Oil
![Oil](/cache/2016/05/RUSSIA-79.c963147a.jpg)
2016, May, 26, 20:40:00
RUSSIA WILL INCREASE
Russia plans to increase oil production to 540 million tonnes (10.8 million bpd) or more this year, from 534 million tonnes in 2015.
![Oil](/cache/2016/05/LUKOIL-10.a69d0ca2.png)
2016, May, 26, 20:35:00
LUKOIL & MEXICO COOPERATION
The parties discussed the implementation of a joint project, the Amatitlán Block which LUKOIL entered on the terms of a service contract with a 50% interest in July 2015, and the company’s participation in forthcoming bidding rounds. This resolution was positively received by the Government of Mexico.
![Oil](/cache/2016/05/INDONESIA-8.28e1c143.jpg)
2016, May, 26, 20:30:00
PERTAMINA NEED 51%
Pertamina seeks a 51% stake in the venture to build a crude-oil refinery and petrochemical plants in eastern Java, with Russian state-controlled oil major Rosneft taking the remainder, Pertamina executives and Indonesian officials said. The refinery will be capable of processing 320,000 barrels of oil a day, and the complex will require $13 billion to $14 billion in investment, they said.
![Oil](/cache/2016/05/Norway-15.9aec5bf1.jpg)
2016, May, 26, 20:25:00
NORWEGIAN OIL WILL DOWN
Oil companies operating in Norway expect to spend 153.2 billion kroner ($18.47 billion) on exploration and production next year, the weakest figure since 2011 and nearly a third below the sector’s all-time high of NOK220.7 billion two years ago. In 2016, they expect to spend NOK165.9 billion on exploration and production, down from NOK195.4 billion a year earlier and 1% below a similar estimate made in February.
![Oil](/cache/2016/05/OIL-307.f4c4efb4.jpg)
2016, May, 25, 20:50:00
OIL PRICES UP TO $49.11
Brent futures rose 50 cents to $49.11 a barrel, having closed 26 cents up previously to snap a four-day slide.
![Oil](/cache/2016/05/SAUDI-54.2b77944f.jpg)
2016, May, 25, 20:40:00
SAUDI BURYING OPEC
Now, under the economic plan known as Vision 2030 promoted by the king’s powerful son, Deputy Crown Prince Mohammed bin Salman, the government is signaling it wants to wean the kingdom’s economy off oil revenue, lessening the need to manage prices.
![Oil](/cache/2016/05/OIL-306.bf1388d3.jpg)
2016, May, 25, 20:30:00
IMPERATIVE PRICE: $65
Speaking from his high-rise office in the capital, Doha, Mohammed bin Saleh al-Sada said a minimum price of $65 a barrel is "badly needed at the moment." He cautioned that the security of future supplies is as risk because of the price slump that has squeezed oil producers since 2014.
![Oil](/cache/2016/05/IRAN-59.1b43f098.jpg)
2016, May, 24, 19:50:00
IRAN WILL NOT FREEZE
"Currently, Iran's crude oil exports, excluding gas condensates, have reached 2 million barrels per day (bpd)," Javadi said. "Iran's crude oil export capacity will reach 2.2 million barrels by the middle of summer."
![Oil](/cache/2016/05/IRAN-62.fdd9a6d7.jpg)
2016, May, 24, 19:45:00
IRANIAN - INDIAN COOPERATION
India said Monday it will invest up to $500 million in a deal to develop a strategic port in Iran and both countries planned a number of projects they say are worth hundreds of millions of dollars.
![Oil](/cache/2016/05/MOZAMBIQUE-2.6cd717c2.jpg)
2016, May, 24, 19:30:00
CHINA - MOZAMBIQUE COOPERATION
CNPC and Mozambique’s national oil and gas company ENH have signed a cooperation framework agreement under which the two sides will reinforce cooperation in oil and gas exploration and production, and natural gas processing and marketing.
![Oil](/cache/2016/05/OIL-300.76c85c8e.jpg)
2016, May, 23, 21:00:00
OIL PRICES DOWN TO $48
Brent futures LCOc1 were down 18 cents at $48.54 a barrel as of 0421 GMT, after ending the previous session 9 cents down.
U.S. crude futures CLc1 fell 26 cents to $48.15 a barrel, having settled down 41 cents in the previous session.
![Oil](/cache/2016/05/oil-301.329bdad3.jpg)
2016, May, 23, 20:50:00
RUSSIA & CHINA OIL RECORD
China's crude oil imports from Russia surged 52.4 percent in April from a year earlier to reach a record 1.17 million barrels per day (bpd), customs data showed on Monday, ahead of the previous record of 1.13 million bpd in December.
![Oil](/cache/2016/05/OIL-296.70084118.jpg)
2016, May, 19, 20:55:00
OIL PRICES UP TO $48
The Brent crude contract for July on London's ICE was up $1.14 to $48.97/bbl. The August contract gained $1.29 to $49.43/bbl. The June gas oil contract gained $11.50 to $430.25/tonne.
![Oil](/cache/2016/05/RUSSIA-83.f859a2c7.jpg)
2016, May, 19, 19:45:00
RUSSIAN OIL UPDOWN
Perhaps the biggest hurdle is Russia’s business climate. While frequently fodder for criticism, there’s progress. Russia has surged by 61 spots in the World Bank’s Ease of Doing Business Index since 2013 to 51st this year.
![Oil](/cache/2016/05/LUKOIL-9.a94b7f89.jpg)
2016, May, 19, 19:30:00
OIL PRICE: $55
The head of Russian oil major Lukoil said on Wednesday that he sees oil prices rising above $50 per barrel by the end of the year, RIA news agency reported, citing his TV interview.