Sentences with phrase «reduce oil output»

The current agreement between OPEC and allied non-OPEC producers to reduce oil output by 1.8 million barrels a day is set to extend through the end of the year.

Not exact matches

On Thursday, it announced it would reduce its production guidance for the year by about 10,000 barrels of oil equivalent per day to an average of about 315,000 boe / d, with exit production of about 335,000 boe / d, to account for lower heavy oil production, an advanced schedule for maintenance at its Tucker oilsands project and a slower ramp up in liquids - rich natural gas output from its BD Project in Indonesia.

The prospects for an oil price recovery are still unclear, van Beurden said, despite attempts by OPEC and other producers to agree a deal to limit output and reduce the global glut which has pushed oil prices down by 50 % since June 2014.

Since June, oil has receded 30 % on fears China's economic slowdown would lead to reduced oil consumption from a country that accounts for 15 % of the world's economic output.

As a result, OPEC has less incentive to continue to prop up oil prices by reducing its production, since all it seems to be doing is encouraging shale drillers to increase their output.

On Thursday, it announced it would reduce its production guidance for the year by about 10,000 barrels of oil equivalent per day to about 335,000 boe / d to account for lower heavy oil production, an advanced schedule for maintenance at its Tucker oilsands project and a slower ramp up in liquids - rich natural gas output from its BD Project in Indonesia.

Back in 2014 and again in 2016, OPEC producers curtailed output and reduced the global supply overhang that had depressed oil prices.

Political demonstrations in Venezuela, a major oil producer, have led to fears of possible supply disruptions, while OPEC reduced official output quotas by 1 million barrels per day from the beginning of April.

National Bank also highlighted that major maintenance initiatives are planned at Syncrude Canada Ltd., Canadian Natural Resources Ltd.'s Athabasca oil sands project and Suncor Energy Inc.'s base plant — which cumulatively could reduce industry oil output by 650,000 barrels per day in the coming months, easing some of the stress on full pipeline networks.

«Iran will not reduce its output,» he said responding to a question about whether Iran would cut its crude oil output.

Iran's current crude oil output level will not be reduced under the extension of the OPEC production cuts, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Thursdoil output level will not be reduced under the extension of the OPEC production cuts, Iranian Oil Minister Bijan Zanganeh was quoted as saying on ThursdOil Minister Bijan Zanganeh was quoted as saying on Thursday.

Economic growth in Alberta remains positive, even when one accounts for every conceivable indirect outside force on the price of Canadian oil, no matter how tenuous the connection is: potential new Iranian supply, single - industry OPEC nations being forced to reduce output, Greece leaving the Eurozone, Donald Trump surging in the polls, Tom Brady facing suspension, etc..

A supply shock, for example a major oil price increase, will reduce both actual and potential output, as well as raising prices.

«So he is discussing with some oil companies and looking for some innovative financing which might pick up some of the financing so that we reduce our financial output and contribution by the Federal Government, that will be a major saving which can be used to plug the gap particularly with falling oil prices.

The utilization of a resin cylinder head cover, a press - fit water pump pulley, the secondary balancer being integrated with the oil pump, a compact high - output ACG (alternating current generator) and wire harness routing efficiencies and length reduction also reduced the overall weight of the new engine.

The LT1 also uses a variable output oil pump that helps reduce the load on the engine, a plastic intake manifold with tuned runners, and cast aluminum exhaust manifolds designed to act like headers to reduce backpressure from exhaust flow.

The engine features innovative plasma - sprayed bores replacing cast iron liners for reduced friction, lighter weight, enhanced cooling, power output and fuel efficiency; a symmetrical independent intake and exhaust manifold system featuring twin high - performance IHI turbochargers; a secondary air management system for improved cold - start emissions performance; a thermostatically controlled oil - cooling system; an oil scavenger pump to maintain oil flowing to the turbochargers; and a lateral wet and dry sump oiling system.

The Corvette oil system is also enhanced by eight oil - spraying jets in the engine block, which reduce piston temperature for extreme output and long - term durability.

This setup reduces the pressure and oil quantity when driving straight ahead — the power steering pump operates with a substantially reduced output and, consequently, helps to save fuel.

Or they may continue to purchase heavy fuel oil, but install» scrubbers» to reduce the output of SOx in order to have an equivalent means to meet the requirement.

Further, due to growing output, total emissions from the oil sands continue to increase despite the reduced CI; total upstream emissions were roughly 65 MtCO2e, or 9 % of Canada's emissions, in 2010.

But while Saudi Arabia — the world's second largest oil producer — continues pumping out oil to protect its market share in the face of swelling US crude output, what is the impact of reduced spending in the region for the legal market and how are local law firms faring compared to their international counterparts?

Finally, in December 2016, members of OPEC and some of its oil - producing rivals (including Russia and Oman) reached their first agreement since 2001 to jointly reduce output.