SOLIDARITY WITH OPEC
BOE wrote, many nations are willing to join OPEC in cutting production to secure a continued improvement in oil prices, said Saudi Arabia's Minister of Energy and Industry Khalid Al-Falih.
Oil producing countries can secure a "healthy" price gain with a small percentage output cut, Al-Falih said at the Oil and Money conference in London Wednesday. Both the Organization of Petroleum Exporting Countries and producers outside the group are aiming for a deal by the end of November, he said.
Crude futures extended gains after the minister's comment, with West Texas Intermediate advancing 1.4 percent to $51 on the New York Mercantile exchange at 9:52 a.m. London time.
The Saudi Minister painted an upbeat view of the oil market, saying the industry was finally at the end of a considerable downturn. Although the recovery took longer than expected, U.S. crude inventories are declining and supply and demand clearly are coming back into balance, he said.
Oil has fluctuated near $50 a barrel amid uncertainty about whether OPEC will be able to implement an accord to reduce supply when they gather at an official meeting in November. A committee will meet later this month to try and resolve differences in the group over how much individual members should pump.
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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.