March 2017

Global benchmark Brent LCOc1 was up 19 cents at $55.27 a barrel at 0941 GMT, recovering some of Thursday's losses that amounted to more than 2 percent. WTI futures CLc1 traded at $52.69 a barrel, up 8 cents on the previous close.

World's top crude exporter Saudi Arabia cut April prices of light crude it sells to Asia for the first time in three months in a bid to shore up demand in an oversupplied market, trade sources said.

Средняя цена нефти марки Urals по итогам января – февраля 2017 года составила $ 53,32 за баррель.

The group was forced in August to abandon plans to split the cost of the 1,200km Nord Stream 2 pipeline under the Baltic Sea with the project’s European partners Engie, OMV, Wintershall, Shell and Uniper.

Crude oil production increased 1.0 percent from December 2016, but was down by 2.5 percent from January 2016 to average almost 9.0 million barrels per day in January 2017. This was the third highest January since 1986. Natural gas liquids (NGL) production, a co-product of natural gas production, was up from both the prior month and prior year. NGL production in January averaged 3.5 million barrels per day, up 1.9 percent from last month and was 6.6 percent higher than last year. This was the highest January output level on record.

Directors commended the authorities for achieving an impressive recovery in economic growth after the lifting of nuclear sanctions in 2016, maintaining inflation in single digits, and stabilizing the foreign exchange market. Given the renewed uncertainty, Directors emphasized the importance of maintaining prudent macroeconomic policies and building buffers, strengthening the financial sector, and advancing reforms to lessen Iran’s reliance on oil and develop the private sector. They welcomed the authorities’ commitment in this regard and the thrust of their reform plans.

Crude oil flows from the Kirkuk fields in northern Iraq were briefly disrupted on Thursday after a Kurdish faction seized a pumping facility in protest at the policies of Baghdad and Erbil, adding a new threat to Iraq’s attempts to comply with Opec’s agreed cuts.

Exports in January expanded 13.6 percent from a year earlier, the biggest gain since October 2015, but just missing the 15.0 percent increase forecast. In December, exports rose 10.7 percent. Data from the International Trade and Industry Ministry showed exports of mining goods increased 18.8 percent on stronger demand for crude oil and liquefied natural gas.

The LUKOIL Group oil production for the fourth quarter and twelve months of 2016 was 22.7 and 92.0 million tonnes, respectively. Production for the fourth quarter excluding compensation crude oil from West Qurna-2 project in Iraq increased by 2.5% compared to the third quarter of 2016.

In the fourth quarter of 2016, Eni reported an adjusted operating profit of €1.29 billion, up by 103% or €0.65 billion quarter-on-quarter, reversing the negative trend of the previous quarters, thanks to doubling in the E&P operating performance to €1.4 billion (up by €0.8 billion).