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Last update: Mon, 23 Jan 2017 05pm

Europe

Markets - Energy - Europe

OPEC signals larger 2017 oil surplus, unless cuts implemented LONDON: OPEC on Wednesday signalled a growing oil supply surplus next year unless members implement their deal to curb output from record levels and outside producers also deliver on cutback pledges made at the weekend. The Organization of the Petroleum Exporting Countries pumped 33.87 million barrels per day (bpd) last month, according to figures OPEC collects from secondary sources, up 150,000 bpd from October, OPEC said in a monthly report. OPEC's own figures show the group's output has continued to rise, adding to a global glut, ahead of the January start of its first supply cut agreement since 2008. This could raise questions about its ability to comply fully with the deal. But OPEC was hopeful that supply curbs pledged by Russia and other non-members at the weekend, in addition to its own reductions, will tackle the surplus and support prices, which at $55 a barrel are still half the ...

Markets - Energy - Europe

Poland's PKN says buys 1mn oil barrels from Iran WARSAW: Poland's biggest oil refiner PKN Orlen said on Wednesday it bought 1 million barrels of Iranian Light oil from National Iranian Oil Company (NIOC). The state-run PKN, which mostly refines Russian oil, said that the Iranian oil will be delivered to Naftoport in Gdansk in January and then transported to PKN's refinery in Plock. "The processing of the feedstock most recently delivered from Iran will be a basis for further plans regarding supplies from ...

Markets - Energy - Europe

Eni clinches deal with Sonatrach on gas supply contract MILAN: Italian oil and gas group Eni said on Tuesday it had reached an agreement with Algeria's Sonatrach over gas supplies for the gas year 2016-2017. No financial details were provided. Eni, the biggest foreign oil and gas operator in Africa, said the agreement covered almost 20 percent of the gas imported into Italy. "I am particularly pleased with the closing of the renegotiation on the gas supply contract and the level of the strategic ...

Markets - Energy - Europe

West Africa Crude-Overhang lingers with new programmes due to emerge LONDON: Around 35-40 cargoes of Nigerian crude remained in January and around a dozen Angolan cargoes. Angola's February loading programme is expected to emerge on Friday followed by Nigeria's schedules early next week. Nigeria's lower house opened an investigation on Tuesday into an offshore oilfield owned by Royal Dutch Shell and Eni, the latest inquiry into their acquisition of the OPL 245 licence block which could hold up to 9.23 billion barrels of oil, according ...

Markets - Energy - Europe

Oil demand to grow more swiftly, too early to assess global output cut LONDON: Global oil demand will rise more strongly than expected next year, although it is too soon to assess fully the impact of a joint cut in supply by the world's largest producers, the International Energy Agency said on Tuesday. In its monthly oil market report, the IEA said revisions to its estimate of Chinese and Russian consumption had prompted it to raise its forecast for global oil demand growth this year by 120,000 barrels ...