November 2016

Russia's oil and gas companies will continue to benefit from the weak rouble while avoiding a major tax hike in 2017, according to a new special report by Fitch Ratings.

Venezuela has borrowed over $50 billion from China under a financing arrangement created by late socialist leader Hugo Chavez in 2007, in which a portion of its crude and fuel sales to the world's second-biggest economy are used to pay down loans.

Nigeria reached a $5.1 billion settlement to reimburse foreign oil companies including Exxon Mobil Corp. and Royal Dutch Shell Plc for past operating costs.

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.

Iran overtook political rival Saudi Arabia as India's top oil supplier in October, shipping data showed, just ahead of a producers' meeting this month to hammer out the details on output cuts aimed at reining in a global glut.

Japan sees the current low oil price environment creating "a significant chance for acquiring [upstream] stakes and assets," as well as the need to facilitate upstream investments amid slowing investments globally, Yuki Sadamitsu, director of the oil and gas division at the Ministry of Economy, Trade and Industry said in an interview with S&P Global Platts last month.

Pakistan's gasoline consumption rose 17.5% year on year to 4.385 million mt in fiscal 2015-16, while high speed diesel consumption rose 2.6% to 6.223 million mt and furnace oil sales fell 250,000 mt to 8 million mt.

LUKOIL has raised USD 500 million in a 5-year unsecured loan at 3 month LIBOR+3.0% to finance the development of the Gissar group’s gas condensate fields in Uzbekistan. Soyuzneftegaz Vostok Limited, a wholly-owned indirect subsidiary of PJSC “LUKOIL”, is the borrower under the loan.

Global benchmark Brent crude LCOc1 was down 39 cents at $46.56 a barrel at 0917 GMT. It closed Tuesday 5.7 percent higher on news that members of the Organization of the Petroleum Exporting Countries would renew efforts to limit production. U.S. crude CLc1 was 47 cents lower at $45.34 a barrel.

The deal between Essar and a consortium led by Kremlin oil giant Rosneft (ROSN.MM) appeared dead in the water two months ago after Saudi state energy firm Aramco weighed in, according to seven Russia, India and Saudi-based industry sources familiar with or involved in the negotiations.