PLATTS - "The shift from reporting individual country conformity to reporting overall conformity will be adopted to reflect the June 23 decision of the 4th OPEC and non-OPEC Ministerial Meeting that countries will strive to adhere to the overall conformity level, voluntarily adjusted to 100%, as of July 2018," Saudi energy minister Khalid al-Falih wrote to his counterparts Thursday in a letter.
SHANA - Dr. Hassan Rouhani, following a meeting of the heads of the three powers, stated that the vast majority of countries do not undergo US domestic laws, saying: “In the fields of energy, transportation, production and staple commodities, the country will not encounter any trouble, and we have always been victorious every time the administration and people stayed together.”
BLOOMBERG - Iran said Russia is ready to invest as much as $50 billion in its oil industry even as Western majors are pulling out of deals with the republic amid the threat of U.S. sanctions.
EIA - Brent crude oil spot prices averaged $74 per barrel (b) in June, a decrease of almost $3/b from the May average. EIA forecasts Brent spot prices will average $73/b in the second half of 2018 and will average $69/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average $6/b lower than Brent prices in the second half of 2018 and $7/b lower in 2019. NYMEX WTI futures and options contract values for October 2018 delivery that traded during the five-day period ending July 5, 2018, suggest a range of $56/b to $87/b encompasses the market expectation for October WTI prices at the 95% confidence level.
REUTERS - In June, India imported 592,800 barrels per day (bpd) of oil from Iran compared to 705,200 bpd in May, the data showed. The sources declined to be identified.
SHANA - Iranian Minister of Petroleum Bijan Zangeneh said that Iranian crude oil and exports had not been affected as a result of US’s pulling out of the Joint Comprehensive Plan of Action (JCPOA).
ИРНА - Иран в течение прошедшего месяца (июнь), экспортировал 2,6 миллиона баррелей нефти в день в страны Азии и Европы, начиная с 20 марта 2017 года. Экспорт включал 2,280 млн баррелей нефти в сутки и 330 тыс. баррелей конденсата в сутки в течение одномесячного периода.
SHANA - Donald Trump's call on other countries to stop buying crude oil from Iran and putting European companies under pressure would be a kind of self-harm for the US leading to dramatic price hikes in the oil market, given Nigeria and Libya being crisis-stricken, Venezuela's crude oil output having plunged and Saudi Arabia's domestic consumption spike in summer, Iran's OPEC Governor says.
PLATTS - Kazakhstan's giant Kashagan oil field is achieving new production highs everymonth and has done better than 300,000 b/d, but development beyond the currentphase is likely to be about "discretionary step-ups" rather than giant steps,Shell country chair and vice president Olivier Lazare said Thursday.
PLATTS - India's oil ministry has instructed state-run refiners such as Indian OilCorp., Hindustan Petroleum Corp. Ltd. and Bharat Petroleum Corp. Ltd. toscout for alternative sources to Iranian oil.