OIL PRICE: ABOVE $49
REUTERS wrote, oil prices extended declines on Monday after non-OPEC producers made no specific commitment to join the OPEC in limiting oil output levels to prop up prices, suggesting they wanted the oil producing group to solve its differences first.
Officials and experts from OPEC countries and non-OPEC nations including Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia met for consultations in Vienna on Saturday and only agreed to meet again in November before a scheduled regular OPEC meeting on Nov. 30, they said in a statement.
London Brent crude for December delivery LCOc1 was down 29 cents, or 0.6 percent, at $49.42 a barrel by 0750 GMT after settling down 76 cents on Friday.
NYMEX crude for December delivery CLc1 was trading down 29 cents, or 0.6 percent, at $48.41 a barrel, after closing down $1.02 on Friday.
"There was a lot of talk and nobody managed to agree on anything. That has been pushing the market down," said Jeffrey Halley, senior market analyst at OANDA brokerage in Singapore.
The potential tightening of the U.S. presidential race after news of a renewed FBI probe of Democratic candidate Hilary Clinton was also affecting sentiment and putting investors off riskier assets, Halley said.
OPEC and non-OPEC said in a joint statement that Saturday's meeting was a "positive development" towards reaching a global output limiting deal on November 30.
On Friday, OPEC members also failed to agree on how to put in place a global deal to limit production, following objections from Iran which has been reluctant to even freeze its output, sources said.
Russia expects to increase its oil output by 0.7 percent next year and a further 0.9 percent in 2018, the draft federal budget showed.
Crude production is expected to be a record-high 548 million tonnes in 2017 and 553 million tonnes in both 2018 and 2019, up from an estimated 544 million tonnes this year, the document showed.
In a bearish sign, money managers cut their net long U.S. crude futures and options positions for the first time in five weeks in the week ended Oct. 25, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
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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.