OIL PRICES RISING
Kuwait's oil minister said on Tuesday he expected oil prices to continue rising, predicting gains in the final quarter of 2015 on the back of global growth.
"All indicators point to an improvement in prices ... today we have reached the stage where a fall is difficult, a fall has now become unlikely," Ali Saleh al-Omair told reporters.
Omair also said costs for the country's al-Zour refinery were expected to increase by around 1 billion Kuwaiti dinars ($3.31 billion) pushing up total cost to more than 5 billion dinars.
A Kuwait National Petroleum Company spokesman had said on Monday the start-up of the refinery would be delayed as the company was seeking more financing on the back of rising construction costs.
The 615,000 barrel per day oil refinery, originally planned more than a decade ago, would be the biggest in the Middle East, but the project has been repeatedly delayed by bureaucratic and political issues, including tensions between Kuwait's parliament and cabinet.
Omair also confirmed that the board of state-owned energy giant, Kuwait Petroleum Corp (KPC) had been expanded to include a total of 15 members and that a board meeting had taken place earlier on Tuesday.
The board previously had nine members.
Sources told Reuters last week several changes were under consideration for the KPC board and that expanding members was one of them.
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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.