Brent crude oil prices are forecast to average $43/barrel (b) in 2016 and $51/b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent in 2016 and in 2017. The current values of futures and options contracts suggest high uncertainty in the price outlook. NYMEX contract values for January 2017 delivery traded during the five-day period ending October 6 suggest a price range from $37/b to $68/b encompasses the market expectation of WTI prices in January 2017.

The three facilities have the combined capacity to supply 25mn mt/yr of LNG –equal to about 8% of the world’s production, Bechtel said October 11.

World oil demand in 2016 is seen increasing by 1.24 mb/d to average 94.40 mb/d. Positive revisions were primarily a result of higher-than-expected demand in the Other Asia region, while downward revisions were a result of lower-than-expected performance from OECD America. In 2017, world oil demand is anticipated to rise by 1.15 mb/d, to average 95.56 mb/d.

API announced today that estimated oil wells drilled and completed in the third quarter of 2016 remained relatively unchanged from the previous quarter at 2,285. That is a decline of 3.7%, which follows an average of 17.3% in quarterly declines for the past year and a half.

The project has been plagued by multiple delays and cost overruns. A 2008 budget estimate of $38 billion jumped to $53 billion by the end of last year as the partners replaced undersea links after sour gas cracked the pipes.

Rosneft will get 49% and the two investors -- Trafigura and UCP -- will hold the remaining 49% in equal parts, the sources said, adding that the valuation included about $4.5 B in assumed debt.

USA Rig Count is down 248 rigs from last year's count of 787, with oil rigs down 163, gas rigs down 87, and miscellaneous rigs up 2. Canadian Rig Count is down 16 rigs from last year's count of 181, with oil rigs up 14, and gas rigs down 30.

Director of National Iranian Oil Company (NIOC) International Affairs has announced that 62 percent of the Iranian oil is being exported to the Asian countries and the rest to the European states.

Deputy Minister of Petroleum and Managing Director of National Iranian Gas Company (NIGC) Hamid-Reza Araqi says Iran is not rival to Russia in European gas market.

Preliminary production figures for September 2016 show an average daily production of 1 591 000 barrels of oil, NGL and condensate, which is a decrease of 344 000 barrels per day (approx. 18 percent) compared to August.

USA oil production down 30 tbd, gas production down 178 mcfd.

Brent crude LCOc1 was at $51.91 per barrel at 0655 GMT, up 39 cents, or 0.76 percent from the previous close. U.S. West Texas Intermediate (WTI) crude CLc1 was up 40 cents, or 0.8 percent, at $50.34 a barrel.

Deputy Minister of Petroleum Ali Kardor said that National Iranian Oil Company (NIOC) has released its first tender announcement for verification of the qualifications of foreign bidders.

Средняя цена на нефть Urals за период мониторинга с 15 сентября по 14 октября 2016 года составила $45,72705 за баррель, или $333,8 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 ноября 2016 года повысится незначительно (на $0,8) и составит $92,7 за тонну.

"Мы ждем результатов выборов (в США)", - сказал он журналистам в кулуарах "Oil&Money Conference 2016", отвечая на вопрос, будет ли он приглашать США на встречу в Вену.

РОССТАТ сообщает, добыча нефти в России в январе - сентябре 2016 г. составила 409 млн. тонн и выросла на 2,4% по сравнению с аналогичным периодом прошлого года.

Pursuant to the adjusted Investment Program for 2016, the overall amount of investments will stand at RUB 853.01 billion, up RUB 11.011 billion versus the Investment Program approved in December 2015. Accordingly, the amount of long-term financial investments will equal RUB 173.159 billion, with RUB 10.399 billion intended for the acquisition of non-current assets.

"We can operate in the $50 range, we have to," he said, adding that the business needs to be resilient to price cycles, can adapt and is agile.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $50.81 per barrel at 0011 GMT, up 52 cents, or 1 percent, from their last settlement. International Brent crude futures were at $52.14 a barrel, up 46 cents, or 0.9 percent.

"I don't necessarily have the view that we are setting ourselves up for a big crunch within the next 3, 4, 5 years," CEO Rex Tillerson told the Oil & Money conference.