01-11-2017, 11:15 PM
Oil prices fell about 2 percent on Tuesday, extending the previous session's sharp sell-off, as the U.S. dollar strengthened and doubts over implementation of a global deal to cut output loomed. Members of the Organization of the Petroleum Exporting Countries (OPEC), such as Saudi Arabia, appear to be reducing production under a global deal to rein in oversupply but it is unclear whether other big producers like Iraq will follow suit.
US crude settles at one-month low on strong dollar, OPEC cut doubts
Oil companies found only 3.7 billion barrels of so-called conventional crude in 2016, 14 percent less than the previous year and the lowest amount since 1952
Oil Discoveries Seen Recovering After Crashing to 65-Year Low - Bloomberg
Argentina has clinched a deal with labor unions and energy companies aimed at luring investors to the Vaca Muerta shale formation in Patagonia, one of the largest unconventional reserves in the world, the government said on Tuesday. As part of the pact, the country will offer a subsidized price of $7.50 per million British thermal units of natural gas produced at new wells through the year 2020. The government issued a statement calling the subsidized price "indispensable for attracting long-term investment".
Argentina clinches labor/subsidy deal to attract energy investment | Reuters
Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in U.S. shale production. For the better part of two months, optimism surrounding the OPEC deal has buoyed oil prices, but bullish sentiment from speculators are showing early signs of abating, raising the possibility that the oil rally is running out of steam.