OIL PRICES RISING
Kuwait's oil minister said on Tuesday he expected oil prices to continue rising, predicting gains in the final quarter of 2015 on the back of global growth.
"All indicators point to an improvement in prices ... today we have reached the stage where a fall is difficult, a fall has now become unlikely," Ali Saleh al-Omair told reporters.
Omair also said costs for the country's al-Zour refinery were expected to increase by around 1 billion Kuwaiti dinars ($3.31 billion) pushing up total cost to more than 5 billion dinars.
A Kuwait National Petroleum Company spokesman had said on Monday the start-up of the refinery would be delayed as the company was seeking more financing on the back of rising construction costs.
The 615,000 barrel per day oil refinery, originally planned more than a decade ago, would be the biggest in the Middle East, but the project has been repeatedly delayed by bureaucratic and political issues, including tensions between Kuwait's parliament and cabinet.
Omair also confirmed that the board of state-owned energy giant, Kuwait Petroleum Corp (KPC) had been expanded to include a total of 15 members and that a board meeting had taken place earlier on Tuesday.
The board previously had nine members.
Sources told Reuters last week several changes were under consideration for the KPC board and that expanding members was one of them.
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BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.
PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.
FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn.
U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.