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Oil steady near two-year high as supply cuts bite
(Reuters - 31/10/2017)

Oil prices steadied on Tuesday after a week of gains as the prospect of increasing U.S. exports dampened bullish sentiment that has driven Brent to more than two-year highs above $60 per barrel. Iraq’s move to increase oil exports from its southern ports

OPEC oil output falls in October led by drop in Iraqi exports
(Reuters - 31/10/2017)

OPEC oil output fell this month by 80,000 barrels per day (bpd), a Reuters survey found, as exports from northern Iraq dropped and other producers maintained adherence to a supply cut deal. OPEC’s adherence to its pledged supply curbs rose to 92 percent

Brent rises to $60.73 on expected extension of oil output cuts
(Gulfnews - 31/10/2017)

Brent crude futures, the international benchmark for oil prices, were at $60.73 per barrel at 0802 GMT (12.02pm in Dubai), 29 cents or 0.48 percent above their last settlement and near their highest level since July 2015. They have risen more than 36

Oil Extends Two-Year High Amid OPEC Resolve, Iraq Disruptions
(Bloomberg - 30/10/2017)

Oil extended a two-year high above $60 a barrel in London amid growing signs that OPEC and Russia will press on with supply curbs, and as pipeline flows from Iraq were disrupted. Brent crude futures added 0.3 percent. Saudi Arabian Crown Prince Mohammed

S.Korea's S-Oil expects strong refining margins for next 2 yrs
(Reuters - 30/10/2017)

South Korea’s S-Oil corp said on Monday that profits from refining crude oil would stay strong for the next couple of years due to a tight outlook for supply. Oil giant Saudi Aramco is the top shareholder in S-Oil, South Korea’s third-largest refiner.

Oil markets firm on expected extension of production cuts
(Reuters - 30/10/2017)

Oil markets were firm on Monday, with Brent crude opening above $60 per barrel on expectations an OPEC-led production cut due to expire next March would be extended. Brent crude oil futures, the international benchmark for oil prices, were at $60.63 per

Saudi Arabia in pole position as Opec cuts extension looms
(The National - 30/10/2017)

The Opec trade is back, and Saudi Arabia is in the driver’s seat. Just before the de facto Opec leader doubled down on its plan to drain the oil glut, propelling Brent crude prices beyond US$60 a barrel for the first time since 2015, hedge funds were

Iraq boosts oil export capacity at southern ports
(Arab News - 30/10/2017)

Iraq has increased oil export capacity from its southern ports by 900,000 barrels per day (bpd) to 4.6 million bpd after adding a new floating terminal in the Gulf, Oil Minister Jabar Al-Luaibi said in a ministry statement. “Oil export capacity have

Saudi Arabia ready to extend oil output cut deal
(Arab News - 29/10/2017)

Crown Prince Mohammed bin Salman on Saturday reiterated Saudi Arabia’s readiness to support the extension of a global oil production cut agreement. “The Kingdom affirms its readiness to extend the production cut agreement, which proved its feasibility

Big Oil Sinks $1 Billion Into Climate Fund
(Oilprice.com - 28/10/2017)

The Oil and Gas Climate Initiative (OGCI)—the voluntary alliance of some of the biggest oil companies in the world—said on Friday that it had made its first three investments in supporting the low-carbon industry and more efficient engine technology, in

Oil up 2 pct, Brent hits $60/bbl on support for extending curbs
(Reuters - 28/10/2017)

Oil prices jumped about 2 percent on Friday, with global benchmark Brent crude rising above $60 per barrel, on support among the world’s top producers for extending a deal to rein in output and as the dollar retreated from three-month peaks. Ahead of

U.S. oil rig count rises this week but falls for a third month
(Reuters - 28/10/2017)

The U.S. rig count fell for a third month in a row even as drillers added a rig this week for the first time in October, extending the drilling decline that started after crude prices fell below $50 a barrel this summer. Drillers added one oil rig in the

Oil hovers near four-week high on Saudi pledge to end glut
(Reuters - 25/10/2017)

