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16.01.26 - 02:45
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"It Has Cast A Shadow Over The Permian": Drilling Slows In Texas As Venezuelan Oil Policy Raises Concerns (ZeroHedge)
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"It Has Cast A Shadow Over The Permian": Drilling Slows In Texas As Venezuelan Oil Policy Raises Concerns
Efforts by the Trump administration to push more Venezuelan oil onto the global market, with the goal of lowering prices, are creating concern in West Texas, where producers say cheaper oil threatens drilling, jobs and local business activity, according to a new report from the Wall Street Journal.
Oil prices have fallen since last spring, recently dipping below $60 a barrel — a level at which many operators can keep pumping but often avoid starting new wells. President Trump believes exerting greater control over Venezuela's oil industry could drive prices down to $50 a barrel, The Wall Street Journal has reported. At the same time, tariffs have raised costs for materials such as chemicals and steel tubing, according to Midland oil executives.
In the Permian Basin, the heart of U.S. fracking, drilling activity has slowed. “We're definitely not drilling right now,” said T...
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16.01.26 - 01:36
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US Eyes Private Security Contractors To Protect Oil Assets In Venezuela (ZeroHedge)
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US Eyes Private Security Contractors To Protect Oil Assets In Venezuela
A top White House priority for Venezuela in the aftermath of Nicolás Maduro is restarting and ramping up the country's oil production. But that's a tall order given many years of decaying and neglected infrastructure. Despite that Maduro's VP, now acting President Delcy Rodriguez, is currently running the country, there are still fears there could be a power vacuum if hostile forces challenge Caracas.
There's not just the question of a political challenge, or even military insurgency which could further destabilize the country, but the role of the cartels. All of this political and security uncertainty surrounds the question of rebooting the ailing oil industry - which though sitting atop the world's biggest proven oil reserves, has a derelict and largely defunct infrastructure for getting it out of the ground and refining.
Major oil companies are now being courted by the administration, which must convince them the...
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