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Friday, 19 January 2018

US set to overtake Saudi Arabia and rival Russia in crude output

US set to overtake Saudi Arabia and rival Russia in crude output:

"US crude production is on course to overtake Saudi Arabia and rival Russia, the International Energy Agency said, as it revised higher its 2018 growth forecast and stressed that “explosive” expansion in shale was offsetting Opec-led supply cuts. In its closely watched monthly oil market report published on Friday, the IEA said production growth was returning “to the heady days of 2013-2015”, even as the Paris-based body said global supply and demand would broadly find balance this year. The latest body to raise US estimates, following the US energy department’s statistics arm and Opec’s own research unit, the IEA said: “This year promises to be a record-setting one for the US.”"



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Saudi economy set for sustainable revenue boost: Fitch | ZAWYA MENA Edition

Saudi economy set for sustainable revenue boost: Fitch | ZAWYA MENA Edition:

"Recent fiscal measures in Saudi Arabia will prompt a sustainable rise in government revenues, Fitch Ratings said. Revenues in 2018 may also get a one-off boost from settlements with wealthy individuals following the anti-corruption campaign launched in November, the ratings agency said in a report released on Thursday. However Fitch noted that the value and use of the receipts has not been officially confirmed and they are not included in official budget projections. "



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Aviation: Emirates and flyDubai will continue to soar | ZAWYA MENA Edition

Aviation: Emirates and flyDubai will continue to soar | ZAWYA MENA Edition:

"Over 79,000 trade visitors... Deals totalling over $113bn... A litany of widebody and narrowbody orders, led by Emirates ordering up to 40 Boeing 787-9 and 787-10 Dreamliners and flydubai signing a deal for up to 225 Boeing 737 MAXs... And that was just the 2017 edition of the Dubai Air Show. Dubai Airports will likely report 2017 as another record-breaking year for passengers handled and will retain the top spot for international traffic as it steamrollers towards the 100m passenger mark. And although naysayers have for years being forecasting an implosion in the GCC’s aviation sector, even a Saudi-led blockade of Qatar hasn’t dampened opportunities. So, what will 2018 hold? In short, bellwether airline Emirates will dominate headlines for a number of reasons."



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IEA sees oil markets tightening as Venezuelan output collapses

IEA sees oil markets tightening as Venezuelan output collapses:

"Global oil markets are tightening quickly on falling supply from Venezuela, which posted 2017’s biggest unplanned output fall and could see a further decline in 2018, the International Energy Agency (IEA) said on Friday.

Debt and infrastructure problems cut Venezuela’s December output to 1.61 million barrels per day (bpd), somewhere near a 30-year low. That helped oil prices top $70 per barrel in early January, their highest level in 3 years.

“The general perception that the market has been tightening is clearly the overriding factor and, within this overall picture, there is mounting concern about Venezuela’s production,” the IEA, which coordinates energy policy in industrialised nations, said in its monthly report."



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IEA Sees ‘Explosive’ Growth in U.S. Oil Output As Prices Rally - Bloomberg

IEA Sees ‘Explosive’ Growth in U.S. Oil Output As Prices Rally - Bloomberg:

"U.S. oil output is set for “explosive” growth this year as prices rally, potentially offsetting a further collapse in Venezuela’s production, the International Energy Agency said. The agency is joining a chorus of voices from Goldman Sachs group Inc. and OPEC’s own analysts in warning of a surge in U.S. production as oil hits three-year highs. Output cuts led by the Organization of Petroleum Exporting Countries have been successful in eroding bloated stockpiles, and yet they risk becoming a victim of their own success."



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