RUSSIA CAN CUT 300 TBD
According to REUTERS, Russia could revise down its 2017 oil production plans if a global output freeze pact comes into force, Russian Energy Minister Alexander Novak said on Thursday.
"According to our plans, (Russian) oil output is going up next year. If we keep production at the current level we are making our contribution, for us that essentially means a cut of 200,000-300,000 barrels per day (in 2017)", he told journalists.
OPEC nations are due to meet on Nov. 30 to try to finalize a pact on freezing oil prices.
Russian oil companies say they will boost output next year after reaching record levels in recent months, by continuing to commission new oilfields.
Those oil fields that have been put on stream in 2016 will continue pumping oil in 2017 and "as a matter of fact we will cut production on the brown fields," Novak said, referring to fields that have already been producing oil for some years.
Consultations with OPEC are going positively and Russia will hold talks with a number of oil-producing non-OPEC nations, including Kazakhstan and Mexico, the minister said.
No contacts on the global oil freeze have been held with the United States and contacts with Norway show that Oslo would not be taking part in the deal, Novak said.
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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.