IRAN READY TO FREEZE
Talking to IRNA, Deputy Minister of Petroleum Amir Hossein Zamaninia said the oil price range of 55-60 dollars per barrel is fair and suitable for bringing stability in the market.
Commenting on the recent OPEC summit held in Algeria, he expressed hope that the decisions made in the meeting could become operational in November and a proper balance could be created between the interests of oil producers and consumers.
Citing oil price range of 55-60 dollars per barrel as reasonable, Zamaninia anticipated that the mentioned price could be reached in 2017 in the international oil market.
In Sept 2016, Minister of Petroleum Bijan Zangeneh said Iran supports the role of OPEC in oil market, saying that some people have weakened OPEC and downgraded it just to an assembly in the past two years.
The minister said that OPEC should create sustainable income and maximize the income of its members, but the international body has lost its function in the past two years.
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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.