OPEC: LOWER DEMAND
The Organization of the Petroleum Exporting Countries said Monday it revised down the demand for its crude this year, to a level far below its current output, despite higher estimates for global consumption.
In its closely watched monthly oil-market report, OPEC lowered its projection for 2015 by about 100,000 barrels a day, to 29.2 million a day. That is more than 2 million a day less than the group's 12 members pumped last month.
OPEC raised its forecast for oil demand growth in 2015 to 1.28 million barrels a day and projected that global oil consumption would grow at higher rate next year, led by growth in Organization for Economic Cooperation and Development countries.
The group, which pumps about a third of the world's crude, said its total production rose in June by 283,000 barrels a day compared with May, to 31.38 million barrels, driven mainly by higher output from Iraq, Nigeria and Saudi Arabia.
Saudi Arabia, the world's largest oil exporter, told the cartel it produced 10.564 million barrels a day last month, up from 10.333 million barrels a day in May.
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PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.
WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.