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All the latest in Oil, Gas, Commodity news and analysis

IEF Head: Oil Prices To Wobble In $60-80 Range Short Term
by Tsvetana Paraskova
13 Nov 2018 at 11:00am
U.S. sanctions on Iran and OPEC?s efforts to stabilize the price of oil could lead to oil prices fluctuating in the $60 to $80 a barrel range in the short term, Sun Xiansheng, Secretary-General of the International Energy Forum (IEF), told Sputnik on the sidelines of the ADIPEC conference in Abu Dhabi on Tuesday. As oil producing nations are seeking the balance of the market, oil price fluctuations are ?reasonable,? said Sun, noting that he expects the range of those fluctuations to be between $60 and $80. ?We have to see?

U.S. Could Become Single Largest Oil, Gas Producer: IEA
by Irina Slav
13 Nov 2018 at 10:30am
The United States will be the biggest contributor to global oil production growth in the period to 2040, accounting for 75 percent of the total, the International Energy Agency said in its latest World Energy Outlook, adding, however, that this would require a lot more investments than what is currently being made in production expansion. ?Without such a pick-up in investment, US shale production, which has already been expanding at record pace, would have to add more than 10 million barrels a day from today to 2025, the equivalent of adding?

Could Brazil's Oil Sector Trigger An Economic Miracle?
by Haley Zaremba
13 Nov 2018 at 10:01am
Brazil?s new far-right President elect Jair Bolsonaro, dubbed in some circles as the ?Trump of the tropics?, has huge plans in store for Brazilian crude. His energy team is planning a massive push for the sale of Brazil?s enormous crude deposits to foreign investors. This is a move that would potentially open up a staggering quantity of oil, bigger than all of Mexico?s proven reserves, to Big Oil and other private interests. Bolsonaro?s new pro-market strategies and political recruits represent a major shift?

OPEC Cuts 2018 Oil Demand Growth Forecast By 40,000 Bpd
by Irina Slav
13 Nov 2018 at 9:30am
OPEC expects global oil demand to grow at a daily rate of 1.5 million bpd this year, further slowing down to 1.29 million bpd in 2019, the organization said in the latest issue of its Monthly Oil Market Report. This is 40,000 bpd and 70,000 bpd lower in demand growth projections for 2018 and 2019, respectively, from last month?s report. This is the fourth downward oil demand growth revision from the Organization of Petroleum Exporting Countries in as many months, suggesting that the worry about demand has caught up with the cartel that supplies?

Oil Prices Plunge Below $15 In Canada
by Nick Cunningham
13 Nov 2018 at 9:00am
Canadian oil prices briefly plunged as low as $15 per barrel last week, after a U.S. federal judge blocked the construction of the Keystone XL pipeline. Canada?s oil industry has lurched from pipeline crisis to pipeline crisis, with projects blocked at every turn. Just a few months ago, the Trans Mountain expansion ? a proposed pipeline to be built from Alberta to the Pacific Coast ? also ran into trouble and is now ultimately in doubt. The inability to build new capacity capable of shipping higher levels of oil out of Alberta?

400,000 Bpd Dalian Refining Complex Gets Greenlighted
13 Nov 2018 at 8:30am
Fujia Group and China Huayang Economic and Trade Group Co. Ltd have signed a strategic cooperation agreement to jointly establish a 20 million mt/year (400,000 bbl/day) refining-chemical complex in Dalian city in northeast China?s Liaoning province. According to the agreement signed on November 9, 2018, the complex will be located on the Changxing Island in Dalian, and will introduce a total foreign capital of 1 billion US dollars. The project will mainly produce aromatics, ethylene, propylene and high-end and high value-added chemical products,?

Gas Will Become Second-Largest Energy Source By 2040
by Irina Slav
13 Nov 2018 at 7:30am
Natural gas will overtake oil as the second most popular energy source for power generation by 2040, the International Energy Agency said in its latest World Energy Outlook, adding that all worries about a glut will soon dissipate thanks to China?s ever-growing thirst for what many call a bridge fuel between the fossil fuel era and the renewables era. Reuters recently reported that China had overtaken Japan as the biggest natural gas importer in the world. That?s thanks to a strategy for reducing pollution levels pursued by Beijing?

Non-OPEC Oil Output Soars Despite Price Slide
by Irina Slav
13 Nov 2018 at 7:30am
Crude oil production outside the Organization of Petroleum Exporting Countries is set for further?and more intensive?growth this year and next, according to the latest monthly report of the cartel. With U.S. production alone estimated to have hit 11.6 million bpd earlier this month as per figures from the Energy Information Administration, it?s no wonder OPEC sees the United States as the biggest driver behind non-OPEC supply growth, which it sees this year at 2.31 million bpd. This is 90,000 bpd more than what OPEC forecast a?

