PLATTS - Saudi Arabia pumped 10.63 million b/d in July, according to the latest S&P Global Platts OPEC survey, far above its quota of 10.06 million b/d, though kingdom officials say their July output was 10.29 million b/d. Russia produced 11.22 million b/d in July, according to official data, basically erasing its 300,000 b/d pledged cut.
OG.COM - “For more than four decades, the UAE and Japan have enjoyed a deep rooted and successful strategic relationship, underpinned by long standing energy partnerships,” Dr Al Jaber said. “ADNOC is keen to further strengthen the relationship, deepen partnerships and seize growth opportunities along the full oil and gas value chain.
BLOOMBERG - Saudi Aramco, as the state-owned company is known, cut pricing for September shipments of all grades to Asia, its largest market. Aramco set the premium for Arab Light crude to Asia at $1.20 a barrel above the Middle East benchmark, it said Thursday in an emailed price list. The reduction of 70 cents for Arab Light was the second consecutive monthly cut for the grade and was 10 cents deeper than the median estimate of five traders in a Bloomberg survey.
PLATTS - Kuwait's crude oil production currently stands at 2.8 million b/d, the country's oil minister Bakheet al-Rashidi said Wednesday, up about 90,000 b/d from June levels.
WNN - "The vision of Saudi Arabia 2030 considers nuclear energy as an important source to support stability and sustainable growth," Al Sultan said. "Deployment of nuclear energy aims for peaceful purposes, in a safe, secure and sustainable manner consistent with highest standards and best practices. The Kingdom of Saudi Arabia has requested the INIR mission to support this goal. It was a valuable tool to pinpoint areas of improvement and ensure that the required infrastructures are in place before signing the contract for building the first nuclear power plant in the Kingdom of Saudi Arabia."
IMF - Real GDP growth is expected to increase to 1.9 percent in 2018, with non-oil growth strengthening to 2.3 percent. Growth is expected to pick-up further over the medium-term as the reforms take hold and oil output increases. Risks are balanced in the near-term. The employment of Saudi nationals has increased, especially for women, but the unemployment rate among Saudi nationals rose to 12.8 percent in 2017.
IEA - For the third consecutive year, global energy investment declined, to USD 1.8 trillion (United States dollars) in 2017 – a fall of 2% in real terms. The power generation sector accounted for most of this decline, due to fewer additions of coal, hydro and nuclear power capacity, which more than offset increased investment in solar photovoltaics.
PLATTS - "The shift from reporting individual country conformity to reporting overall conformity will be adopted to reflect the June 23 decision of the 4th OPEC and non-OPEC Ministerial Meeting that countries will strive to adhere to the overall conformity level, voluntarily adjusted to 100%, as of July 2018," Saudi energy minister Khalid al-Falih wrote to his counterparts Thursday in a letter.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
PLATTS - OPEC's recent decision with Russia and other allies to boost crude output by a combined 1 million b/d may be insufficient to meet global demand in the months ahead, according to the producer group's own forecast.
EIA - Brent crude oil spot prices averaged $74 per barrel (b) in June, a decrease of almost $3/b from the May average. EIA forecasts Brent spot prices will average $73/b in the second half of 2018 and will average $69/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average $6/b lower than Brent prices in the second half of 2018 and $7/b lower in 2019. NYMEX WTI futures and options contract values for October 2018 delivery that traded during the five-day period ending July 5, 2018, suggest a range of $56/b to $87/b encompasses the market expectation for October WTI prices at the 95% confidence level.
PLATTS - Oman's crude oil and condensate production in June jumped to its highest in eight months, another sign that key producers in the Middle East are beginning to pump more oil, the sultanate's oil ministry said in its latest monthly bulletin.
МИНЭНЕРГО РОССИИ - В ходе телефонного разговора Министр энергетики Российской Федерации Александр Новак и Министр энергетики, промышленности и природных ресурсов Саудовской Аравии Халид аль-Фалих обсудили последние тенденции на мировом рынке нефти. Министры обменялись информацией о планах своих стран по производству нефти для удовлетворения спроса в летний период в свете решений, принятых в последние месяцы на 174-й встречи Конференции ОПЕК и 4-й Министерской встречи стран ОПЕК и не входящих в ОПЕК государств в Вене, направленных на корректировку коллективного уровня снижения добычи нефти со 147 процентов в мае 2018 до 100 процентов, начиная с 1 июля 2018 г., что соответствует увеличению добычи примерно на один миллион баррелей нефти в день.
BLOOMBERG - A pipeline to transport $10 billion worth of natural gas over 15 years from Israel’s Leviathan field into Jordan will be completed by the end of 2019, according to the company buying the fuel.
BLOOMBERG - Saudi Arabia and Russia reaffirmed an agreement between OPEC and its allies, which they say will mean increasing oil production by 1 million barrels a day.