US & UAE AGREEMENT
A memorandum of understanding signed by the US and the United Arab Emirates will focus on five areas: energy policy formulation, energy efficiency, the energy-water nexus, carbon capture and storage, and unconventional oil and gas development.
The MOU was signed Oct. 1 at the US-UAE Strategic Energy Dialogue in Washington, DC, by US Sec. of Energy Ernest Moniz and UAE Energy Minister Suhail Al Mazrouei, and creates a framework for cooperation.
The US Department of Energy said the parties agreed on milestones and timelines and will hold the next meeting in Abu Dhabi in 2015. The inaugural meeting was held in June in Abu Dhabi.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.