IRAN & RUSSIA GAS
Iran is not ready to replace Russia as a key gas supplier if sanctions against Tehran are removed, Itar-Tass news agency quoted Iranian President Hassan Rouhani as telling Russian TV channel Rossiya 1.
The European Union is quietly increasing the urgency of a plan to import natural gas from Iran, as relations with Tehran thaw while those with top gas supplier Russia grow chillier, a European Commission source told Reuters in September.
"We are lagging in production and think about domestic consumption first," Rouhani told the channel in an interview. Iran has the world's second-largest gas reserves after Russia.
"From time to time, we have problems during winter and then, you know, we have many buyers, clients around us... All our neighbours to the east, west and south want to buy gas which we are yet to produce," he said.
Russia is currently Europe's biggest supplier of natural gas, meeting a third of its demand worth $80 billion a year. The EU has imposed sanctions on Moscow over the conflict in Ukraine, increasing the need for gas from elsewhere.
"Conditions today are not such when everybody would think that if Russia stops gas supplies tomorrow then this gas would be supplied by Iran," Rouhani added. "Our production is far from this stage yet."
Iran, which needs to add large pipeline infrastructure, has long lobbied to build a designated pipeline that would connect its huge South Pars gas field with European customers - the so-called Persian Pipeline.
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GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).
BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.
REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.