U.S. oil drillers cut rigs for first week in three: Baker Hughes | Reuters:
U.S. energy firms this week cut the number of oil rigs operating for the first time in three weeks week after U.S. crude production hit an all-time high, boosting exports to a record high and stockpiles to their highest in over a year.
Drillers cut four oil rigs in the week to Feb. 22, bringing the total count down to 853, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.
For the month, the rig count fell by nine. That was the first time drillers removed rigs for three months in a row since October 2017. The rig count declined by two in December and 23 in January.
Friday, 22 February 2019
#Saudi crown prince turns to Asia to rebuild his image | Financial Times
Saudi crown prince turns to Asia to rebuild his image | Financial Times:
Saudi Arabia’s Crown Prince Mohammed bin Salman this week sought to offset his rocky relationship with western powers on a five-day tour of Asia in which lavish receptions and investment pledges took precedence over the fate of Jamal Khashoggi.
As the young prince faces criticism in the US and Europe over the killing of Khashoggi, a journalist critical of Saudi rulers, the tour was an attempt to re-establish his credentials as a world leader and to boost Saudi commercial ties.
In contrast to a G20 meeting in Argentina in November last year, where the visiting prince faced outrage over the Khashoggi killing, the journalist’s death was barely mentioned as he passed through Pakistan, India and China this week.
Saudi Arabia’s Crown Prince Mohammed bin Salman this week sought to offset his rocky relationship with western powers on a five-day tour of Asia in which lavish receptions and investment pledges took precedence over the fate of Jamal Khashoggi.
As the young prince faces criticism in the US and Europe over the killing of Khashoggi, a journalist critical of Saudi rulers, the tour was an attempt to re-establish his credentials as a world leader and to boost Saudi commercial ties.
In contrast to a G20 meeting in Argentina in November last year, where the visiting prince faced outrage over the Khashoggi killing, the journalist’s death was barely mentioned as he passed through Pakistan, India and China this week.
Oil and gas groups set to revive spending on new production | Financial Times
Oil and gas groups set to revive spending on new production | Financial Times:
Oil and gas companies are set for a surge in spending on new production this year, with forecasts pointing to a near trebling in volume approved for development as higher crude prices encourage a loosening of purse strings.
Consultancy Rystad Energy said that excluding US shale oil and gas it expected more than 46bn barrels of oil equivalent to be given the green light, up from 17.5bn bo/e in 2018.
While the rise partly reflects a delay in project approvals late last year as the oil price dropped 40 per cent, it also shows a growing appetite to invest in gas and offshore oil projects.
Oil and gas companies are set for a surge in spending on new production this year, with forecasts pointing to a near trebling in volume approved for development as higher crude prices encourage a loosening of purse strings.
Consultancy Rystad Energy said that excluding US shale oil and gas it expected more than 46bn barrels of oil equivalent to be given the green light, up from 17.5bn bo/e in 2018.
While the rise partly reflects a delay in project approvals late last year as the oil price dropped 40 per cent, it also shows a growing appetite to invest in gas and offshore oil projects.
Europe Coddles #Iran With Special Purpose Vehicle - Bloomberg
Europe Coddles Iran With Special Purpose Vehicle - Bloomberg:
The European Union is trying to have it both ways on U.S. sanctions against Iran. It voices solidarity with the Trump administration’s concerns about the Islamic Republic’s rising threat to stability in the Middle East — most recently by expressing alarm at Iran’s ballistic-missile program and other “unacceptable behavior.” At the same time, EU leaders condone efforts by their member countries to skirt U.S. restrictions — as if to reassure the Iranian regime that trade can continue despite the U.S. decision to pull out of the 2015 nuclear deal.
Now, Germany, France and the U.K. have gone so far as to create a special purpose vehicle for trade with Iran that’s clearly designed to get around U.S. sanctions.
This strategy is doomed to fail. The Trump administration won’t be fooled by it — or to any extent mollified by European finger-wagging at the regime in Tehran.
The European Union is trying to have it both ways on U.S. sanctions against Iran. It voices solidarity with the Trump administration’s concerns about the Islamic Republic’s rising threat to stability in the Middle East — most recently by expressing alarm at Iran’s ballistic-missile program and other “unacceptable behavior.” At the same time, EU leaders condone efforts by their member countries to skirt U.S. restrictions — as if to reassure the Iranian regime that trade can continue despite the U.S. decision to pull out of the 2015 nuclear deal.
