OIL PRICES: EVEN ABOVE $47
REUTERS wrote, oil prices rose on Thursday as expectations of an OPEC deal to limit production outweighed growing evidence of global oversupply and rising inventories, particularly in the United States.
Saudi Energy Minister Khalid al-Falih said on Thursday he was optimistic OPEC would formalize a preliminary oil output deal reached in Algeria in September.
"I'm still optimistic that the consensus reached in Algeria for capping production will translate, God willing, into caps on states' levels and fair and balanced cuts among countries," he told Saudi-owned Al-Arabiya TV.
Falih said he believed the market was on its way to becoming balanced and that an agreement by the Organization of the Petroleum Exporting Countries at its meeting in Vienna on Nov. 30 would speed the recovery.
Brent crude oil LCOc1 was up 60 cents a barrel at $47.23 by 1120 GMT (6:20 a.m. ET). U.S. light crude CLc1 was up 50 cents at $46.07.
U.S. crude inventories rose by 5.3 million barrels in the week to Nov. 11, well above forecasts of an increase of 1.5 million barrels, data from the U.S. Energy Information Administration showed on Wednesday. [EIA/S]
Stocks are also rising elsewhere, thanks to record output by OPEC, which pumps around 40 percent of world oil supply.
"The name of the game is 'volatility' as confusing signals are arriving before OPEC meets," said Tamas Varga, senior analyst at London brokerage PVM Oil Associates.
"We have evidence of oversupply - U.S. stocks rising - versus hopes for some action by OPEC."
Venezuelan President Nicolas Maduro said on Wednesday OPEC countries are ready to reach a "forceful" agreement on cutting oil output. Maduro met OPEC Secretary-General Mohammed Barkindo in Caracas to discuss a possible OPEC deal.
Russia has also expressed willingness to support an OPEC decision to freeze output, Russian Energy Minister Alexander Novak said.
But rising oil production and changing fundamentals "make a credible OPEC cut all the more difficult to achieve", Jason Gammel, analyst at U.S. investment bank Jefferies, said.
"The physical market has shifted back to oversupply because of surging OPEC output, with the most material increases driven by improving security conditions in Libya and (tenuously) Nigeria," he said.
Jefferies expects Brent to average $58 a barrel next year.
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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.