SAUDIS - RUSSIA AGREEMENT
FT - Crude producers led by Saudi Arabia and Russia will aim to draft an agreement to formalise their partnership for oil market co-operation by the end of 2018, the UAE's energy minister said.
Opec countries and allies outside of the cartel joined forces in 2017 to curb production and bolster the oil market after a three-year downturn. The 24 nations have pledged to reduce output by 1.8m barrels a day.
Oil officials have said in recent months they sought to institutionalise this alliance beyond the end of 2018 when the current cuts deal expires, but they have not given further details.
Suhail al-Mazrouei, Opec president, told the local National newspaper on Thursday that the charter for the broader group is currently "a work in progress".
He did not elaborate on the nature of the partnership, its purpose or its obligations, but its creation underlines the severity of the recent price crash on oil-rich economies and the need to prevent further falls.
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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.