OIL PRICES WILL UP
Oil prices will increase by the end of this year but won't rebound to levels reached in 2013 and 2014, according to Amin H. Nasser, president and chief executive officer of Saudi Arabian Oil Co.
Prices will gain as "the gap between supply and demand in the oil market is shrinking," Nasser said at an event in Beijing on Monday. Oil exceeded $100 a barrel in 2013 and 2014 before dropping amid a global glut. Benchmark Brent crude was trading on Monday at $40.21 a barrel in London.
The world's largest crude oil-producing company, known as Saudi Aramco, is looking to boost investments in the Chinese energy industry, he said.
"We furnish 20 percent of China's crude oil imports – about one million barrels a day. But there's a significant gap in what we are doing now, and what we can offer," Nasser said. "Our investments in China's entire oil value chain – integrating supply, refining, chemicals, lubes, distribution and marketing – don't match our supply."
Aramco plans to invest in Asian refineries to ensure the state-run company can expand sales in the fastest-growing region for fuel demand. It's adding India to the list of Asian countries where the company intends to build refineries as part of a plan to almost double its global processing capacity, Nasser told Bloomberg in Jubail, Saudi Arabia, on March 9. Aramco is also considering plants in Indonesia, Malaysia and Vietnam.
The company already owns a stake in a refinery in China's Fujian province along with Exxon Mobil Corp. and China Petroleum & Chemical Corp. It's still in talks with another partner, China National Petroleum Corp., to build a joint-venture refinery.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.