SHANA - The CEO of the Iranian Gas Commercial Company (IGCC) said his company, as the sole exporter of gas products in Iran, is currently seeking new markets for exporting liquefied petroleum gas (LPG).
PLATTS - Russia is committed to its OPEC pact with Saudi Arabia and will continue supplying Europe energy despite tensions with the West after US-led strikes on Bashar al-Assad's Syrian regime, said Vladimir Putin's spokesman.
AOG - Kuwait plans to invest $113bn over the next five years to enhance oil exploration and production activities both inside and outside the country
REUTERS - South Korea’s March crude oil imports from Iran dropped 39.3 percent from a year earlier on slowing demand for Iranian oil, the country’s customs data showed on Sunday.
REUTERS - “There is growing confidence that the declaration of cooperation will be extended beyond 2018,” Barkindo told. “Russia will continue to play a leading role.”
PLATTS - "Since 2013-2014 we have seen a rapid drop off in investment which we believe will bite the consumers and the industry as a whole," Falih said at a media briefing at the International Energy Forum. "We are trying to signal to the market, to the investors, to the financial community, to international oil companies to put investments back into the upstream."
BLOOMBERG - OPEC said its oil output fell to the lowest in a year last month amid reduced supplies from Venezuela and Saudi Arabia, suggesting global markets may tighten sharply later this year.
REUTERS - Saudi Arabia has largely covered its hard currency funding needs for 2018 by completing this week’s $11 billion international bond issue, the head of the kingdom’s debt management office said.
OPEC's Barkindo Says Geopolitcal Premium Has Re-Emerged in Oil Price
PLATTS - Maintaining a long-term oil management alliance with Russia and other allies will allow OPEC producers to react more quickly to changing fundamentals and stabilize the market,
PLATTS - India's state-run refiners and Saudi Aramco signed an agreement Wednesday to jointly build an integrated refinery and petrochemical complex on India's west coast at a cost of $44 billion, Saudi energy minister Khalid al-Falih said.
EIA - Iran holds the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves. Despite its abundant reserves, Iran’s crude oil production has undergone years of underinvestment and effects of international sanctions. Natural gas production has expanded, the growth has been lower than expected. Since the lifting of sanctions that targeted Iran’s oil sector, oil production has reached more than 3.8 million barrels per day in 2017.
PLATTS - Russia is willing to work with the OPEC coalition indefinitely to regulate global oil supplies and has advocated the creation of a new global body to monitor crude markets, the country's energy minister said.
PLATTS - OPEC oil output in March fell to 32.14 million b/d, its lowest level in 11 months, led by declines in seven out of the 14 member countries,
WNN - The Emirates Nuclear Energy Corporation (Enec) and its joint venture subsidiaries, Nawah Energy Company (Nawah) and Barakah One Company (BOC), have signed three agreements with Korean companies. Enec and Korea Electric Power Corporation (Kepco) in October 2016 signed a joint venture agreement that made Kepco a minority shareholder in Nawah and BOC.