IEA: LOWER ECONOMIC GROWTH
IEA lowered its 2014 global oil demand growth forecast to 1.0 million barrels per day (mb/d) on lower‐than‐expected deliveries in the second quarter and the International Monetary Fund's weaker outlook for economic growth. But as the economy improves in 2015, demand is set to accelerate by 1.3 mb/d in 2015.
OPEC crude oil supply rose by 300 000 barrels per day (300 kb/d) to 30.44 mb/d in July, a five‐month high, as a boost from Saudi Arabia to 10 mb/d and a tentative recovery in Libyan output more than made up for declines in Iraq, Iran and Nigeria. The "call on OPEC crude and stock change" averages around 30.8 mb/d for the fourth quarter, just like in the third, the OMR informed subscribers.
The global oil supply increased 230 kb/d in July, to 93.0 mb/d, with higher OPEC output countering slightly lower non‐OPEC supply. Compared with July 2013, global supplies rose 840 kb/d, as a 1.2 mb/d increase in non‐OPEC supplies more than offset a 360 kb/d decline in OPEC output.
OECD industry stocks posted their sixth consecutive monthly build in June, rising 13.8 mb to stand at 2 671 mb at the end of the month, their highest level since September 2013. Inventories' deficit to the five‐year average narrowed to 42.1 mb from 52.0 mb at the end of May. The second-quarter stock build of 88 mb was the largest quarterly build since the third quarter of 2006.
Global refinery activity saw diverging trends in June. A counter‐seasonal fall in OECD throughputs contrasted with record highs in key non‐OECD countries. The OMR estimated second-quarter global refinery runs at 76.5 mb/d, 1.3 mb/d more than a year earlier and 0.2 mb/d higher than in the previous OMR. Projections for the third quarter remain unchanged at 77.8 mb/d.
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.