INDIA & SAUDI COOPERATION
Leaders of Saudi Arabia and India say they want to extend their countries' oil-trading relationship into joint investment in exploration and petrochemicals.
Energy was part of a joint statement on business and strategic cooperation issued Apr. 3 after a 2-day official visit by Indian Prime Minister Narendra Modi to Riyadh at the invitation of Saudi King Salman bin Abdulaziz Al Saud.
Said Arabia is the largest supplier of crude oil to India, where oil demand grew by 5.7% last year and is expected by the International Energy Agency to increase 6.3% this year.
According to some observers, India might replace China as the world's center of oil-demand growth.
India's oil consumption in January averaged about 4.25 million b/d, up 12% from a year earlier, according to IEA. The country produces about 870,000 b/d of crude.
Salman and Modi agreed "to transform the buyer-seller relationship in the energy sector to one of deeper partnership focusing on investment and joint ventures in petrochemical complexes and cooperation in joint exploration in India, Saudi Arabia, and in third countries," according to the statement.
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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.