VENEZUELA & RUSSIA AGREE
Venezuela and Russia have reached an agreement to step up investment and participation of Russian companies in development of Orinoco Belt oil reserves and other projects, Venezuelan President Nicolas Maduro said on Thursday after a meeting with Russian President Vladimir Putin in Moscow, writes TASS.
The press service of the Venezuelan presidential administration cited the president as saying the step was part of a plan to protect the oil market and strengthen the strategic alliance with Russia in the energy sector.
An agreement was also reached on investments in equipment to extract and refine oil.
Venezuela produces three 3 million barrels of oil a day and exports 2.5 million, mainly to the United States and China. It is the world's fifth oil exporter. The country's oil reserves are estimated at almost 300 billion barrels. Most of the reserves are in the Orinoco Belt.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
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.