IRAN SUPPORTS STABILIZATION
According to SHANA, President Hassan Rouhani on Saturday called for Iran-Bolivia joint efforts for stabilization of oil market, fair prices and fair quota, especially efforts in the upcoming session of oil prices in Algeria.
Speaking to Bolivian President Evo Morales on Saturday, President Rouhani said there is no limit for expansion of Tehran-Bolivia cooperation and promotion of the ties will be in line with mutual interests.
The president emphasized that Iran is ready to contribute to Bolivia's development projects and said besides Iranian government sectors, private sectors should be encouraged for investment and cooperation and promotion of banking cooperation can move the ties.
Morales in turn said his country favors further contribution of Iranian companies into promotion of economic and development projects in Bolivia.
He invited President Rouhani to attend the upcoming OPEC Gas summit in Bolivia in January 2018.
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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.