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WTI pares daily gains on rising US oil rig count
(FX Street - 30/09/2017)

Crude oil prices lost traction in the late NA session on Friday, with the barrel of West Texas Intermediate turning negative below the $52 handle. As of writing, the barrel of WTI was at $51.50, losing 0.15% on the day. According to the data released by

Middle East crude oil producers turn to crude trading to boost incomes
(Reuters - 30/09/2017)

Middle East oil producers are venturing into trading crude as three years of weak oil prices has encouraged them to find new sources of income beyond the business of exporting their output. OPEC kingpin Saudi Arabia, the world's biggest oil exporter, is

Shale Drillers To Lose At Sub-$50 Oil
(Oil Prices - 30/09/2017)

Shale oil and gas producers need WTI prices at least US$50 oil to be able to see significant returns, analysts from Moody’s said in a research note today. For natural gas, the minimum price level to ensure reasonable profitability is US$3 per MMBtu, the

Middle Eeast OPEC producers fret oil price rally may burn out
(Reuters - 29/09/2017)

Middle East OPEC producers are concerned weak demand and excess supply in the first quarter of 2018 may undermine an oil price rally that has pushed Brent crude about 30 percent higher since June, OPEC and industry sources said. Supply cuts since January

Crude oil markets show how to be bullish, but not really: Russell
(Reuters - 28/09/2017)

Sentiment is often a somewhat flighty and nebulous concept, but it appears that crude oil markets are turning increasingly bullish about the prospect for higher prices. Certainly the mood at this week’s major industry conference in Singapore was a marked

Crude Oil Consolidates Recent Gains
(RTT News - 27/09/2017)

Crude oil prices were flat Wednesday morning, holding recent gains after industry data showed a surprise drop in US crude oil inventories. Domestic stockpiles fell by 761,000 barrels at the end of last week, the American Petroleum Institute (API)

Oil on course to break $60 a barrel level
(The National - 27/09/2017)

Strong oil demand growth in emerging economies led by China and India but also from Europe is drawing down oil stockpiles faster than expected, putting the global market firmly on track to rebalance, senior industry executives said on Tuesday. A surge in

UAE’s compliance with oil output cut pact is 100%, energy minister say
(Gulfnews - 26/09/2017)

UAE has cut up to 10 per cent of their oil exports in the last two months in accordance with the Opec agreement on output cuts, energy minister Suhail Al Mazroui said on Monday. “UAE compliance is 100 per cent and we announce cuts every month. As an

Oil prices hit eight-month peak
(The Gulf Today - 26/09/2017)

Oil prices rose on Monday to their highest in eight months after major producers said at a meeting in Vienna the global market was well on its way towards rebalancing. The November Brent crude futures contract was up 79 cents at $57.65 a barrel by 1134

China announces limit on oil product exports, bans condensate to N Kor
(Platts - 25/09/2017)

Beijing has limited its oil products flow and banned condensate and LNG exports to North Korea, China's Ministry of Commerce and General Administration of Customs announced late Friday. The measures are in line with the UN Security Council's sanctions

India's crude oil production declines 1.6% in August 2017
(Business Standard - 25/09/2017)

India's crude oil production declined 1.6% to 3.02 million tonnes (mt) in August 2017 over August 2016. Crude oil output of ONGC increased 1.8% to 1.90 mt, while that of Oil India also improved 6.0% to 0.29 mt. However, the crude oil production of

Iran Says OPEC Action on Output Cuts Must Address Libya, Nigeria
(Bloomberg - 24/09/2017)

OPEC’s commitment to cutting production to clear a global glut is working, but the group needs to address rising output from Libya and Nigeria, Iran’s Oil Minister Bijan Namdar Zanganeh said. Compliance with the output cuts is “acceptable,” Zanganeh told

Opec succeeds in eliminating oversupply in crude oil market
(Reuters - 23/09/2017)

Opec and other oil producers are clearing a glut that has weighed on crude prices for three years and may wait until January before deciding whether to extend their output curbs beyond the first quarter of 2018, ministers said on Friday. The Organisation

OPEC daily basket price announced for Thursday
(WAM - 23/09/2017)

The price of OPEC basket of fourteen crudes stood at US$54.59 a barrel on Thursday, compared with $54.06 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes is made up of the following: Murban (UAE), Saharan

Oil heads for third weekly gain as Opec says market is improving
(Bloomberg - 23/09/2017)

Oil was heading for a third weekly gain as Opec ministers meeting in Vienna urged a continued commitment to supply cuts they said are making good progress in draining a global glut. Front-month oil futures were little changed in New York, leaving them

Opec and Russia say global oil glut halfway cleared
(Bloomberg - 23/09/2017)

Opec and Russia said they were about halfway toward clearing a global oil glut and urged fellow producers to stay focused and finish the job, while stopping short of additional action to reassure a jittery market. The producers, who together pump more

Crude oil surges to multi-month highs despite jump in U.S. stockpiles
(Seeking Alpha - 21/09/2017)

Crude oil prices rallied after the Iraqi oil minister said OPEC and its partners were considering extending or even deepening current production cuts. WTI crude settled at its best level since May, +1.9% to $50.41/bbl, while Brent popped +2.1% to

Oil heads for bumper quarter as Baghdad hints at cuts
(Arab News - 21/09/2017)

Oil is on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut. Brent

Oil prices rally on deeper OPEC cuts
(Saudi Gazette - 20/09/2017)

Short-term disruptions and lower exports from OPEC members offset signs of stronger US oil production to help give crude oil prices a lift early Tuesday. Crude oil prices have been volatile, but moving generally higher for most of the month. Seasonal

Iraq Says OPEC Mulls Deeper, Longer Oil Cuts to End-2018
(Bloomberg - 19/09/2017)

Iraq and some other oil producers taking part in global output cuts think they should reduce supply by an additional 1 percent to help re-balance the market, according to Iraqi Oil Minister Jabbar al-Luaibi. Some also favor extending cuts until the end

Oil near five-month high as Middle East producers stick to cuts
(Reuters - 19/09/2017)

Oil prices traded close to five-month highs on Tuesday after fresh data showed key Middle Eastern producers continued to cut supply in line with an OPEC-led deal aimed at ending a crude glut. A weaker U.S. dollar also lent support to

Oil Holds Near $50 as Refiners Delay Work After Hurricane Harvey
(Bloomberg - 19/09/2017)

Oil held gains near $50 a barrel before U.S. crude stockpile data as refiners delay scheduled maintenance after Hurricane Harvey hit the Gulf Coast and shuttered almost a quarter of the nation’s refining capacity. Futures were little changed in New York

Another Bullish Oil Sign
(Seeking Alpha - 19/09/2017)

West Texas Intermediate (WTI) and Brent oil prices have increased to $50 and $55, respectively, and bullish oil signs continue to accumulate. Joint Organisations Data Initiative (JODI) just announced that, in July, Saudi Arabia's oil production remained

Opec's rebalancing strategy shifts as US oil imports drop
(The National - 19/09/2017)

The messages from the latest Opec meetings over the summer appeared positive. The oil cartel assured investors that the rebalancing process in the oil markets is working. Other headlines were highlighted. Growth beneficial to the oil industry is picking

U.S. oil prices hit $50 on rising refinery demand, falling rig count
(Reuters - 18/09/2017)

U.S. crude oil prices rose above $50 per barrel on Monday and were near last week's multi-month highs as the number of U.S. rigs drilling for new production fell and refineries continued to restart after getting knocked out by Hurricane Harvey. U.S. West