VENEZUELA CAN UP BY 1 MBD
REUTERS - Venezuela has the ability to boost crude output by 1 million barrels per day (bpd) by end of the year in its bid to recover lost production, but the oil minister also said on Friday this goal would be "a challenge" for state oil firm PDVSA.
President Nicolas Maduro said last month PDVSA would aim to boost oil production by 1 million bpd this year, and would seek help from Russia, China and OPEC if needed. Output has plummeted under U.S. sanctions and due to an economic crisis.
"We hope that by year-end, we will have recovered the lost production, we have the capacity to do so, we've said so," Oil Minister Manuel Quevedo told reporters at a meeting of the Organization of the Petroleum Exporting Countries in Vienna.
"This is a goal for 2018 that is very challenging for PDVSA ... but it's the goal we've set ourselves," Quevedo said.
The minister, who is also head of PDVSA, earlier said Venezuela was pumping about 1.5 million bpd of oil. The country had been producing about 2.373 million bpd as recently as 2016, Thomson Reuters data shows.
PDVSA's oil exports fell 32 percent in the first half of June compared with May, according to internal trade reports from the state-run company, as deepening output declines and seizures of some Caribbean assets disrupted crude and fuel shipments.
U.S. oil firm ConocoPhilips (COP.N) won court orders in May allowing it to seize PDVSA assets as part of a $2 billion arbitration award in its favor. It seized a several crude cargoes and fuel terminals, further disrupting Venezuelan exports.
"The discussions we have with Conoco, we want to further those in the coming weeks," Quevedo said.
"We aren't commenting on any dialogue with PDVSA," - ConocoPhillips spokesman Daren Beaudo.
To meet its commitments to consumers, PDVSA has drawn up a plan to process up to 57,000 bpd of foreign crude in June to fulfil export contracts and reduce purchases of fuels for domestic use.
"We have a recovery plan with the refineries to use the capacity that we have ... we have a lot of spare capacity that we will use as (crude) output increases," Quevedo said.
|September, 21, 11:00:00|
|September, 21, 10:55:00|
|September, 21, 10:45:00|
|September, 21, 10:40:00|
|September, 21, 10:35:00|
|September, 21, 10:30:00|
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.