Alberta to cut oil output by 325,000 b/d

Saying it is responding “to the historically high oil price differential that is costing the [Canadian] economy more than $80 million/day,” the Alberta government on Dec. 2 announced a curtailment in oil production beginning Jan. 1. It will require every operator to trim output of more than 10,000 b/d by 8.7% from its highest 6 […]


WoodMac: Qatar exiting OPEC not ‘huge surprise’

Qatar reported Dec. 3 it would withdraw from the Organization of Petroleum Exporting Countries on Jan. 1, 2019, putting an end to its 57-year membership of the oil producers’ cartel. Qatar, which said it intends to focus on its natural gas production, made the announcement ahead of the Dec. 6 OPEC meeting. Source: News


Hanwha Total advances PE expansion at Daesan integrated complex

Hanwha Total Petrochemicals Co. Ltd., a 50-50 joint venture of Hanwha Group and Total SA, will invest nearly $500 million to expand the polyethylene (PE) capacity of its Daesan refining and petrochemicals integrated complex in Chungnam Province, South Korea, about 145 km from Seoul. Source: News


MARKET WATCH: NYMEX oil futures slip briefly below $50/bbl to end November

The light, sweet crude oil price for January delivery briefly slipped below $50/bbl during Nov. 30 trading before settling at nearly $51/bbl. The contract dropped to a low of $49.65/bbl during the Nov. 30 session but had recovered to climb above $50/bbl again by closing. Source: News