PLATTS - "Since 2013-2014 we have seen a rapid drop off in investment which we believe will bite the consumers and the industry as a whole," Falih said at a media briefing at the International Energy Forum. "We are trying to signal to the market, to the investors, to the financial community, to international oil companies to put investments back into the upstream."
BLOOMBERG - OPEC said its oil output fell to the lowest in a year last month amid reduced supplies from Venezuela and Saudi Arabia, suggesting global markets may tighten sharply later this year.
REUTERS - Brent crude has gained 5.7 percent this week, rising to $71.34 a barrel on Tuesday, the highest since late 2014, although the price has since fallen back and was $70.98 a barrel by 0907 GMT LCOc1, down 6 cents.U.S. crude futures CLc1 were at $65.55 a barrel, up 4 cents on the day.
PLATTS - Maintaining a long-term oil management alliance with Russia and other allies will allow OPEC producers to react more quickly to changing fundamentals and stabilize the market,
BLOOMBERG - “We are a very price-sensitive consumer,’’ Pradhan said on Tuesday. “From Indian consumers’ point of view, I will be more than happy if the price is around $50 a barrel.’’
PLATTS - India's state-run refiners and Saudi Aramco signed an agreement Wednesday to jointly build an integrated refinery and petrochemical complex on India's west coast at a cost of $44 billion, Saudi energy minister Khalid al-Falih said.
REUTERS - U.S. WTI crude futures CLc1 were at $62.31 a barrel at 0643 GMT, up 25 cents, or 0.4 percent, from their previous settlement. Brent crude futures LCOc1 were at $67.42 per barrel, up 31 cents, or 0.5 percent.
PLATTS - Russia is willing to work with the OPEC coalition indefinitely to regulate global oil supplies and has advocated the creation of a new global body to monitor crude markets, the country's energy minister said.
PLATTS - OPEC oil output in March fell to 32.14 million b/d, its lowest level in 11 months, led by declines in seven out of the 14 member countries,
REUTERS - Brent crude LCOc1 for June delivery briefly traded flat at 1322 GMT at $68.33 per barrel after falling as much as 66 cents earlier. U.S. West Texas Intermediate crude for May delivery CLc1 erased some of its previous losses, but was still down 15 cents at $63.39 a barrel.