KURDISH OIL: $4 BLN
The Kurdish Natural Resource Committee has announced that sales of Kurdish crude oil have exceeded $4 billion over the past year.
Current crude export figures hover between 120,000 to 150,000 barrels of oil per day. That crude is then piped up to Turkish ports for export.
The committee also confirmed that seven tankers worth of Kurdish oil have been sold on the international market.
The Kurdistan Regional Government (KRG) hopes to reach a daily production goal of 500,000 barrels of oil per day in order to better fund their government institutions.
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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.