Turkey, Iraq Discuss Resuming Kirkuk Oil Exports
A Turkish energy delegation has met with Iraqi top oil officials in Baghdad to discuss issues including the resumption of Kirkuk oil exports via the Turkish port of Ceyhan, Iraq's oil ministry said in a statement on Thursday. "A high level Turkish energy delegation met with senior oil officials, including officials from state-run SOMO, to discuss ways to restart Kirkuk oil exports," the statement said. (Reporting by Ahmed Rasheed; editing by Jason Neely)
Anadarko Petroleum Eyes 2018 Sales Rise
Anadarko Petroleum Corp on Thursday forecast an 11 percent rise in sales volumes for 2018, as shale producers boost oil output aggressively, taking advantage of recovering oil prices. The Woodlands, Texas-based oil and gas producer said it expects to sell 245-255 million barrels of oil equivalent (MMBOE) in 2018, higher than the 224-228 MMBOE it forecast for 2017. The company expects to spend $4.2 billion to $4.6 billion in 2018…
US to Become Oil and Gas World Leader in Long Term - IEA
The head of the International Energy Agency Fatih Birol said on Thursday the United States would - in the long term - become the "undisputed leader of oil and gas production worldwide". Speaking at the U.N. climate conference in Bonn, Germany, he said the agency expected oil markets to rebalance next year if oil demand remained "more or less" as robust as it is today and if OPEC and non-OPEC continued with their oil production cuts. (Reporting by Ahmad Ghaddar; Editing by Mark Potter)
Oil Climbs, But Headed for Weekly Loss
OPEC to meet on Nov. 30 to discuss policy. Oil prices climbed on Friday but were still heading for their first week of losses in six, weighed down by Russian hesitation for extending a global pact to cut output and curb oversupply. Benchmark Brent crude oil was up 76 cents at $62.13 a barrel by 1219 GMT, recovering some ground after five sessions of losses. U.S. light crude hit a three-day high, rising more than $1 before easing back to $56.03, 89 cents up on the day.
ADNOC to Raise $2.25 Bln Pre-IPO Loan for Distribution Unit
Abu Dhabi National Oil Company (ADNOC) plans to raise a $2.25 billion loan for its distribution unit prior to selling a stake of up to 20 percent in the unit in an initial public offering (IPO), sources familiar with the matter said. The loan is the latest of a number of fundraisings that state-owned ADNOC, which manages almost all of the proven oil reserves in the United Arab Emirates, is carrying out as part of an overhaul of its capital structure.
Oil Prices Slide after IEA Casts Doubt over Demand Outlook
Oil prices fell for a fourth session on Wednesday, weighed down by worries that data would show U.S. crude inventories rising after this week's gloomy global demand outlook from the International Energy Agency (IEA). Brent crude futures were down 68 cents at $61.53 a barrel at 1335 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude was at $55.08 per barrel, down 62 cents.
Asian Floating Storage Declines as Crude Market Tightens
Strong demand is tightening the market but rising US output could sap efforts to rebalance market. The amount of oil stored on tankers around Singapore has dropped sharply in the last months, the latest indication that OPEC-led supply cuts are successfully tightening crude markets even as U.S. exports have soared. Shipping data in Thomson Reuters Eikon shows around 15 super-tankers are currently filled with oil in waters off Singapore and western Malaysia, storing around 30 million barrels of crude.
Israel Takes Bids for Offshore Exploration
Israel said on Wednesday it received bids to explore for oil and gas in its economic waters from Greece's Energean and a consortium of Indian firms including ONGC Videsh, Bharat PetroResources , Indian Oil Corp and Oil India. Israel hoped it would draw 2-3 foreign firms to come drill in 24 new offshore blocks in its latest bidding round that opened a year ago. Israel's Energy Ministry said it would spend the coming weeks examining each bidder's offer and work plan before making a final decision.
Oil Explorer Finder Seeks $150mln for Australia Drilling
Australia-focused oil and gas explorer Finder Exploration is seeking to raise $150 million for the drilling of five wells off the country's northwest coast, a document seen by Reuters showed. The wells could hold as much as 600 million barrels of oil and gas equivalent, the privately owned company said in a presentation to potential investors. Finder, a joint venture with energy services company Fugro , hopes to start drilling in the third quarter of 2018.
Venezuela Oil Output Hits Near 30-year Low
Oil-dependent Venezuela's crude output dipped last month below 2 million barrels per day, its lowest level in nearly three decades, global producer group OPEC said on Monday. The Organization of the Petroleum Exporting Countries' latest monthly data showed Venezuela reporting production of 1.955 million bpd in October, versus 2.085 million in September. The figure was even lower based on secondary sources rather than what the government reports, at 1.863 million bpd in October, according to OPEC.
