OPEC HAS NO MEANING - 2
Brent oil prices held around $50 a barrel on Friday following an OPEC meeting that failed to agree on output targets, but which was seen as supportive as Saudi Arabia pledged not to flood the market with more fuel.
The Organization of the Petroleum Exporting Countries (OPEC) failed to agree to a clear oil-output strategy on Thursday as Iran insisted on raising production to regain market share lost during years of sanctions, which were lifted in January.
Analysts still took away positive aspects from the meeting in Vienna, as Saudi Arabia showed restraint.
"We will be very gentle in our approach and make sure we don't shock the market in any way," Saudi Energy Minister Khalid al-Falih told reporters.
As a result, international Bent crude oil futures LCOc1 held around $50 per barrel early on Friday, trading at $49.99 per barrel at 0103 GMT, down 5 cents from the last settlement and almost double its January lows.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading down 9 cents at $49.08.
"The fact that Saudi Arabia strongly promoted a new higher ceiling sent an important message that it won't open taps to flood oil markets," ANZ bank said on Friday.
"Overall, this should be seen as a positive for oil prices. When combined with growing disruptions around the world and increasing declines in U.S. output, we see oil prices trending higher over the next six months," it added.
Bank of America Merrill Lynch said that rising oil prices were also being "exacerbated by seasonal dynamics, as well as robust trend gasoline consumption growth in the U.S., India, and even China."
The U.S. bank said that "fueled by the lower prices, oil consumption around the world is booming on less efficient use (i.e. more SUV sales), less substitution effects (i.e. less electric vehicle sales or more propane use instead of biomass), and more economic demand (i.e. more miles driven or flown)."
Strong demand in Asia was also reflected by a jump in refining margins especially for diesel and jet fuel.
Overall Asian refining margins have not been doing well this year, due to oversupply of products and the rising price of crude, but diesel and jet fuel production profits have jumped.
For diesel, traders said a record heat-wave in south and southeast Asia had pushed up fuel demand to operate air conditioners, while jet fuel demand was soaring because of Asia's booming air travel.
|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.