RUSSIAN GAS UP
According to NGE, Russian gas export monopoly Gazprom plans to export over 5bn m³ more to the European Union and Turkey this year than last, to reach a total 165bn m³, Alexander Medvedev, deputy chairman of the Gazprom board, told the international conference on 'Perspectives of Energy Cooperation Russia – European Union,' organized by the Russian Gas Society.
In 2015 Gazprom increased gas exports to the region by 8% compared with 159.4bn m³ in 2014. The latest official statistics also indicate that Gazprom's gas exports experienced significant growth in the first four months of 2016.
The Russian Federal Customs announced earlier that Gazprom sold 11.4% more gas, a total 66.2bn m³, during the first four months. The growth in deliveries came despite Turkey cutting Russian gas imports by more than a quarter in February and March, but it resumed the imports in April.
Gazprom CEO Alexei Miller said the main factor of the growth of exports to the far abroad was less production there. The Netherlands has lowered the production limit at the Groningen gas field, where output is flexible to meet demand.
Miller believes that Russian gas exports will continue to grow in this region. According to BP, Europe & Eurasia's gas production fell by 0.7% to 989.8bn m³ in 2015, year-on-year, though demand also fell by 0.3% to 1003.5bn m³. Gazprom plans to produce 452.5bn m³ in 2016, up from 418.5bn m³ last year.
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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.