IRAN'S OIL EXPORT 2.6 MBPD
IRNA - Minister of Petroleum Bijan Zangeneh said on Wednesday that Iran exported more than 2.6 million bpd last year on average and will continue the same path this year.
Speaking to reporters on the sidelines of a cabinet meeting, Zangeneh said that President Rouhani is scheduled to inaugurate oil projects worth $20 billion next week.
He said that new phases of South Pars oil field and the new oil layer of this field, from which oil will be produced for the first time, will be among the projects to be inaugurated by the president.
Six phases of the giant oil field, including Phases 11, 13, 14, 23, 24 and 22 will remain to be completed in the future, the minister said, adding that one of the remaining phases will be completed by the yearend and the other ones will be left for next year.
"We reached a production level equal to that of Qatar this year," Zangeneh said.
"Qatar has announced it intends to expand this field once again. If they expand again, we will expand too."
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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.