Upstream
![Upstream](/cache/2016/11/OIL-437.6a140655.jpg)
2016, November, 23, 18:30:00
IRANIAN - IRAQI REDUCTION
Iran and Iraq emerged as major stumbling blocks to an OPEC agreement on reducing crude-oil output, as cartel members gathered ahead of their official meeting to tackle the thorny puzzle of how to share the pain of reducing their production
![Upstream](/cache/2016/11/Iran-102.b5e8e6e2.jpg)
2016, November, 22, 18:55:00
ATTRACTIVE IRAN
Iranian oil and gas sectors are very much attractive to foreign investors because of low cast of production, a senior expert said on Monday.
![Upstream](/cache/2016/11/NIGERIA-25.2f78cbd7.jpg)
2016, November, 22, 18:40:00
NIGERIA INTO RECESSION
Nigeria, which was Africa's largest oil producer until a few months ago, slipped into recession after its economy shrank by 2.06% in Q2, as the impact of militant attacks on oil facilities weighed on the country's economy.
![Upstream](/cache/2016/11/TESCO-9.08eeb61a.jpg)
2016, November, 22, 18:30:00
TESCO NET LOSS $97.8 MLN
Tesco reported a U.S. GAAP net loss of $22.1 million, or $(0.48) per share, for the third quarter ended September 30, 2016. Our adjusted net loss for the quarter was $17.3 million, or $(0.37) per share, excluding special items, consisting primarily of several charges related to inventory and restructuring costs. This compares to a U.S. GAAP net loss of $18.9 million, or $(0.47) per diluted share, in the second quarter of 2016, and a U.S. GAAP net loss of $19.9 million, or $(0.51) per diluted share, for the third quarter of 2015. Adjusted net loss in the second quarter of 2016 was $15.8 million, or $(0.39) per diluted share, and in the third quarter of 2015 was $12.5 million, or $(0.32) per diluted share.
![Upstream](/cache/2016/11/RUSSIA-151.a0d6c7ce.jpg)
2016, November, 21, 19:05:00
RUSSIA IS READY
"We will do everything that our partners from OPEC are expecting. To freeze oil production is not an issue for us," Putin told a news conference in Lima after the APEC summit.
![Upstream](/cache/2016/11/Iraq-24.bca2d3ab.jpg)
2016, November, 21, 19:00:00
IRAQ'S THREE PROPOSALS
The Organization of the Petroleum Exporting Countries agreed in September to reduce output to help draw down a global supply glut that is weighing on oil prices, but left the details of the plan to be worked out later. The group is holding a so-called “technical meeting” at their Vienna headquarters Monday and Tuesday to discuss the mechanism for implementing the September agreement. The technical meeting will prepare for OPEC’s ministerial meeting Nov. 30 in Vienna.
![Upstream](/cache/2016/11/IRAN-101.70f2297a.jpg)
2016, November, 21, 18:50:00
OPEC'S CAUTIOUS OPTIMISM
"I came here to meet with the Iranian petroleum minister just before attending the crucial meeting of OPEC members in Algiers and Minister Zangeneh assured me here that he would do and Iran would do everything possible to reach the consensus and to work for it," the official added.
![Upstream](/cache/2016/11/NORWAY-48.f0f6f08a.jpg)
2016, November, 21, 18:45:00
NORWAY'S OIL PRODUCTION UP TO 30%
Preliminary production figures for October 2016 show an average daily production of 2 099 000 barrels of oil, NGL and condensate, which is an increase of 486 000 barrels per day (approx. 30 percent) compared to September.
![Upstream](/cache/2016/11/USA-405.c1933ac0.jpg)
2016, November, 21, 18:40:00
U.S. OIL DEMAND UP
Domestic crude oil production in October was higher compared to the prior month, but was lower than the prior year, and the prior year to date. At an average of 8.6 million barrels per day, U.S. crude oil production in October decreased 8.0 percent from October 2015, but increased from September by 0.2 percent. October’s crude oil production was the third highest since 1985 and the second highest year to date in 31 years, since 1985.
![Upstream](/cache/2016/11/USA-404.fbacb49c.jpg)
2016, November, 21, 18:35:00
U.S. ENERGY SECURITY
Our national energy security depends on our ability to produce oil and natural gas here in the U.S., and this decision could very well increase the cost of energy for American consumers and close the door on creating new jobs and new investments for years. We are hopeful the incoming administration will reverse this decision – consistent with the will of American voters.
![Upstream](/cache/2016/11/USA-403.6cba64ec.jpg)
2016, November, 21, 18:30:00
U.S. RIGS UP 20
U.S. Rig Count is down 169 rigs from last year's count of 757, with oil rigs down 93, gas rigs down 77, and miscellaneous rigs up 1.
Canadian Rig Count is up 18 rigs from last year's count of 166, with oil rigs up 33 and gas rigs down 15.
![Upstream](/cache/2016/11/RUSSIA-149.dc5d7fa1.jpg)
2016, November, 18, 18:40:00
RUSSIA'S STABLE OUTLOOK
Russia's oil and gas companies will continue to benefit from the weak rouble while avoiding a major tax hike in 2017, according to a new special report by Fitch Ratings.
![Upstream](/cache/2016/11/VenezuelA-15.d69d0ae5.jpg)
2016, November, 18, 18:35:00
VENEZUELA & CHINA: $50 BLN
Venezuela has borrowed over $50 billion from China under a financing arrangement created by late socialist leader Hugo Chavez in 2007, in which a portion of its crude and fuel sales to the world's second-biggest economy are used to pay down loans.
![Upstream](/cache/2016/11/NIGERIA-24.ccb8a060.jpg)
2016, November, 18, 18:30:00
NIGERIA'S OIL SETTLEMENT: $5.1 BLN
Nigeria reached a $5.1 billion settlement to reimburse foreign oil companies including Exxon Mobil Corp. and Royal Dutch Shell Plc for past operating costs.
![Upstream](/cache/2016/11/JAPAN-9.03cfaff5.jpg)
2016, November, 17, 18:40:00
JAPAN NEEDS MORE OIL
Japan sees the current low oil price environment creating "a significant chance for acquiring [upstream] stakes and assets," as well as the need to facilitate upstream investments amid slowing investments globally, Yuki Sadamitsu, director of the oil and gas division at the Ministry of Economy, Trade and Industry said in an interview with S&P Global Platts last month.