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The price of light, sweet crude oil for December delivery dropped $1 to settle under $61/bbl on the New York market Nov. 8 while Brent crude oil for January delivery dropped more than $1 to settle under $71/bbl. During Nov. 9 trading, Brent crude oil fell below $70/bbl for the first time in 7 months while US oil future prices fell below $60/bbl during intraday trading.

The Australian government has decided against the Hong Kong-based CK Group’s $13-billion (Aus.) bid to acquire Sydney-based gas pipeline operator APA Group citing national security concerns.

The US Environmental Protection Agency released its final amendments to state implementation plan (SIP) requirements for states to implement the 2015 National Ambient Air Quality Standard (NAAQS) to control ground-level ozone formation on Nov. 8. “This final rule grants states the flexibilities they need to incorporate factors that are often outside their control, such as international air pollution, so they can meet the 2015 ozone standards and continue our nation’s tremendous clean air progress,” EPA Acting Administrator Andrew Wheeler said.

The US Environmental Protection Agency issued final amendments on Nov. 8 to National Emissions Standards for Hazardous Air Pollutants and New Source Performance Standards for refiners. EPA said that it proposed amending the regulations in April to clarify the rules’ requirements and to make technical corrections and minor revisions to work practice standards, recordkeeping, and reporting requirements.

The Oil & Gas Authority estimates the UK Continental Shelf’s proved and probable reserves as of Dec. 31, 2017, were 5.4 billion boe, which could sustain production for at least another 20 years or more based on current production rates. The report said 400 million boe were added to the categories of proved and probable reserves during 2017. About 600 million boe was produced, which equates to a reserve replacement ratio of 69%.

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