PERTAMINA'S INCOME: $2.83 BLN
PERTAMINA wrote, cost-cutting operations have helped Pertamina triple its net income over the first nine months of the year.
Pertamina's income surged from USD 914 million to USD 2.83 billion, thanks in part to efficiency gains that resulted in a USD 834-million reduction in operational costs. "These achievements are made possible because Pertamina managed to improve operational performance and cut costs up to 27 percent in the first nine months of this year," President Director Dwi Soetjipto said in a statement.
Hydrocarbons production over the first nine months of 2016 averaged 646,000 boepd, up 12.3 year-on-year. Oil output came out at 309,000 bopd, while gas production was recorded at 55.3 mcm (1.95 bcf) per day.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.