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Oil to average $50 per barrel in 2018: Survey

The average price for Brent crude oil in 2018 will be in the range of $50 (AED183.5) per barrel, according to 61 per cent of respondents to a GIQ Industry Survey of 250 energy industry professionals operating across the Middle East and Asia. The survey was conducted by Gulf Intelligence (GI), a UAE-based strategic communications consultancy. IEA forecast match The relatively bullish sentiment is supported by the International Energy Agency’s (IEA) forecast that global oil demand growth in 2018 will average 1.4 million barrels a day. In its September report, ...

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Robust Asia demand drives Mideast, Russia crude premiums to multi-month highs

Spot premiums for Middle East and Russian crude loading in November and December have hit multi-month highs, spurred by robust demand in Asia, trade sources said on Wednesday. Asian buyers snapped up spot cargoes this month after Saudi Aramco and Abu Dhabi National Oil Company [ADNOC.UL] cut supplies, and as they both prepare to ramp up heating oil production for peak winter demand in the northern hemisphere, the sources said. Profits for producing oil products from a barrel of crude held strong at above $8 a barrel, encouraging refiners to ...

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LNG growth to propel oil and gas industry’s carbon emissions -WoodMac

Liquefied natural gas will be the biggest source of carbon emission growth for the world’s top oil and gas companies by 2025, according to a new study by Wood Mackenzie, as demand for the super-chilled fuel is set to rise sharply. Oil and gas companies such as Exxon Mobil, Royal Dutch Shell and Total have promoted natural gas as a cleaner fossil fuel that will displace coal to meet growing demand for energy as the world shifts away from fossil fuels in the coming decades. But converting natural gas into ...

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Azerbaijan oil output to reach 2 billion tonnes

“On September 20, 1994 the Contract of the Century was signed in Baku. Despite expected and unexpected obstacles, this contract worked successfully”, SOCAR president Rovnag Abdullayev said in his article in Azerbaijan newspaper. Abdullayev noted that Azerbaijan is known as a source of alternative source of hydrocarbon, reliable partner of transnational oil and gas companies, indispensable country in the system of global energy security: “Azerbaijan implemented projects on transportation of energy carriers to the world markets. The achievements within the Contract caused foreign oil and gas companies to be interested ...

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India ONGC strikes ‘good’ offshore oil, gas find -sources

The latest discovery of India’s largest oil explorer, Oil and Natural Gas Corp , to the west of its Mumbai High offshore fields is estimated to hold in-place reserves of about 20 million tonnes, sources with knowledge of the matter said. The Mumbai High field annually produces oil and natural gas of about 9 million to 10 million tonnes of oil equivalent. The company discovered hydrocarbon reserves west of Mumbai High at well WO 24-3 in July. ONGC tested nine zones in the well, the two sources with knowledge of ...

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Oman oil exploration closes $1 billion pre-export financing loan: source

Oman Oil Exploration and Production, the exploration arm of state-owned Oman Oil, has raised a $1 billion pre-export financing loan, a company source told Reuters. The loan, a five-year facility, was coordinated by Natixis and Societe Generale, the source said. The loan was oversubscribed and “competitively priced”, the source added, without disclosing further details. Source: Reuters

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Scoring Invites to Oil Trading’s Hottest Parties Gets Tough

Liveried Sikh doormen have welcomed royalty, literary giants and the deep of pocket to Singapore’s Raffles Hotel for decades. And for one night in September they let in the global oil trading community for the industry’s social highlight of the year. But in 2017, renovations have all but shut the 130-year-old hotel, the birthplace of the Singapore Sling cocktail, and forced the world’s top independent oil trader to cancel the party it hosts each year during the annual Asia Pacific Petroleum Conference. Instead, Vitol Group is holding smaller, more exclusive ...

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Oil up 2 percent despite U.S. crude build; set for best third quarter since 2004

Oil prices rose nearly 2 percent on Wednesday, despite a rise in U.S. crude inventories, with the market heading for its largest third-quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts. Brent crude futures rose $1.06, or 1.9 percent, to $56.20 a barrel by 12:19 p.m. EDT (1619 GMT), while U.S. West Texas Intermediate (WTI) crude futures gained 91 cents, or 1.8 percent, to $50.39. Crude prices were on course for a rise of nearly 16 percent ...

