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Mission accomplished? OPEC banishes contango: John Kemp

“There is no doubt that the oil market is moving in the right direction,” the Organization of the Petroleum Exporting Countries noted with satisfaction in its most recent bulletin. “The rebalancing process was never going to happen overnight; it was never going to happen in a linear fashion; and it was always going to require a concerted effort,” OPEC observed. “Patience and perseverance are still required”, the bulletin warned, but the organisation is well on the way to achieving the objectives it set when announcing output cuts in November 2016. ...

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OPEC Keeps Oil Market Guessing Over Further Action on Cuts

Ministers from OPEC and its allies look set to keep everyone waiting longer for confirmation of further action to rebalance the oil market, sending conflicting signals on whether they’ll discuss extending or deepening supply cuts in Vienna on Friday. The producers — who together pump more than half the world’s oil — are only two months into the initial extension of their output agreement, so it’s too early to look at prolonging it further, Kuwait’s Oil Minister Issam Almarzooq told reporters in the Austrian capital on Thursday. However, Algerian Energy ...

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OPEC cuts working, but not “rational” to continue for long -BP

Production cuts of 1.8 million barrels per day (bpd) orchestrated by OPEC are succeeding in drawing down global oil inventories, and it would not be “economically rational” for the group to continue cutting for much longer, BP’s head of refining economics said on Thursday. BP’s Richard de Caux told the Platts refining summit in Brussels that inventories are beginning to draw down, which was the stated goal of the cuts made by the Organization of the Petroleum Exporting Countries and other oil producers such as Russia, and could reach an acceptable level by the end of next ...

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Changing quality mix is affecting crude oil price differentials and refining decisions

Growth in global liquid fuels supply since March 2017 has been driven by increases in the production of historically higher-priced light crude oils. This growth has more than offset recent declines in the production of medium and heavy crude oils. As these production trends continue, price differences between certain crude oils are narrowing, and refinery operation decisions are changing. Two of the most important attributes when comparing the qualities of different crude oils are sulfur content and density. EIA defines crude oil with less than 1% sulfur as sweet and ...

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Qatari condensate premium rises to ten-month high of $3/bbl

Qatar Petroleum (QP) sold a cargo of November-loading Low Sulphur Field Condensate (LSC) at a $3 per barrel premium to Dubai quotes via tender this week, three trading sources with knowledge of the award said on Thursday. The cargo, which was bought by an unidentified South Korean end-user, is likely to be the only cargo the Qatari state marketer sold in its November condensate tender. QP did not offer Deodorized Field Condensate (DFC) in the latest tender even as it typically offers both grades via tender every month. “End-users are desperate ...

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Iran’s oil revenue surpasses $23b since March

Iran’s oil revenues from crude oil and gas condensate exports exceeded $23 billion since the beginning of current Iranian calendar year (March 21, 2017), IRIB news reported. According to the report citing Shana, Iran has exported 2.6 million barrels of crude oil and gas condensate on average on a daily basis. China, India, Japan and South Korea are among the country’s main crude importers shipping in 60 percent of Iran’s total oil exports. The other 40 percent of the country’s crude exports heads to the European buyers. As the top ...

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DNV GL led collaboration leads to first industry guidance on inspection and evaluation of non-metallic seals

Through this recommended practice (RP) ‘Inspection and evaluation of non-metallic seals’, the industry will enhance confidence in seals during operations and improve equipment integrity through the correct selection of seal and sealing material. Through documented field experience, the RP, DNVGL-RP-B301, will also enable cost reduction in qualifications and life extensions, and through optimal inspection intervals. The RP is a result of a joint industry project with key players including Eni, Statoil, James Walker and Aker Solutions. Non-metallic seals have a wide range of applications in exploration, production and processing of ...

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Norway may maintain oil moratorium in key Arctic region -report

Norway’s ruling Conservative Party is willing to abstain from oil and gas exploration in a key Arctic region for another four years, in return for continued parliamentary support for its minority government, tabloid VG reported online on Wednesday. The fish-rich waters surrounding the Lofoten, Vesteraalen and Senja region have for years been off limits to drillers as a way for governments to secure backing for their broader agendas from parties focused on protecting the environment. Oil producers, including Statoil, Aker BP and Lundin Petroleum, have long sought access to explore ...

