BP SUPPORTS ROSNEFT
The chief executive of BP has vowed to stand by Rosneft, the Russian state-owned oil company it part owns, as the United States weighed tougher sanctions against Moscow over the escalating conflict in Ukraine.
Bob Dudley made the pledge in Moscow, where he was attending a board meeting of the Russian Geographical Society, which was chaired by President Putin. “We are rock solid with our investments in Rosneft and [we] will stand by our investments,” he said, adding: “For us it’s business as usual.”
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U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014
OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.
ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.
PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.