CHINA & VENEZUELA COOPERATION
HP wrote, People's Minister of Petroleum and President of Petroleos de Venezuela SA (PDVSA), Eulogio Del Pino, spoke about the future of Venezuela's oil and gas industry on a recent visit to a desalination plant, which is part of the Chinese-Venezuelan JV Sinovensa. Del Pino said he sees more cooperation with China as a means to grow the oil and gas industries in both countries.
Speaking of the reserves in the Orinoco oil belt, Del Pino said, "In this underground lies the energy that China needs for the future. Currently, we are sending 600 Mbpd of crude to China, and we expect to increase this trade to more than 1 MMbpd within the next years."
Part of his vision for more cooperation is already underway in the form of a new refinery in China to process the crude PDVSA is sending to China. According to Del Pino, the project is in the advanced engineering phase.
In addition to the new refinery, Del Pino is planning a new terminal to handle the increased exports of crude.
"We expect to build a large-scale oil terminal in Araya, Sucre state, where the crude oil will be loaded in order to be shipped to China."
Del Pino said that, in the past, it was considered a loss of profit to transport crude to China. However, the expansion of the Panama Canal will cut the cost of shipping and make the transportation of crude to Asia a reality.
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API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.
IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.
BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.
REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.