OIL PRICE: ABOVE $56 YET
REUTERS, BLOOMBERG, OILPRICE - Oil traded largely unchanged on Friday after a week of profit-taking and the return of oversupply concerns led the market lower, snapping a multi-week bull run that was Brent's longest in 16 months.
Investors were wary of tropical storm Nate shutting down some oil production in the Gulf of Mexico ahead of its expected arrival in the area as a hurricane on Sunday.
"The biggest impact (from Nate) could be on gasoline prices, depending on how many refineries are forced to shut down. But I don't think we will see another bull run," said Frank Schallenberger, head of commodity research at LBBW in Stuttgart.
Global benchmark Brent crude futures were up 7 cents at $57.07 a barrel at 0848 GMT. Week on week, the contract was set for a near 1 percent loss, snapping a five-week winning streak that was the longest since June 2016.
U.S. West Texas Intermediate (WTI) crude was at $50.59, down 20 cents. It was set to close the week down more than 2 percent, the biggest weekly loss in three months.
In the Gulf of Mexico, BP and Chevron were shutting production at all platforms, while Royal Dutch Shell and Anadarko Petroleum suspended some activity. Exxon Mobil, Statoil and other producers have withdrawn personnel.
The prospect of extended oil production cuts by the Organization of the Petroleum Exporting Countries and other producers led by Russia had supported prices in recent sessions.
Saudi Arabia's energy minister said on Thursday he was "flexible" regarding Moscow's suggestion a day earlier to prolong the production-curbing pact until the end of 2018.
However, concerns linger about growing U.S. crude exports, incentivised by a hefty WTI discount to Brent prices.
"We have a couple of bearish factors like a new record for U.S. crude exports, the reopening of Libya's biggest oilfield, a new year high in U.S. crude production and the recent strength of the U.S. dollar," Schallenberger said.
"I expect Brent to drop below $55 a barrel and WTI below $50 in the next couple of days."
U.S. government data showed this week that crude exports had risen to a record of nearly 2 million barrels per day.
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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.