OPEC?s First Female President May Be Extradited Back To Nigeria
by Tsvetana Paraskova
12 Nov 2018 at 10:00pm
Nigeria is looking for the extradition of former oil minister and the first female president of OPEC from the UK to face trial in her home country, because a corruption investigation in Britain is taking too long, the head of Nigeria?s Economic and Financial Crimes Commission (EFCC) said on Monday. Diezani Alison-Madueke served as petroleum minister of Nigeria between 2010 and early 2015 under then Nigerian president Goodluck Jonathan, until he was defeated in the elections by current president Muhammadu Buhari in 2015. Alison-Madueke was?

Saudis Scramble To Stop Oil Price Slide
by Nick Cunningham
12 Nov 2018 at 4:00pm
Saudi Arabia is moving quickly to halt the slide in oil prices, telegraphing a production cut intended to erase some of the re-emerging supply surplus. Saudi oil minister Khalid al-Falih said on Monday that the kingdom would slash oil exports by 500,000 bpd in December, a move that would go a long way to reversing the 1 million-barrel-per-day increase in output agreed to by OPEC+ in June. It was only a few weeks ago that al-Falih was trying to reassure the market that Saudi Arabia had enough spare capacity in the event of an outage; now he is rushing?

Oil Prices Are Not Falling Off A Cliff Anytime Soon
by David Messler
12 Nov 2018 at 4:00pm
We entered the fourth quarter of 2018 with some anticipation. Driving this was the advent of complete sanctions imposed by the American government on Iran. The arrival of these sanctions had been discussed at length in an OilPrice article that took the prevailing wisdom and attempted to read through the tea leaves for direction. How wrong we were! This anticipation was in spite of having endured a steep decline in crude prices as October waned. The oil price volatility we saw from the middle of the 4th quarter was breathtaking. It led to a single?

China Gets First U.S. LNG Since Slapping Tariff Two Months Ago
by Tsvetana Paraskova
12 Nov 2018 at 4:00pm
China has received its first cargo of liquefied natural gas (LNG) from the United States since it imposed in mid-September a 10-percent tariff on U.S. LNG imports in the heated tit-for-tat trade tariffs this summer, Reuters reports, citing Refinitiv Eikon shipping data. LNG tanker Ribera Duero Knutsen departed from Sabine Pass in the U.S. on October 10, according to MarineTraffic, and arrived at the Zhejiang Ningbo terminal in China on Sunday, November 11, Refinitiv Eikon data showed. According to the shipping data, this was the first U.S. LNG?

What?s Behind China?s Record Oil Imports?
by Tsvetana Paraskova
12 Nov 2018 at 3:00pm
China imported a record-high volume of crude oil in October, beating the previous all-time high set in April this year. The oil market, gripped by a strong bearish sentiment last week, largely ignored the Chinese data. Crude oil imports at the world?s top importer will continue to grow, but last month?s record was determined not only by fundamentals?it was influenced by one-off shorter-term factors that boosted oil intake, according to Reuters columnist Clyde Russell. Chinese crude oil imports continue to be propped up by economic?

Swiss Court Blocks Nord Stream Payments In Ukraine-Gazprom Dispute
by Tsvetana Paraskova
12 Nov 2018 at 2:00pm
As part of the Ukraine-Russia gas dispute saga, a Swiss court has issued an injunction that blocks payments from the Nord Stream gas pipeline to Russia?s Gazprom, the Russian gas giant has said in a Eurobond issue prospect. Under the Swiss court ruling, all payments from Nord Stream AG and Nord Stream 2 AG, which are majority held by Gazprom, will go to the Swiss bailiffs. Gazprom plans to appeal the Swiss court injunction, the chairman of Gazprom?s board of directors Viktor Zubkov told Russia?s TASS news agency on Monday.?

The Biggest Threat To Dollar Dominance
by Irina Slav
12 Nov 2018 at 2:00pm
Russian oil exporters are pressuring Western commodity traders to pay for Russian crude in euros and not dollars as Washington prepares more sanctions for the 2014 annexation of Crimea by Moscow, Reuters reported last week, citing as many as seven industry sources. While it may have come as a surprise to the traders, who, Reuters said, were not too happy about it, the Russian companies? move was to be expected as the Trump administration pursues a foreign policy where sanctions feature prominently. This approach, however, could undermine?

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