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Novak sees Russia hitting OPEC plus oil output cut target within 4 months: report

Russian energy minister Alexander Novak said that Russia could reach its target to cut oil production by 228,000 b/d under the OPEC/non-OPEC production cut agreement within four months. “We will try. Each company is in a different situation. Within four months is, of course, realistic,” Novak was quoted as saying by the Prime news agency. Earlier Tuesday Prime cited Novak as saying that Russia would cut output by 50,000-60,000 b/d in January. “The monthly schedule for the output cut has already been [set]… We expect output will be cut by ...

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Kuwait cuts January crude official selling prices for Asia -sources

Kuwait has cut the January official selling prices (OSPs) for its two crude grades for export to Asia, two sources with knowledge of the matter said. The January OSP for Kuwait Export Blend Crude (KEC) to Asia fell by 65 cents a barrel from the previous month to a discount of 35 cents a barrel to the average of Platts Oman and Dubai prices, they said. The adjustment narrowed the price difference between KEC and Saudi’s Arab Medium crude in January to 30 cents a barrel, against 40 cents in ...

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U.S. Shale Becomes Oil Industry’s Safe Haven as Prices Languish

Big Oil is investing more in U.S. shale, not less, after the recent tumble in crude prices. It’s a far cry from four years ago when OPEC declared war on American shale areas, which at the time had some of the highest costs anywhere in the world and were often the first on the chopping block during tough times. The cost of shale production has fallen so much since then that it’s becoming a safe haven for major oil companies in times of volatile prices, providing rapid, reliable growth and ...

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The Oil And Gas Situation: A Time For Setting Records

They say numbers don’t lie, and the last two weeks for the U.S. oil and gas industry have seen the announcements of some pretty amazing numbers. These are numbers that demonstrate exactly how productive and efficient the business has become, and numbers that must be put into some context to understand how extraordinary they really are. So, as we move into mid-December 2018, let’s give it a shot: The U.S became a “net exporter” of petroleum liquids for the first time 75 years. – That’s right, the week of November ...

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Qatar’s OPEC exit could backfire on LNG superpower

Qatar’s reasons for exiting OPEC look muddled. The tiny Persian Gulf sheikhdom says it wants to concentrate on building on its position as the world’s biggest exporter of liquefied natural gas (LNG) instead of being a minor player in an oil cartel dominated by Saudi Arabia. Aside from saving on membership fees, leaving the group has few benefits and many risks. Politics had nothing to do with the decision, which came as a complete surprise to OPEC and its allies, according to Qatar’s new energy minister Saad Al-Kaabi. At a ...

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Firms set up LNG trading desks in Singapore to capture Asian growth

Several energy firms are setting up dedicated gas trading desks in Singapore as they try to capture the fast growing liquefied natural gas market (LNG) in Asia. As of September, Singapore has over 45 companies with an LNG trading or business development presence here, Enterprise Singapore told Reuters on Monday. This is up from the nearly 40 companies set up in the city-state in May this year, according to local media. “We are looking to develop Singapore’s LNG industry further, as LNG becomes a more important component of Asia’s energy ...

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Oil rises to $61 on Libyan supply cut, U.S. inventories

Oil rose to about $61 a barrel on Wednesday, supported by an industry report showing a drop in U.S. crude inventories, a cut in Libyan exports and an OPEC-led deal to trim output. The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped by 10.2 million barrels last week, more than analysts had forecast. Official inventory figures are due later on Wednesday. Brent crude, the global benchmark, rose $1.07 to $61.27 by 0947 GMT. It has still fallen by almost a third since early October. U.S. crude ...

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Citi forecasts oil goes nowhere in 2019 as OPEC cuts and US pumps more

Citi believes international oil prices will average $60 a barrel in 2019, remaining near current levels as OPEC-led production cuts encourage U.S. drillers to put more crude on the market. OPEC, Russia and other producers agreed on Friday to remove 1.2 million barrels per day from the market beginning in January. The move follows a more than 30 percent collapse in oil prices that saw international benchmark Brent crude fall from more than $86 a barrel to a 13-month low of $57.50 last month. Some analysts forecast the production cuts ...