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U.S. crude inventories up again, gasoline, diesel stocks down – EIA

U.S. crude oil stockpiles jumped last week as imports and production increased, while distillate inventories fell the most in nearly six years and gasoline inventories also declined, as the Gulf Coast recovers from the impact from Hurricane Harvey, the Energy Information Administration said on Wednesday. Crude inventories rose for a third straight week, building by 4.6 million barrels in the week ending Sept. 15, compared with analyst expectations for an increase of 3.5 million barrels. On the East Coast, crude stockpiles touched the lowest level seasonally since 2014. U.S. crude ...

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Why oil markets could see some volatile trading this week

Oil markets could receive another blow on Wednesday when the U.S. government reports oil stocks data that are expected to show a build in crude oil stocks, largely as a result of Hurricane Harvey damaging U.S. oil refineries in late August. In a preview of the U.S. Energy Information Administration’s (EIA) weekly oil stocks data, due on Wednesday, S&P Global Platts said the data was likely to show a build in U.S. crude stocks of 2.4 million barrels in the last week. “An expected rebound in U.S. crude imports could ...

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Hedge Funds Bet on Fuels Over Crude as Storm Trade Persists

The post-Harvey buzz over fuels is making U.S. crude look like the poor stepchild of hedge funds. Since the storm battered the heart of America’s refining industry last month, bets on rising gasoline and diesel prices have surged for three straight weeks to the most bullish in years. But when it comes to West Texas Intermediate crude, skepticism is prevailing. It all boils down to where the supply glut is. While U.S. fuel stockpiles have plummeted — with a record draw from gasoline storage tanks — oil inventories rose as ...

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Iran’s Crude Oil Output to Hit 4mln bpd in Coming Months: Official

CEO of the National Iranian Oil Company (NIOC) Ali Kardor said the country’s oil production would reach 4 million barrels per day (bpd) by the end of the current Iranian year (March 20, 2018). Speaking to the Tasnim News Agency, Kardor said currently, the total amount of Iran’s crude oil production amounts to more than 3.8 million bpd. He further said according to the plans, the figure would rise to 4 million bpd by the end of the current Iranian year. The official also said that currently, Iran’s exports of ...

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Oil Advances on Signs U.S. Stockpile Gains Easing After Harvey

Oil rose on signs the pace of U.S. stockpile gains is slowing as refiners resume operations after Hurricane Harvey, boosting crude demand. Futures climbed as much as 1.3 percent in New York after declining 0.9 percent Tuesday. Inventories expanded by 1.44 million barrels last week, the American Petroleum Institute was said to report. That’s less than half the projected 3.9 million-barrel increase the government is forecast to report Wednesday. Some U.S. refiners are delaying maintenance to take advantage of strong margins. While oil has rebounded the past two weeks, crude ...

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Qatar oil production picks up; fiscal deficit narrows

Qatar’s oil production picked up to 611,000 b/d in June from 594,000 b/d in May. Average Brent crude oil prices declined by -0.5 percent month on month in August, reaching $52.4/b, as news of increasing US production outweighed news of falling US crude stockpiles, QNB noted in its monthly monitor yesterday. Qatar’s broad money supply (M2) grew by 8.3 percent year-on-year in July compared to 7.8 percent in June. Broad money grew by 0.2 percent month on month in July compared to 2.2 percent in June. Overnight interbank rates rose ...

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U.S. oil refiners’ weekly capacity seen up 1,047,000 bpd – IIR

U.S. oil refiners are estimated to have 1,800,000 barrels per day (bpd) of capacity offline in the week ending Sept. 22, increasing available refining capacity by 1,047,000 bpd from the previous week, data from research company IIR showed on Wednesday. IIR expects offline capacity to decrease to 992,000 bpd in the week to Sept. 29. Following are IIR weekly figures of capacity offline (in thousands of bpd): Week ended Friday Sept. 20 Sept. 18 Sept. 15 09/29/2017 992 912 833 09/22/2017 1800 1419 1144 09/15/2017 2847 2429 2429 09/08/2017 3756 ...

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