U.S. EIA - EIA expects Brent spot prices will average $61 in 2019 and that West Texas Intermediate (WTI) crude oil prices will average about $7/b lower than Brent prices next year. NYMEX WTI futures and options contract values for March 2019 delivery that traded during the five-day period ending December 6, 2018, suggest a range of $36/b to $77/b encompasses the market expectation for March WTI prices at the 95% confidence level.
PLATTS - Russia will invest $5 billion to raise Venezuela's oil production by 1 million b/d under a new economic agreement, Venezuelan President Nicolas Maduro said Thursday.
OPEC - Accordingly, the 5th OPEC and non-OPEC Ministerial Meeting, following deliberations on the immediate oil market prospects and in view of a growing imbalance between global oil supply and demand in 2019, hereby decided to adjust the overall production by 1.2 mb/d, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively.
Министр энергетики Российской Федерации Александр Новак в интервью телеканалу “Bloomberg”, которое состоялось по окончании 5-й Министерской встречи стран ОПЕК и не входящих в ОПЕК государств, рассказал о принятых решениях и их влиянии на рынок, разговоре с Министром нефти Ирана Бижаном Намдар Зангане накануне заседания, а также поделился прогнозами цен на нефть в будущем.
ADNOC - The Abu Dhabi National Oil Company (ADNOC) has announced its successful collaboration with IBM, piloting a Blockchain-based automated system to integrate oil and gas production across the full value chain.
BHGE - The worldwide rig count for November 2018 was 2,266, down 5 from the 2,271 counted in October 2018, and up 209 from the 2,057 counted in November 2017.
BHGE - U.S. Rig Count is down 1 rig from last week to 1,075, with oil rigs down 10 to 877 and gas rigs up 9 to 198. Canada Rig Count is down 13 rigs from last week to 186, with oil rigs down 17 to 102 and gas rigs up 4 to 84.
WSJ - Russia and Saudi Arabia have agreed to extend OPEC’s efforts to stabilize oil markets, Russian President Vladimir Putin said over the weekend, as the broader coalition of producers inches closer to a deal this week.
REUTERS - Venezuela has signed deals securing investment from Russia in the South American country’s oil and gold sectors, President Nicolas Maduro said on Thursday at the end of a three-day trip to Moscow.
PLATTS - Federal Iraq's crude oil exports fell to 3.372 million b/d in November, the lowest since April this year, as loadings were affected by rough weather, according to a statement from the oil ministry released over the weekend.
PLATTS - Oil production averaged 2.614 million b/d in October, jumping 5.2% from 2.486 million b/d in September, Brazil's National Petroleum Agency, or ANP, said late Monday. October's output, however, was down 0.5% from 2.627 million b/d in October 2017, the ANP said.
REUTERS - Gas production at the earthquake-prone Groningen field will drop by at least 75 percent in the next five years, ahead of schedule towards the projected end of extraction.
PLATTS - Argentina's state-run energy company YPF and Malaysia's Petronas agreed Tuesday to invest $2.3 billion in a shale oil project in Vaca Muerta, with a target of reaching 60,000 b/d of oil equivalent by 2022.
REUTERS - Russian oil output stood at 11.37 million barrels per day (bpd) in November, down from the post-Soviet record high of 11.41 million bpd that it reached in October, Energy Ministry data showed on Sunday.
REUTERS - “Qatar has decided to withdraw its membership from OPEC effective January 2019 and this decision was communicated to OPEC this morning,” the minister said.