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2018, March, 21, 12:05:00
ADNOC - TOTAL AGREEMENT: $1.45 BLN
AOG - Total contributed a participation fee of $1.15bn to enter the Umm Shaif and Nasr concession and a fee of $300mn to enter the Lower Zakum concession. Both concessions are operated by ADNOC Offshore, a subsidiary of ADNOC, on behalf of all concession partners.
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2018, March, 18, 11:00:00
U.S. RIGS UP 6 TO 990
BAKER HUGHES A GE - U.S. Rig Count is up 6 rigs from last week to 990, with oil rigs up 4 to 800, gas rigs up 1 to 189, and miscellaneous rigs up 1 to 1. Canada Rig Count is down 54 rigs from last week to 219, with oil rigs down 52 to 144 and gas rigs down 2 to 75.
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2018, March, 16, 10:55:00
STATOIL CHANGES TO EQUINOR
EQUINOR - The board of directors of Statoil proposes to change the name of the company to Equinor. The name change supports the company’s strategy and development as a broad energy company.
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2018, March, 16, 10:30:00
OIL DEMAND GROWTH - 2018: 1.5 MBD
IEA - Looking at demand, our estimate for global growth in 2018 has increased by 90 kb/d taking it up to 1.5 mb/d. Although this is a modest revision, it is interesting that provisional data suggests very strong starts to the year in China and India, which, taken together, accounted for nearly 50% of global demand growth in 2017. Cold weather in some parts of the northern hemisphere in January-February saw an increase in heating demand.
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2018, March, 16, 10:25:00
OPEC OIL PRODUCTION: 32.19 MBD
PLATTS - Demand for OPEC crude will average 32.61 million b/d in 2018, the organization calculated, a 200,000 b/d decrease from last month's projection.
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2018, March, 16, 10:20:00
U.S. OIL PRODUCTION UP 5%
EIA - Annual average U.S. crude oil production grew by 463,000 barrels per day (b/d) in 2017 to 9.3 million b/d after declining by 551,000 b/d in 2016.
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2018, March, 14, 11:20:00
CHINA'S OIL PRODUCTION DOWN
REUTERS - The country churned out 30.37 million tonnes of crude in the first two months of the year, according to data from he National Bureau of Statistics, equivalent to 3.76 million barrels per day (bpd) and on a par with the weakest level in data stretching back to June, 2011.
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2018, March, 14, 11:15:00
VENEZUELA'S OIL PRODUCTION DOWN
EIA - Venezuela’s crude oil production has been on a downward trend for two decades, but it has experienced significant decreases over the past two years. Crude oil production in Venezuela decreased from 2.3 million barrels per day (b/d) in January 2016 to 1.6 million b/d in January 2018. A combination of relatively low global crude oil prices and the mismanagement of Venezuela’s oil industry has led to these accelerated declines in production.
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2018, March, 14, 11:00:00
U.S. OIL + 131 TBD, GAS + 969 MCFD
EIA - Crude oil production from the major US onshore regions is forecast to increase 131,000 b/d month-over-month in April from 6,823 to 6,954 thousand barrels/day , gas production to increase 969 million cubic feet/day from 65,150 to 66,119 million cubic feet/day .
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2018, March, 12, 08:35:00
CHINA'S INVESTMENT FOR AFRICA: $35 BLN
FT - The loans bring total Chinese energy finance in Africa since 2000 to $34.8bn. While this is well behind the $69bn lent in Europe and Central Asia, the $62bn in Latin America and the $60bn in Asia over the same period, the 2017 data illustrate Africa’s growing importance.
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2018, March, 11, 11:35:00
GLOBAL TIGHT OIL INVESTMENT
EIA - Brent global benchmark crude oil price will increase throughout the projection period but will remain lower than prices during 2010–2014 in real dollar terms. For this reason, future investment growth in higher-cost resources is expected to be lower than in recent history. Global production of tight oil will increase by 3.3 million b/d, offshore deepwater by 2.7 million b/d, and oil sands by 1.4 million b/d between 2017 and 2040. Total production increases from these sources makes up nearly half of the long-term global liquids supply growth through 2040.
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2018, March, 11, 11:30:00
U.S. OIL INVESTMENT
REUTERS - “The stability in oil prices is a net positive. If energy companies can demonstrate to investors that they can generate cash flow in the current oil price environment, they can go public,” said Grant Kernaghan, Citigroup’s managing director of Canadian investment banking. “The recent volatility hasn’t resulted in markets shutting down,” he added, suggesting equity markets were still open despite a 10-session period up to Feb. 8 when the S&P 500 dropped over 10 percent.
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2018, March, 11, 11:00:00
U.S. RIGS UP 3 TO 984
BAKER HUGHES A GE - U.S. Rig Count is up 3 rigs from last week to 984, with oil rigs down 4 to 796, gas rigs up 7 to 188.
Canada Rig Count is down 29 rigs from last week to 273, with oil rigs down 15 to 196 and gas rigs down 14 to 77.
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2018, March, 9, 13:40:00
OPEC OIL PRICE: $66.85
OPEC - The OPEC Reference Basket increased for the fifth-straight month in January, gaining a sharp 7.7% to average $66.85/b, the highest monthly average since November 2014. Oil prices were supported by continuing efforts by OPEC and participating non-OPEC producers to balance the market and ten consecutive weeks of crude inventory draws amid healthy economic growth and improving oil demand.
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2018, March, 5, 11:30:00
RESPONSIBILITY TO THE MARKET
REUTERS -“We all should look with responsibility to the market in order to keep the balance in the market as much as we can so as not to harm investors,” said Ali Nazar, Iraq’s national representative to OPEC.