OIL PRICES: ABOVE $55 YET
REUTERS - Oil prices extended declines on Monday, dragged down by signs of growing production in the United States that could partly offset output cuts by OPEC and other producers.
Uncertainty over the outlook for U.S policy also broadly weighed on financial markets after President Donald Trump introduced immigration curbs that sparked criticism at home and abroad.
But oil trading was quiet with several Asian countries, including China, on holiday for the Lunar New Year.
London Brent crude for March delivery had dropped 28 cents to $55.24 a barrel by 0657 GMT, after settling down 72 cents on Friday.
NYMEX crude for March delivery was down 23 cents at $52.90 a barrel.
The U.S. weekly oil and gas rig count from Baker Hughes showed that U.S. drillers added 15 oil rigs last week, bringing the total count to 566, the most since November 2015.
The Organization of the Petroleum Exporting Countries and other producers, including Russia, agreed to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017 to relieve a two-year supply overhang.
"We are in wait-and-see mode, I suspect at the moment. Oil has reached a fair value equilibrium level given the current supply and demand outlook," said Ric Spooner, chief market analyst at CMC Markets in Sydney.
"Until we get anything to really disrupt that, we may not see too much change," he said, adding the market may draw some comfort from official OPEC figures for January output.
Spooner said that, as with other financial markets, Trump's ban on entry to the U.S. for refugees and citizens from seven Muslim countries had contributed to a "risk-off" attitude.
U.S. oil production has been rising, with the International Energy Agency forecasting total U.S. output growth of 320,000 bpd in 2017 to an average of 12.8 million bpd.
"The rise in U.S. output should not be unexpected," ANZ bank said in a note.
"However, we expect the reductions being made by OPEC will far exceed any rise in the U.S. and quickly reduce the global inventory that has been built up over the past two years," it added.
Hedge funds and money managers boosted bullish wagers on U.S. crude oil to the highest level since mid-2014, Commodity Futures Trading Commission (CFTC) data showed on Friday, as the output cuts agreed by the world's top producers began to eat into a global glut.
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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.