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Russia’s Lukoil to adjust 2017 output plan in line with OPEC deal: TASS

Russian oil producer Lukoil will adjust its oil output plan for 2017 to conform with a global deal on cutting production, TASS news agency quoted Lukoil Chief Executive Vagit Alekperov as saying on Wednesday. “How can we maintain (current production plans) if we are taking part in the curbing of output?” Alekperov was quoted as saying. “We will abide by all the decisions that the energy ministry passed on to the oil companies.” Alekperov did not give any forecasts for output volumes, TASS reported. Source: Reuters (Reporting by Jack Stubbs; ...

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UAE’s Fujairah Launches Weekly Oil Inventory Data

Fujairah Oil Industry Zone, which hosts the Middle East’s largest commercial storage capacity for refined products, today published inaugural weekly inventory data via S&P Global Platts to advance the emirate’s progression towards becoming one of the world’s leading energy trading hubs. The data can be viewed at https://fujairah.platts.com/ [https://fujairah.platts.com/]. The weekly oil inventory data is an aggregate breakdown of fuel oil, residuals, middle distillates and light ends. The visibility provided by publication of this data is a key ingredient of successful liquid trading centers around the world and helps reduce ...

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U.S. shale oil output set to grow in February as prices rise

U.S. shale production is set to snap a three-month decline in February, the U.S. government said on Tuesday, as energy firms boost drilling activity with crude prices hovering near 18-month highs. The month-on-month increase in production would be the first since October and the third rise in a year, according to the U.S. Energy Information Administration’s drilling productivity report. February production will edge up 40,750 barrels per day (bpd) to 4.748 million bpd, the EIA said. In January, it was expected to drop by 5,900 bpd. In the Permian Basin ...

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Asian oil refinery margins jump on outages in Mideast, Asia

Several refineries in the Middle East and Asia have shut down in the past week due to fires and other technical problems, leading to a jump in profit margins for facilities still operating. The higher Asian refining margins have beat back concerns that profits would fall as crude oil prices gained as the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers began to implement their agreed production cuts from January to reduce global oversupply. Besides the fires and other shutdowns, maintenance and repairs at refineries in Indonesia by ...

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Lack of investment heightens danger of an oil price shock: Crescent Petroleum CEO

Lack of investment in the oil industry has significantly heightened the risk of an oil price shock in the coming years, according to Crescent Petroleum’s chief executive. Majid Jafar, CEO of the UAE-based oil and natural gas producer, highlighted the perceived absence of investment in oil markets and predicted a volatile future for the commodity if this trend continued. “The problem over the last year is no-one has been investing enough in the upstream… (it has been this way) for three years in row which is unprecedented and so there ...

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Rising U.S. shale-oil output threatens OPEC’s production pact

The oil market got a stark reminder Tuesday that rising oil production in the U.S. could upend efforts by major producers to bring global supply and demand for crude back in to balance. Just ahead of the settlement for oil futures prices CLG7, +0.11% on the New York Mercantile Exchange on Tuesday, the Energy Information Administration released a report on drilling productivity—forecasting a monthly rise of 41,000 barrels a day in February oil production to 4.748 million barrels a day. “That is bearish for oil and a concern for [the ...

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Rip it up and start again?

A year ago today international sanctions on Iran were lifted, an event that played no small role in the upheaval that rolled through the global oil market last year. It is safe to say that Iran didn’t hang around to see how things would pan out, conscious that US policy could about-face within a year. With a stated aim of regaining lost market share and with a mantra of restoring production to 4mn b/d, Tehran moved swiftly to target and widen its European customer base, booking the first very large ...

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Libya Oil Output Rebounds With Power Returning at Fields

Libya’s oil production rebounded to about 700,000 barrels a day after dipping temporarily due to power outages that disrupted operations at some of the OPEC member’s fields. Electricity is returning gradually to fields in western Libya following a blackout on Jan. 14, according to a person familiar with the matter, who asked not to be identified for lack of authorization to speak to news media. Oil output dropped to 655,000 barrels a day this week as a result of the outages, and production should increase further as electricity is restored ...

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Oil price slides on prospect of rising U.S. production

Oil prices fell on Wednesday on expectations that U.S. producers would boost output. Brent crude futures, the international benchmark for oil prices, were down 82 cents $54.65 a barrel at 1008 GMT. U.S. West Texas Intermediate (WTI) crude oil futures were trading down 80 cents at $51.68 per barrel. U.S. shale production is set to snap a three-month decline in February, the U.S. Energy Information Administration said on Tuesday, as energy firms boost drilling activity with crude prices hovering near 18-month highs. February production will edge up 40,750 barrels per ...

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Better times head for the UKCS, but investment still a concern

Activity was low on the UKCS in 2016 as companies were in full survival mode during the oil price downturn and added Brexit uncertainty. However, there was a change of pace towards the end of the year, with the rise in oil price and larger deals signalling a return of confidence. Global natural resources consultancy Wood Mackenzie expects a modest recovery in 2017, underpinned by an improving oil price. Growth opportunities, including frontier exploration, small project sanctions and increased M&A, also look likely, according to the consultancy’s new Insight, UK ...

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Russian oil output seen reaching new highs in 2017

Russian oil production is likely reach another post-Soviet record high in 2017 after a global deal to cut output expires at the end of June, a Reuters poll of analysts and consultants showed. The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers, led by Russia, agreed last month to cut their oil output during the first six months of the year to prop up prices. Russia, among the world’s biggest oil producers, plans to reduce output by 200,000 barrels per day (bpd) in the first quarter and ...

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China’s Oil Collapse Is Unintentionally Helping OPEC

OPEC’s campaign to prop up oil prices is getting unlikely support from its biggest customer. China’s production is forecast to fall by as much as 7 percent this year, extending a record decline in 2016, according to analysts at CLSA Ltd., Sanford C. Bernstein & Co. and Nomura Holdings Inc. That’s about the same size as the output cut agreed by Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, which late last year reached a deal to trim supply to support prices. “China’s domestic crude output decline ...

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Venezuela’s Maduro: Next OPEC Meeting May Take Place in First Quarter of 2017

Venezuelan President Nicolas Maduro held a meeting on Monday with OPEC Secretary-General Mohammed Barkindo and proposed to hold the next meeting of OPEC and non-OPEC countries in the first quarter of 2017. Maduro said that the OPEC countries and non-OPEC will be able to discuss further steps on stabilization of a global oil market at the meeting. “We discussed the necessity to hold the next summit of OPEC and non-OPEC members in the first quarter of the year, during which we will be able to take further steps on the ...

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U.S. crude discount to Brent widens on Trump tax talk, OPEC

U.S. oil prices hit their biggest discount to global benchmark Brent crude in five months on Tuesday as President-elect Donald Trump said an oil import tax plan would be too complex and as a global deal to reduce supply hits Middle East output. The deeper the discount, the easier it is for U.S. crude producers to export oil to refiners worldwide. A glut in global supply had limited the appetite for crude from the United States until late last year, even after the United States had lifted a long-standing ban ...

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Oil Bosses in Davos See Shale Rebound Capping 2017 Price Surge

Top oil industry officials in Davos aren’t turning completely bullish just yet. Capping their enthusiasm is U.S. shale oil, which is likely to limit price increases and usher in a period of greater volatility. U.S. supply is already returning at $50 a barrel, Saudi Arabia Energy Minister Khalid Al-Falih and BP Plc Chief Executive Officer Bob Dudley said in Davos, Switzerland, on Tuesday. Higher prices will accelerate that process, according to International Energy Agency Executive Director Fatih Birol. “I expect U.S. production will start to increase again — all the ...

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