2018

SHANA - The Iranian official, following the 174th ordinary meeting of the Organization of the Petroleum Exporting Countries (OPEC) said: As I said on the minute of my arrival in Vienna, we needed to fully comply with the output reduction agreement of the organization and nothing more.”

WSJ - U.S. production has grown at a record-setting pace this year, hitting 10.9 million barrels a day this month after oil prices exceeded $70 a barrel for the first time since 2014. That makes the U.S. the world’s No. 2 oil producer behind Russia, but ahead of Saudi Arabia.

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.

PLATTS - The Libyan National Army has retaken the key eastern oil terminals of Ras Lanuf and Es Sider that shut 450,000 b/d of crude production, the head of the state-owned National Oil Corp. said Friday.

NOVATEK - According to the MOU, the parties agreed to explore opportunities for KOGAS to enter the Arctic LNG 2 project and possible LNG off-take from the project, participate in the LNG transshipment project in Kamchatka and other infrastructure projects, as well as develop cooperation in LNG trading and logistics optimization, including swap operations.

BAKER HUGHES A GE - U.S. Rig Count is down 7 rigs from last week to 1,052, with oil rigs down 1 to 862, gas rigs down 6 to 188 and miscellaneous rigs unchanged at 2. Canada Rig Count is up 21 rigs from last week to 160, with oil rigs up 16 to 103 and gas rigs up 5 to 57.

REUTERS - Benchmark Brent crude LCOc1 was up $1.05 a barrel at $74.10 by 0925 GMT. U.S. light crude CLc1 was 80 cents higher at $66.34.

МИНЭНЕРГО РОССИИ - По итогам заседания расширенного мониторингового комитета большинством его участников было рекомендовано рассмотреть на предстоящей министерской встрече ОПЕК и последующей за ней министерской встрече с участием не входящих в ОПЕК стран-экспортеров нефти увеличение добычи на 1 млн барр в сутки (от текущего уровня) с распределением этого объема между участниками соглашения.

ИНТЕРФАКС - Думаю, что при цене в $75 за баррель нужно увеличить добычу на 50% от уровня введенных ограничений. При этом если увеличение производства и повлияет на цену, то краткосрочно. В среднесрочном периоде она восстановится, потому что потребление нефти в мире растет, а коммерческие запасы достаточно быстро снижаются. Полагаю, что цена в $75 за баррель это баланс, который уже нащупан.

BLOOMBERG - Russian Oil Minister Alexander Novak said in a speech yesterday that “we need to build upon our successful cooperation model and institutionalize its success through a broader and more permanent strategically focused framework.” His Saudi counterpart Khalid Al-Falih echoed those comments.