OIL PRICES: ABOVE $54 ANEW
REUTERS - Oil prices extended gains for a second session running on Friday on optimism that non-OPEC producers would agree to cut output following a cartel agreement to limit production.
The Organization of the Petroleum Exporting Countries (OPEC) will meet non-OPEC nations in Vienna on Saturday seeking their help in curbing a global glut. Azerbaijan has said it will come to the Austrian capital armed with proposals for its own reduction.
Brent crude for February delivery LCOc1 was up 12 cents at $54.01 a barrel by 0752 GMT, after rising 1.7 percent on Thursday. The contract hit its highest since July 2015 at $55.33 on Monday.
U.S. crude for January delivery CLc1 was up 32 cents at $51.16 a barrel. Both contracts have lost nearly 1 percent so far this week.
Russia has said it would cut 300,000 barrels per day, meaning other non-OPEC producers combined would need to pledge the same amount to lower output by the 600,000 bpd OPEC wants - half the reduction OPEC is making.
Kazakhstan may offer to freeze its oil output at last month's level at the talks between OPEC and non-OPEC producers in Vienna, Kazakh Energy Minister Kanat Bozumbayev said on Friday.
"There are hopes for deeper cuts as non-OPEC nations are set to cooperate in curbing production," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting.
"But it is still uncertain whether their cuts would reach 600,000 bpd, which is providing limited support to oil gains."
OPEC last week agreed to slash production by 1.2 million bpd in the first half of 2017, that bolstered crude futures despite doubts over whether the amount was enough.
Saudi Arabia and Iraq will supply full contracted volumes of crude to Asia in January, despite OPEC's commitments to cut output as they look to defend market share in the fastest growing region for oil demand, refinery sources said.
Venezuelan President Nicolas Maduro said on Thursday he had agreed with Iran to call for a summit of heads of state from OPEC and non-OPEC countries in the first quarter of next year to decide on strategy for the oil market.
Global spending on oil and gas exploration in 2017 could fall below this year's $40 billion, consultancy Wood Mackenzie said.
The market is waiting on weekly data on U.S. oil rig counts issued by oil services firm Baker Hughes later on Friday.
|December, 15, 13:20:00|
|December, 15, 13:15:00|
|December, 15, 13:10:00|
|December, 15, 13:05:00|
|December, 15, 13:00:00|
|December, 15, 12:55:00|
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.