Oil prices were largely steady on Wednesday, hovering near a four-week high hit a day earlier after top exporter Saudi Arabia said it was determined to end a supply glut. Brent crude, the global benchmark, was up 8 cents at $58.41 a barrel by 0646 GMT,

Oman to support measures that shore up crude prices
(Oman Daily Observer - 25/10/2017)

The Sultanate will back any globally coordinated measure that will help sustain and potentially drive up international oil prices, according to a top official of the Ministry of Oil & Gas. Salim bin Nasser al Aufi (pictured), Under-Secretary, warned that

Oil prices will stay lower for longer, banks warn
(Arab News - 25/10/2017)

Officials from two of the world’s biggest banks warned last week of a “lower for longer scenario” for oil prices. Speaking at a panel on oil prices in Kuwait, Ed Morse, the global head of commodities research at Citibank, told the audience on Oct. 18

Oil keeps gains, supported by Iraq disruptions and drop in U.S. rigs
(Reuters - 23/10/2017)

Oil prices largely held on to last week’s gains on Monday, supported by supply disruptions in Iraq and a drop in U.S. drilling. However, the reduction in drilling rigs in the United States could be temporary, analysts said, as activity had been

Investors jump back into the fray as oil market revival beckons
(Gulfnews - 22/10/2017)

Hedge funds are finding betting on West Texas Intermediate crude more attractive again, with total positioning on the US benchmark increasing to the highest in almost a year. The surge comes as oil prices have held steady above $50 a barrel — a key

Saudi oil minister makes high profile visit to Iraq
(Reuters - 21/10/2017)

Saudi Oil Minister Khalid al-Falih made a high profile visit to Iraq on Saturday, calling for increased economic cooperation and praising existing coordination to boost crude oil prices. In a speech at the opening of the Baghdad International Exhibition,

Oil Investors Jump Back Into the Fray
(Bloomberg - 21/10/2017)

Hedge funds are finding betting on West Texas Intermediate crude more attractive again, with total positioning on the U.S. benchmark increasing to the highest in almost a year. The surge comes as oil prices have held steady above $50 a barrel -- a key

Global oil demand growth is looking stronger
(Proactive Investors - 20/10/2017)

It’s been a good run for the oil market despite a bit of profit taking midweek as the consensus on a rebalanced market is gaining ground. Stronger economic growth and declining inventories are boosting sentiment and in early trading on Friday, Brent

Rig Count Plunge Set To Boost Oil & Gas Prices
(Oilprice.com - 20/10/2017)

The number of active oil and gas rigs in the United States took a steep dive this week, dipping 15 rigs—the third straight weekly loss. The total oil and gas rig count in the United States now stands at 913 rigs, up 360 rigs from the year prior, with the

Crude Oil Prices Bounce Off Session Lows as Optimism Dominates
(Investing.com - 20/10/2017)

Crude oil prices bounced off session lows on Friday, after traders locked in profits from the commodity's recent gains as optimism surrounding a gradual tightening of the market continued to support. The U.S. West Texas Intermediate crude November

Oil slips from earlier gains as U.S. gasoline, diesel stocks rise
(Reuters - 19/10/2017)

Brent oil prices retreated from three-week highs reached earlier in the day on Wednesday, after a surprising fall-off in U.S. refining runs and an unexpected increase in inventories of gasoline and diesel. Prices had been higher due to ongoing tensions

Oil Snaps Four-Day Rally Amid Swelling U.S. Fuel Stockpiles
(Bloomberg - 19/10/2017)

Oil declined, halting four days of advances, after a closely watched tally of U.S. fuel inventories showed a rise in gasoline and diesel supplies. Futures slid as much as 1.9 percent in New York. Gasoline stockpiles in the world’s biggest economy

China’s oil demand key to balance in oil market
(My Oil and Gas News - 19/10/2017)

China’s purchases of crude oil for the sake of building its stocks have helped ease the oil market towards balance, the International Energy Agency (IEA) said in this month’s Oil Market Report. Furthermore, Chinese companies have expressed to Saudi