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BP May Invest More in Argentina by the End of This Year
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BP plc (BP - Free Report) is willing to invest more in Argentina following positive changes in the country, going by Bloomberg.
In detail, the company added that since November, when Mauricio Macri was elected president of Argentina, there have been favorable changes in the country like firm bureaucracy and organized labor. On top of that, corruption has reduced considerably.
Argentina has huge resources and BP has been in this country since late 1950. Hence, with the positive developments, the company might investment more there by the end of this year.
BP’s decision has come at a time when the oil market is expected to remain oversupplied at least by the first half of 2017. According to The Organization of the Petroleum Exporting Countries (OPEC), non-OPEC players that include U.S., Russia and Norway will go on producing 190,000 barrels a day more oil than anticipated this year. On top of that, next year, production from non-OPEC members will only grow following the start up of Kazakhstan's Kashagan oilfield and the comeback of shale producers in the oil patch. Along with OPEC, Paris-based agency in its recent monthly report said that it has lowered the forecast of global oil demand by 100,000 barrels a day for 2016 and 200,000 barrels a day for 2017. IEA added that at least till the first half of 2017 the market will remain oversupplied.
London-based BP is one of the largest integrated energy firms in the world with a strong and diversified portfolio of development projects that offer attractive long-term opportunities.
However, persisting oil prices weakness is still a drag on the company’s upstream business.
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BP May Invest More in Argentina by the End of This Year
BP plc (BP - Free Report) is willing to invest more in Argentina following positive changes in the country, going by Bloomberg.
In detail, the company added that since November, when Mauricio Macri was elected president of Argentina, there have been favorable changes in the country like firm bureaucracy and organized labor. On top of that, corruption has reduced considerably.
Argentina has huge resources and BP has been in this country since late 1950. Hence, with the positive developments, the company might investment more there by the end of this year.
BP’s decision has come at a time when the oil market is expected to remain oversupplied at least by the first half of 2017. According to The Organization of the Petroleum Exporting Countries (OPEC), non-OPEC players that include U.S., Russia and Norway will go on producing 190,000 barrels a day more oil than anticipated this year. On top of that, next year, production from non-OPEC members will only grow following the start up of Kazakhstan's Kashagan oilfield and the comeback of shale producers in the oil patch. Along with OPEC, Paris-based agency in its recent monthly report said that it has lowered the forecast of global oil demand by 100,000 barrels a day for 2016 and 200,000 barrels a day for 2017. IEA added that at least till the first half of 2017 the market will remain oversupplied.
London-based BP is one of the largest integrated energy firms in the world with a strong and diversified portfolio of development projects that offer attractive long-term opportunities.
However, persisting oil prices weakness is still a drag on the company’s upstream business.
As a result, BP carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy sector are Matador Resources Company (MTDR - Free Report) , NGL Energy Partners LP (NGL - Free Report) and Enbridge Inc. (ENB - Free Report) . Each of these players sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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