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The booming Permian Basin could reach its zenith early if oil stays cheap

The West Texas drilling frenzy that sparked one of the biggest oil booms in U.S. history could fizzle out in just four years if crude prices stay too low to spur innovations needed to overcome the region’s geological constraints. For months, oil has gushed from newly drilled wells and pump jacks erected across the plains of the Permian Basin, a prolific shale play that has drawn billions of dollars of investment from major energy companies and speculators, and become the epicenter of the oil industry’s recovery. But the glory days ...

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Oil majors to borrow more to keep up capital spend: Moody’s

State-owned fuel retailers IOC, BPCL and HPCL will go in for increased borrowings to sustain high dividend payments and capital spending this fiscal, keeping their credit metrics weak, Moody’s Investors Service said today. It expected dividend payments by the three to decline modestly in 2017-18, but remain higher than in 2015-16. The government expects to receive Rs. 67,500 crore of dividends from all state-owned companies in 2017-18, less than the Rs. 77,000 crore estimated to have been received in 2016-17 but more than double the Rs. 30,800 crore in 2015-16. ...

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Oil settles flat as unease builds ahead of OPEC meeting

Oil prices settled nearly flat on Thursday, the eve of a meeting of major oil-producing countries in Vienna to discuss whether they will extend production limits that have helped reduce the global crude glut. Ministers from the Organization of the Petroleum Exporting Countries, Russia and other producers meet on Friday. They will discuss a possible extension of 1.8 million barrels per day (bpd) of supply cuts to support prices and will consider monitoring exports to assess compliance. While many analysts expect extension of the deal beyond next March, many also ...

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Caribbean, USGC hurricanes could result in USGC fuel oil glut: sources

An active hurricane season this summer in the Caribbean region has put strain on fuel oil storage and interrupted normal flows, which could result in an influx of supply headed to the US Gulf Coast, sources said. The landfalls of hurricanes Irma and Maria over the past two weeks damaged several terminals in the Caribbean. The terminals receive fuel oil from the US Atlantic Coast, Europe, and Latin America, and frequently exports to Panama, the US Gulf Coast, and Asia. US fuel oil traders said normal exports of fuel oil ...

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OPEC/non-OPEC coalition not ready to discuss crude oil output cut extension: Kuwait

Kuwaiti oil minster Essam al-Marzouq said Thursday the OPEC/non-OPEC coalition was not ready to discuss extending its production cut agreement beyond its March expiry. Platts survey: OPEC Aug crude oil output 32.65 mil b/d, down from July on Libya outages “Not at this time, no,” he said on arrival in Vienna, when asked if the OPEC/non-OPEC monitoring committee meeting Friday would include consideration of any proposals to extend the cuts, noting that the coalition only extended the original agreement, which had been set to expire in June, in May. “As ...

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Harvey makes landfall in Texas, but drilling returns remain strong

Despite devastating weather that sent energy market participants into a frenzy, the average of the 12-month forward curve for WTI remained flat month on month at $50.43/b. However, internal rates of return (IRR) increased across the board due in large part to higher natural gas liquids (NGLs) prices. More than three weeks ago, Hurricane Harvey hit the US Gulf Coast with an estimated 51 inches of rain near Mt. Belvieu, Texas, a prominent US NGL price hub. As a result, the entire midstream sector was forced to respond, sending liquids ...

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Russia’s Lukoil eyes decade of oil output growth

Russia’s second-largest oil producer Lukoil expects its output to rise over the next 8-10 years as it brings new fields onstream, vice president and co-owner Leonid Fedun said. Lukoil has suffered from sluggish production as its fields, located mostly in Western Siberia, are mature and depleted. But it has been focusing on growth in new producing regions, such as the Caspian Sea and other countries, including Iraq. “The 3-year and 10-year company development plan is under deliberation. According to the parameters under consideration, Lukoil’s hydrocarbon production will be on the ...

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