KUWAIT'S OIL STRIKE
Kuwait's acting oil minister has urged striking union workers to get back to their jobs, promising the government will not reduce their "core benefits."
The statement by Anas al-Saleh, who's also finance minister, was carried on the official Kuwait News Agency Monday.
Thousands of workers in six oil and petrochemical companies went on strike Sunday to protest proposed government cutbacks.
Kuwait Petroleum Corp., which is the parent company of the Kuwait Oil Co. and other related firms, says it has implemented an emergency plan to cope with the strike, but official statements suggest that oil production was more than halved on Sunday.
Spokesperson for the Kuwait Oil Company Workers' Union, Adel al-Fadhel, told the Associated Press that the strike will continue into Tuesday since no written guarantees have been delivered to the union.
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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.