Algeria Energy Earnings Up 18%
Algeria's energy earnings rose 18 percent in the first ten months of 2017, which helped reduce the trade deficit by 34 percent, official data showed on Monday. The deficit decline pushed up the coverage of imports by exports to 75 percent, from 63 percent in the January-October period of 2016, according to customs figures. Oil and gas exports, which accounted for 94.8 percent of total sales abroad, reached $27.18 billion in the first ten months of this year compared with $23.04 billion in the same period in 2016…
Statoil to Step Up Offshore Norway Exploration
Norway's Statoil will ramp up its search for oil and gas deposits on the Norwegian continental shelf next year, the company said on Friday. Oil companies are stepping up efforts to find more oil and gas offshore after cutting exploration budgets following the oil price drop since 2014, meaning more work for owners of drilling rigs, such as Transocean or Seadrill. Majority-state owned Statoil is emerging from the downturn as one of the most active offshore explorers.
S.Korean Refiners Look to Cash in on 2020 Mandate
Three refiners to spend more than $5 bln to upgrade or add units. South Korean refiners are planning to spend over $5 billion on plant upgrades in response to tighter rules on shipping fuel, boosting production of low-sulphur fuel oil as well as other high-end products. The refiners hope the investment, which comes ahead of the 2020 introduction of the new rules, will make them one of the biggest beneficiaries of the new regulations, with many competitors still waiting to commit to new spending.
Distillate Fuel Market to Tighten in 2018: Kemp
U.S. refineries are struggling to meet booming demand for distillate fuel oil at home and in export markets which will leave the distillate market very tight in 2018. Even if the northern hemisphere winter is only averagely cold, the distillate market looks set to enter 2018 with lower than average stocks and fast-growing demand, which should keep prices and refining margins firm. The gross refining margin for turning Brent into U.S.
S.Korea Scores Partial Win in WTO Ruling on US Steel Pipe Duties
South Korea won a partial victory on Tuesday when a World Trade Organization panel ruled on its legal challenge to U.S. anti-dumping duties on steel pipe used in the oil industry, but Seoul lost most of the arguments it had made. In a ruling that can be appealed by either side, the WTO panel faulted the U.S. Department of Commerce for the way it calculated the tariffs applied to the South Korean pipes, known as oil country tubular goods (OCTG). Reporting by Tom Miles
Oil Steady Near Two-Year Highs
Middle East tensions raise risk of supply disruptions; Increase in U.S. oil drilling caps prices. The Brent oil price was steady at close to two-year highs on Monday, with support from Middle East tensions and record long bets by fund managers balanced by rising U.S. production. Benchmark Brent crude futures were down a modest 5 cents at $63.47 a barrel by 1228 GMT but up 14 percent so far this month. U.S. West Texas Intermediate (WTI) crude futures rose 6 cents to $56.68.
US Oil Rig Count Steady this Week -Baker Hughes
U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count, an early indicator of future output, held at 738 in the week to Nov. 17, still much higher than 471 rigs a year ago as energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash.
Shell to Hand Over Iraq's Majnoon Oilfield
Oil major Royal Dutch Shell has agreed to exit the Majnoon oilfield and hand over its operation to the state-run Basra Oil Co. by the end of June 2018, two oil officials close to the deal said on Wednesday. A letter signed by Iraqi oil minister Jabar Luaibi, dated Aug. 23 and seen by Reuters, gave approval for the Anglo-Dutch company to quit Majnoon, a major oilfield near Basra which started production in 2014. Two Iraqi…
Oil Softens as Profit Taking Weighs
Crude oil prices and calendar spreads have started to soften in recent trading sessions, in what is likely to be profit-taking after hedge funds amassed a record bullish position in the petroleum complex. Hedge funds and other money managers had accumulated a record net long position in the five largest futures and options contracts linked to crude and fuels by Nov. 7, according to regulatory and exchange data. Fund managers held a net long position equivalent to 1…
U.S. drillers Add Most Rigs since June -Baker Hughes
U.S. energy companies added the most oil drilling rigs in week since June as crude prices traded up to their highest levels since the summer of 2015. Drillers added nine oil rigs in the week to Nov. report on Friday. price crash. over the summer. The U.S. of a 380,000 bpd increase. U.S. 8.9 million bpd in 2016, the EIA said. million bpd in 1970. The largest U.S. long as oil prices stay above $50 per barrel. U.S. week, their highest since July 2015. year's $43.47 average. of the year and calendar 2018. production at any cost.