OIL PRICES: ABOVE $52 AGAIN
According to REUTERS, oil edged higher on Friday as Russia reiterated its commitment to joining a producers' output freeze to stem a two-year slide in prices but a strong dollar capped gains.
Global benchmark Brent crude futures LCOc1 were 12 cents higher at $51.50 a barrel at 0847 GMT.
U.S. West Texas Intermediate (WTI) crude CLc1 was trading at $50.65 a barrel up 2 cents from its last settlement.
Russian Energy Minister Alexander Novak said on Friday an oil output freeze agreement was necessary to prop up prices and that he would make proposals to his Saudi Arabian counterpart this weekend.
The Organization of the Petroleum Exporting Countries will hold a meeting on Nov. 30 to find common ground on capping oil production. This is expected to work out how each member country will contribute to a freeze.
"The near term fundamentals in the oil market have turned positive. Demand is stabilizing, OPEC production has peaked (and will fall if cuts are implemented), and global inventory declines imply that the market is more balanced than many believe," Neil Beveridge of Bernstein Energy said in a note to clients.
But Olivier Jakob, oil analyst at Petromatrix said: "We have been cautious in the current (oil) flat price rally, based on our forecast of an OPEC supply surge in the fourth quarter and a widening of the Brent contango."
A rise in the dollar on Friday to touch a seven-month high against a basket of currencies, in its third straight week of gains, prevented oil prices from pushing higher.
A stronger dollar means dollar-denominated commodities become more expensive to hold, making it less attractive for investors to buy them.
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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.