discussed by the world’s top producers will be enough to offset the demand destruction wrought by the coronavirus

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