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Venezuela to supply up to 400,000 barrels of heavy crude oil per day to India

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State-run oil company Petróleos de Venezuela, S.A. PDVSA) and India’s Reliance Industries Limited (RIL), last week signed two agreements to boost extra-heavy crude oil production in Venezuela’s Orinoco Oil Belt (FPO) and sell up to 400,000 barrels per day (bpd) to the country. million barrels of crude oil per day.

Venezuela 247
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IEA: record oil output from US, Brazil, Canada and Norway to keep global markets well supplied

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Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, but more investment will be needed to boost output after that, according to the International Energy Agency’s latest annual report on oil markets. mb/d by 2023 to 104.7

Brazil 218
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IHS CERA meta-analysis finds lifecycle GHG emissions for fuel produced solely from oil sands crude average 11% higher than from average crude refined in the US; high variability

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Although crudes derived from the Canadian oil sands are more carbon-intensive than the average oil refined in the United States, they are within the range of some other crude oils produced, imported, or refined in the United States, including crudes from Venezuela, Nigeria, Iraq, and California heavy oil production, according to the report.

Oil-Sands 388
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Researchers develop large-scale, economical method to extract hydrogen from oil sands and oil fields

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The process can extract hydrogen from existing oil sands reservoirs, with huge existing supplies found in Canada and Venezuela. Thermolysis, gas reforming and water-gas shift have been used in commercial industrial processes to generate hydrogen for more than 100 years. Proton Technologies is commercializing the process.

Oil-Sands 375
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IHS Markit: Canadian oil sands production to be ~1M barrels higher by 2030 but with lower annual growth; boosted by deterioration in Venezuela

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IHS Markit expects average year-on-year supply additions to be below 100,000 barrels per day (b/d) in the coming decade. By contrast, growth over the current decade regularly averaged additions in excess of 150,000 b/d. —Kevin Birn. —Kevin Birn.

Oil-Sands 170
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GECF: more than a quarter of 2050 natural gas supply untapped

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To this end, the GECF Secretary General reiterated the GECF’s readiness to support the Turkmen industry as it undergoes transformation on the back of the future energy trends, digitalization, and climate action.

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Opinion: How Much Longer Can OPEC Hold Out?

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With its headquarters in Vienna, Austria, one of the mandates of 12-member OPEC is to “ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.” Iraq’s Issues.