10-12-2017, 08:30 PM
Oil rose above $50/bbl in New York before data forecast to show a third weekly drop in U.S. crude inventories, while Saudi Arabia said it will sell customers considerably less crude than they’re asking for. Futures advanced 1.4% after rebounding 0.6% on Monday from a weekly loss. Crude stockpiles probably slid by 750,000 bbl last week, a Bloomberg survey showed before an Energy Information Administration report due Thursday.
Oil climbs above $50 before U.S. data as Saudis curb exports
Rosneft closed the deal to acquire a 30% stake in the concessions agreement for the development of Zohr field, the largest gas field in the Mediterranean Sea, from Italian company Eni S.p.A. The cost of Rosneft stake acquisition is $1.125 billion. The Company also refunded its share in past project costs to Eni.
Rosneft acquires stake in giant Zohr field for $1.125 billion
As crude oil gushes out of the U.S. like never before, it looks increasingly like North Sea oil will suffer collateral damage. America exported a record high 1.98 MMbpd of crude in the week ended Sept. 29, equal to the crude that normally gets shipped every day in the North Sea. Much of the U.S. outflow is going to Asia, which has become increasingly important in recent years in determining North Sea oil prices, effectively sandwiching Brent crude between bearish forces.
North Sea oil sandwiched as U.S. ships crude like never before
Iraq and Iran boosted crude exports in September, taking advantage of a slower pace of shipments from rival Saudi Arabia to win buyers in key markets like China and the U.S. Iraq shipped 3.98 MMbopd, the highest since December, while Iran’s exports rose to 2.28 MMbopd, the most since February, according to ship-tracking data compiled by Bloomberg. Saudi Arabia’s exports were 6.68 MMbopd, the second-lowest for this year, the data show.