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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TP - With fast growing demand and expanding gas receiving capacity in Pakistan, the South Asian nation is expected to source more liquefied natural gas (LNG) from Qatar, said the country’s visiting Finance Minister Asad Umar.
REUTERS - Qatar Petroleum (QP) is looking to invest at least $20 billion in the United States over the coming few years, its chief executive told Reuters, after the Gulf Arab state unexpectedly quit OPEC this month.
U.S. FRB - U.S. industrial production rose 0.6 percent in November after moving down 0.2 percent in October; the index for October was previously reported to have edged up 0.1 percent. In November, manufacturing production was unchanged, the output of mining increased 1.7 percent, and the index for utilities gained 3.3 percent.
BHGE - U.S. Rig Count is down 4 rigs from last week to 1,071, with oil rigs down 4 to 873 and gas rigs unchanged at 198. Canada Rig Count is down 12 rigs from last week to 174, with oil rigs down 7 to 95 and gas rigs down 5 to 79.