June 2016

The parties addressed further steps in the bilateral strategic partnership in the gas industry, particularly Russian gas exports to China. Among other issues discussed were prospects for cooperation in the field of underground gas storage and power generation in China.

The agreement provides for the entry of ChemChina into the FEPCO equity capital with a stake of 40% and for the proportional financing. The parties intend to conduct joint analysis aimed at the specification of niche markets for FEPCO products based on the capabilities of the partner that enjoys a robust position in the Asia-Pacific markets.

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.

Growth in Saudi Arabia's non-oil gross domestic product is expected to slow to 2.8 percent in 2016 from 3.4 percent in 2015, Saudi central bank governor Ahmed al-Kholifey told state television station Ekhbariya.

The Calgary-based pipeline operator filed papers late Friday seeking arbitration under the North American Free Trade Agreement, arguing that TransCanada had every reason to believe it would win approval to build Keystone XL.

“We’re looking to raise about $40 to $50 billion,” Kachikwu said in the Bloomberg interview. “Going to places like China, which have a huge capacity to put money in the oil sector, is very helpful.”

Oil output will reach 69 million tonnes of oil equivalent in 2016, against 67 million tonnes last year, while gas production will rise to 132.2 billion cubic meters (bcm) from 128.3 bcm in 2015 and 130.9 bcm in 2014, a Sonatrach report showed.

U.S. Rig Count is down 3 rigs from last week to 421, with oil rigs down 7 to 330, gas rigs up 4 to 90, and miscellaneous rigs unchanged at 1. Canadian Rig Count is up 7 rigs from last week to 76, with oil rigs up 8 to 36, gas rigs down 1 to 39, and miscellaneous rigs unchanged at 1.

Brent crude futures were down 15 cents at $48.26 a barrel by 0238 GMT on Monday, after settling down $2.50, or 4.9 percent, at $48.41 on Friday. U.S. crude was down 25 cents at $47.39 a barrel, after closing down $2.47, or 4.9 percent, on Friday.

U.S. crude was down $2.77 at $47.34 a barrel at around 0314 GMT. Brent crude was down $2.75 at $48.16 a barrel.