OPEC Secretary-General Mohammed Barkindo forecast on Monday that stability would return to oil markets this year while price hawk Venezuela said it hoped its crude basket would rise to $70 in coming months.
China’s oil production is forecast to fall by as much as 7 percent this year, extending a record decline in 2016.
Pakistan LNG Limited will open financial bids for the supply of 240 shipments of LNG on January 19, while contracts to successful bidders will be awarded on Jan 31.
Benchmark Brent crude oil LCOc1 was down 10 cents a barrel at $55.35 by 0915 GMT (04:15 a.m. ET) and U.S. light crude CLc1 fell 10 cents to $52.27.
Средняя цена на нефть Urals за период мониторинга с 15 декабря 2016 года по 14 января 2017 года составила $52,53 за баррель, или $383,5 за тонну.
Global oil prices will witness "much more volatility" in 2017 even though markets may rebalance in the first half of the year if output cuts pledged by producers are implemented.
U.S. Rig Count is up 9 rigs from last year's count of 650, with oil rigs up 7, gas rigs up 1, and miscellaneous rigs up 1. Canadian Rig Count is up 88 rigs from last year's count of 227, with oil rigs up 60, gas rigs up 27, and miscellaneous rigs up 1.
Consumption is expected to rise 7-8% this year, outpacing China's demand growth for the third consecutive year.
For the year, the world's third biggest oil consumer bought about 473,000 barrels per day (bpd) of oil from Iran to feed expanding refining capacity, up from 208,300 bpd in 2015, the data showed.
India and Japan should co-operate on long term contracts for LNG with a defined cost of energy which would provide a stabilizing factor for the renewable energy thrust that India is currently giving, Indian minister for power, coal, new & renewable energy and mines, Piyush Goyal said January 11 on the side-lines of the seventh India-Japan Energy Forum in New Delhi.