“The waiting game is over,” the International Energy Agency said in the October issue of its Oil Market Report. This is in regard to the fact that the Organization of Petroleum Exporting Countries has effectively abandoned its free-market policy set nearly 2 years ago, setting a new supply target of between 32.5-33 million b/d. […]

Beach Energy Ltd., Adelaide, has made an oil discovery on the western flank of the Copper-Eromanga basin of South Australia with the Kangaroo-1 wildcat well. Source: News

BP PLC has decided to abandon its planned $600-million (Aus.) exploration drilling program in the Great Australian Bight (GAB) off South Australia. Source: News

Citgo Petroleum Corp., an indirect wholly owned subsidiary of Petroleos de Venezuela SA (PDVSA), and the government of Aruba are moving forward with a previously announced program to restart Valero Energy Corp.’s former 235,000-b/d refinery in San Nicolas, Aruba. Source: News

US light, sweet crude oil dropped more than $1/bbl on the New York market Oct. 10 to settle above $51/bbl for November delivery while the Brent contract for December on the London market settled above $53/bbl after Russian President Vladimir Putin talked about oil production cuts. Source: News

Howard J. Thill has joined Sanchez Energy Corp., Houston, as executive vice-president and chief financial officer, effective Oct. 10. Source: News

Petroleos de Venezuela SA (PDVSA) has received the last batch of bulk equipment from Wison Offshore & Marine Ltd., Shanghai, for work related to the long-planned expansion and deep-conversion modernization project at its 190,000-b/d Puerto La Cruz refinery in eastern Venezuela. Source: News