WEATHERFORD CUTTING VENEZUELA
SA. Weatherford (WFT +0.5%) says the "serious liquidity situation" in Venezuela is causing it to reduce its operations in the country, and it expects its Russian business to grow this year.WFT provides drilling and exploration services to Venezuela's national oil company but the country's currency devaluation and economic instability have caused payment delays.WFT foresees a "very constructive year" in Russia, CEO Bernard Duroc-Danner says, without discussing how the ongoing tension between Russia and Ukraine could affect the company's business.Says its Q1 has been negatively impacted by bad weather in Texas and the northeast U.S.
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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.