Now, Germany, France and the U.K. have gone so far as to create a special purpose vehicle for trade with Iran that’s clearly designed to get around U.S. sanctions.
This strategy is doomed to fail. The Trump administration won’t be fooled by it — or to any extent mollified by European finger-wagging at the regime in Tehran.
Oil Set for Second Weekly Gain on Trade Optimism and OPEC Curbs - Bloomberg
Oil Set for Second Weekly Gain on Trade Optimism and OPEC Curbs - Bloomberg:
Oil headed for a second weekly increase as the U.S. and China worked on resolving their trade impasse, and as output cuts by OPEC and its allies balanced surging American supply.
Futures in New York edged higher Friday, taking this week’s increase to 2.7 percent. President Donald Trump will meet with China’s vice premier and top trade negotiator on Friday as the world’s two biggest economies try to resolve their differences. While U.S. crude stockpiles have increased for five straight weeks and production has jumped to a new record, Saudi Arabia and its partners’ output cuts are creating some optimism among traders.
Oil has climbed this year with the Organization of Petroleum Exporting Countries and its allies estimating they delivered 83 percent of promised output reduction last month. Saudi Arabia has cut deeper than it agreed to and has said it expects oil markets to balance by April. Still, American supply growth is tempering that outlook.
Oil headed for a second weekly increase as the U.S. and China worked on resolving their trade impasse, and as output cuts by OPEC and its allies balanced surging American supply.
Futures in New York edged higher Friday, taking this week’s increase to 2.7 percent. President Donald Trump will meet with China’s vice premier and top trade negotiator on Friday as the world’s two biggest economies try to resolve their differences. While U.S. crude stockpiles have increased for five straight weeks and production has jumped to a new record, Saudi Arabia and its partners’ output cuts are creating some optimism among traders.
Oil has climbed this year with the Organization of Petroleum Exporting Countries and its allies estimating they delivered 83 percent of promised output reduction last month. Saudi Arabia has cut deeper than it agreed to and has said it expects oil markets to balance by April. Still, American supply growth is tempering that outlook.
Global watchdog gives #Iran until June to strengthen anti-money laundering rules | Reuters
Global watchdog gives Iran until June to strengthen anti-money laundering rules | Reuters:
Iran has until June to strengthen its anti-money laundering legislation, or financial institutions operating there will face increased international scrutiny, a global watchdog said on Friday.
Last October, the Paris-based Financial Action Task Force (FATF) watchdog had already given Iran until February to complete reforms that would bring it in line with global norms, or face consequences.
The FATF concluded this week at a meeting that “there are still items not completed” and said in a statement it “expects Iran to proceed swiftly in the reform path”.
Iran has until June to strengthen its anti-money laundering legislation, or financial institutions operating there will face increased international scrutiny, a global watchdog said on Friday.
Last October, the Paris-based Financial Action Task Force (FATF) watchdog had already given Iran until February to complete reforms that would bring it in line with global norms, or face consequences.
The FATF concluded this week at a meeting that “there are still items not completed” and said in a statement it “expects Iran to proceed swiftly in the reform path”.
UPDATE 1- #Saudi agrees $10 bln China refinery deal as crown prince visits | Reuters
UPDATE 1-Saudi agrees $10 bln China refinery deal as crown prince visits | Reuters:
State-owned oil company Saudi Aramco signed a $10 billion deal to build a refining and petrochemical complex in China on Friday, as Saudi Crown Prince Mohammed bin Salman wrapped up a two-day trip to Beijing.
The Saudi delegation, including top executives from Aramco, arrived on Thursday on an Asia tour that has already seen the kingdom pledge investment of $20 billion in Pakistan and seek to make additional investments in India’s refining industry.
The crown prince will meet President Xi Jinping, who has made stepping up China’s presence in the Middle East a key foreign policy objective, despite its traditional low-key role there.
State-owned oil company Saudi Aramco signed a $10 billion deal to build a refining and petrochemical complex in China on Friday, as Saudi Crown Prince Mohammed bin Salman wrapped up a two-day trip to Beijing.
The Saudi delegation, including top executives from Aramco, arrived on Thursday on an Asia tour that has already seen the kingdom pledge investment of $20 billion in Pakistan and seek to make additional investments in India’s refining industry.
The crown prince will meet President Xi Jinping, who has made stepping up China’s presence in the Middle East a key foreign policy objective, despite its traditional low-key role there.
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