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OPEC and its allies seek the nirvana of crude oil “balance”: Russell

The key concept in the wake of the decision to reduce crude oil output by OPEC and its allies is “balance”. It’s something everybody in the market says they want, but they all have different ideas of what it means and how to get there. Boiled down to the basics, both the Organization of the Petroleum Exporting Countries and the other producers, most notably Russia, are trying to do with the move to cut output by 1.2 million barrels per day (bpd) is achieve their vision of a balanced market. ...

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‘This Too Shall End’: Loews CEO Sees Oil Back at $75 in Two Years

While oil prices remain stubbornly low despite a pledge by OPEC to curb global output, the head of one U.S. conglomerate is eyeing a rebound that’ll bring crude back to $75 a barrel. “What we’ve seen this year is a dramatic increase in production,” Jim Tisch, chief executive officer of Loews Corp., which bought the rest of Boardwalk Pipeline Partners LP it didn’t already own earlier this year, said on Bloomberg TV Monday. “Now oil is $50 a barrel, the shale producers are singing the blues again, and I think ...

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WTI to average $65.18/B in 2018, $54.19/b in 2019: EIA

The US Energy Information Administration on Tuesday significantly reduced its forecast for WTI and Brent crude spot prices in 2019, largely due to record global output, particularly in the US, and lower-than-expected demand. In its Short-Term Energy Outlook, EIA forecasts WTI to average $54.19/b in 2019, down $10.66/b from the agency’s forecast last month, and Brent to average $61/b in 2019, down $10.92/b from last month’s forecast. “Market uncertainty during November appears to have contributed to levels of price volatility for Brent and West Texas Intermediate crude oils not seen ...

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China’s Shandong independent refineries cut run rates to 65% in Nov

China’s Shandong independent refineries have lowered crude run rates slightly to 64.6% in November, down from an eight-month high of 67.4% in October, a monthly report from local information provider JLC showed. However, the November run rates were still higher from the average run rate of 62.7% over January-October, although down from the November 2017 run rate of 67.3%. The lower run rates, was mainly due to weakening refining margins, because some refineries chose to lower throughput or shutdown for a while. The refining margins for cracking imported Oman crude ...

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Russian oil export duty seen down by a third in January under new tax regime

Russian oil export duty is expected to fall by around 34 percent in January from December to $89.20 a tonne, as a new tax regime kicks in next year and oil prices decline, Reuters calculations showed. Export duty for liquefied petroleum gas (LPG) is seen falling to zero. The Russian government wants to gradually reduce oil export duty to zero in the next five years, while at the same time raising the mineral extraction tax. The level of the duty is calculated by the finance ministry and is based on ...

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OPEC’s Output Cut Not Enough To Provide Short-Term $70 Oil Price Floor

For an entire trading session last week (Thursday, December 6), it seemed there would be no deal between the oil cartel OPEC, which counts Saudi Arabia among its biggest beasts, and 10 non-OPEC producers fronted by Russia, to cut production, in their bid to support crude prices. In a near-unprecedented move, when the 175th OPEC ministers’ summit ended that evening, a final communiqué was not issued, and there was no media and analysts briefing. It seems Saudi Arabia –itself responsible for pumping close to 11 million plus barrels per day ...

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China’s Oil Demand Will Surprise to the Upside in 2019

Contrary to some observers who focus intently on trade data as a proxy for demand, China’s total oil product demand rose by only 150,000 b/d in 2018. This is part of the reason why the global oil market is so weak as the year comes to an end. China’s oil demand will surprise again in 2019, but this time by rising by over 400,000 b/d, according to ESAI Energy’s latest China Watch. This rebound is comprised mainly of non-marketed naphtha at two new petrochemical integrated refineries, as well as LPG ...

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