SAUDI - IRAQI TALKS
AOG - Saudi Arabia's Energy Minister Khalid al-Falih has said that the recent talks with his Iraqi counterpart stressed the need to strengthen commitment to a OPEC-led agreement to reduce crude output.
"The talks... came out with an agreement in the vision between the two countries aimed at ensuring the stability of world oil markets and consolidating the gains made in the recent period," Falih has reportedly said in a media statement.
The talks focusesd on "the need to intensify efforts to urge all parties to strengthen their commitment to the agreement to reduce production, to maintain the balance of global energy markets."
Falih, who is also Saudi Arabia's minister of industry and mineral resources, said the economic relationship between the two countries "will witness more cooperation in the field of trade exchange... and joint investments."
Iraqi oil minister Jabar Al Luaibi met with Saudi Crown Prince Mohammad bin Salman during his visit to Saudi Arabia last week, the statement from the kingdom's Energy Ministry said.
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U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014
OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.
ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.
PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.