PLATTS - Japan's crude oil imports from Saudi Arabia rose 19.3% month on month to an average of 1.39 million b/d in November, preliminary data released Thursday by the Ministry of Economy, Trade and Industry showed.
PLATTS - The issuance of a combined 2.8 million b/d cap on formerly exempt members Libya and Nigeria at the organization's November 30 meeting means that OPEC as a whole now has a notional collective ceiling of 32.74 million b/d, when all the members' quotas are added up. From January-November, compliance was 108% according to S&P Global Platts, one of the six secondary sources used by the organization to monitor output.
BLOOMBERG - Under a six-year fiscal program, officials predict rising oil prices and output will push income from oil sales to 801.4 billion riyals ($214 billion) from 440 billion riyals this year, the people said on condition of anonymity because they aren’t authorized to share the data publicly. It assumes the price of oil will reach $75 a barrel. Non-oil revenue, excluding income from the Public Investment Fund, would increase 32 percent to 337 billion riyals, they said.
The price of oil in 2018 will be volatile with commodity market traders selling on signals of OPEC-Russia “cheating” or members producing more oil than the extended Algiers Agreement output quotas.
BLOOMBERG - Kuwait Petroleum Corp. signed a 15-year liquefied natural gas import deal with Royal Dutch Shell Plc to help the oil exporting nation meet growing domestic energy demand.
BLOOMBERG - Al-Falih wouldn’t rule out buying LNG from Russia, which this month opened a new plant in the Arctic, although he cautioned it wasn’t the most economical option at the moment.
BLOOMBERG - Saudi Arabia expects oil revenue to jump 12 percent next year in a sign the world’s biggest crude exporter expects prices to keep rising in 2018.
REUTERS - State oil company Saudi Aramco last week raised prices for all crude oil grades to Asia in January.
BLOOMBERG - Libya, which has been stepping up efforts to boost oil output, will maintain its current production level until the end of next year to stay in line with OPEC’s agreement to trim global supplies.
PENNENERGY - significant deposits already discovered in the east Mediterranean, including Israel's Leviathan field are "just the tip of the iceberg" and that "it's very likely" that more gas will be found in Cypriot waters.