WINTERSHALL & BP: RAIDERS OF THE LOST ARK
BASF energy production unit Wintershall says it is teaming with BP to produce oil and gas in the Middle East and North Africa, focusing on new and existing BP projects in the region.
Wintershall says it wants to considerably increase its activities in the region despite continuing political turmoil there, in the hopes that the area eventually will complement the company's core markets in the Norwegian North Sea and Russia.
Wintershall also eyes further asset buys off Norway to boost output.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.