February 2018

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.

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.

AOG - ADNOC announced that it has launched the implementation phase of its new in-country value (ICV) strategy, aimed at increasing the company’s ICV contribution and strengthening its relationship with the UAE’s private sector.

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

REUTERS - Brent futures LCOc1 hit a two-month low early in the day’s session, but the benchmark settled at $62.72 a barrel, up 13 cents or 0.2 percent. U.S. West Texas Intermediate crude futures CLc1 closed 10 cents, or 0.2 percent, lower at $59.19 a barrel.

МИНЭНЕРГО РОССИИ - Принимая декларацию о сотрудничестве в рамках ОПЕК+, мы не ставили своей целью ограничить добычу нефти на какой-то определенный срок, к примеру, на полгода, год или два. Нашей задачей было убрать излишки нефти с рынка. На текущий момент мы видим, что эта цель достигнута на две трети.

PLATTS - "We understand that global demand for oil will continue to grow rapidly and this demand will need to be met, so we will likely need to work together, including on upstream technology and joint projects to meet this growing demand," Novak said.