OPEC - RUSSIA MEETING
WSJ wrote, OPEC's most senior official will discuss the possible participation of Russia in an OPEC production cut next week, officials in the group said this week, as the cartel seeks to bolster a landmark deal in Algiers.
Last week, the Organization of the Petroleum Exporting Countries agreed to cut between 200,000 barrels a day and 700,000 barrels a day of their output to reduce a global oil glut. The 14-nation oil-producing group controls over a third of the world's oil production, but said it also wanted non-OPEC producers to join the effort to curb output.
OPEC Secretary-General Mohammad Senusi Barkindo is planning to meet Russia's energy minister Alexander Novak for "consultations" on the sidelines of an energy summit in Istanbul, a person familiar with the meeting said.
Non-OPEC producer Russia has rarely joined efforts to bolster oil prices and most recently said controlling output would be difficult because a large part of its production is outside state hands.
Russian oil production has been at or near post-Soviet records in recent months, and the government relies heavily on oil revenue. But Russian President Vladimir Putin has said his country should consider joining limits on production with OPEC.
On Tuesday, Venezuela's oil minister Eulogio de Pino also said OPEC was also in "active discussions" with non-OPEC members Oman and Azerbaijan. He said an agreement involving non-OPEC producers could bring a reduction in global supply of 1.2 million barrels of crude a day—implying a cut of 500,000 barrels a day outside the cartel.
But Iran's OPEC Governor Hossein Kazempour told reporters after the Algiers meeting he hopes non-OPEC producers could take out 300,000 barrels a day from international oil markets.
OPEC itself has yet to agree on how much each of its members need to produce. Iran, Libya and Nigeria are exempted from restrictions and are expected to produce more oil. The group is set debate individual allocations as part of a specially-formed committee ahead of a crucial OPEC meeting in Vienna on Nov. 30.
In Istanbul, Dr. Barkindo is also set to meet Saudi Energy Minister Khalid al-Falih to determine how much the kingdom—the largest producer in the group—should produce, according to people familiar with the meeting. Saudi Arabia pumped near record levels at 10.6 million barrels a day in August.
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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.