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Lid on Oil Prices Refuses to Budge

The long-awaited decline in U.S. oil output has begun, data show, but many investors and analysts are still waiting for prices to stage a sustained recovery. The rapid growth in America’s production over the past several years was a major driver behind the plunge in the benchmark U.S. oil price, which is down 53% from a year ago. “We now know that the U.S. [production] is in decline,” said Eric

South Africa sees around 19.5 tcf of recoverable gas resources

South Africa’s recoverable gas reserves from both onshore shale and offshore gas fields was seen at around 19.5 trillion cubic feet (TCF), a senior energy official said on Tuesday. Ompi Aphane, deputy director general for energy policy, said it would take around a decade to significantly develop these gas resources, with exploration still to determine South Africa’s true gas potential. “It requires significant evaluation activity, significant drilling for us to