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 July 17 - 21, 2017                                                                                                 

Fuel prices surge in North Korea as China slashes oil sales
China National Petroleum Corp (CNPC) curbed diesel and gasoline sales to North Korea in an effort to pressure the reclusive state to halt its nuclear and missile programs.

Oil nears $49, supported by US drilling slow down
The US averaged five new rig additions over the past four weeks, the lowest rate since Nov.

Saudi Arabia on track to tender renewable projects, asks firms to qualify
The country announced in Apr. the start of the bidding process for its first round of renewable projects which will include a 300 MW solar PV plant in Sakaka and a 400 MW wind project in Dumat al-Jandal.

Tanker market to benefit from weak oil market sentiment
Despite the OPEC deal to curb output, inventories have barely moved and prices remain below $50.

ExxonMobil ends talks of developing Indonesia's East Natuna Gas Field
The Indonesian unit of the oil giant announced it no longer wishes to continue discussions involving the gas field believed to hold one of the world's largest reserves of untapped gas.

Ecuador risks schism in OPEC, admits to pumping above target
The country’s oil minister said on Mon. evening that the country had only reduced output by 16,000 bpd, falling 40% short of its reduction target of 26,000 bpd.

Abu Dhabi's ADNOC hires US investment bank Moelis ahead of several unit's' flotation
The state-owned firm is reportedly considering proposals from Goldman Sachs, First Abu Dhabi Bank, HSBC, and JP Morgan among others for lead roles in the listing of its fuel retailing business, ADNOC Distribution.

US coal exports have increased over the past six months
Exports for Q1 2017 were 58% higher than at the same point last year, with steam coal exports increasing by 6 million short tons (MMst) and metallurgical coal exports increasing by 2 MMst.

Regional demands on Qatar are reduced by more than half
Diplomats from Saudi Arabia, UAE, Bahrain and Egypt have announced that the 13 detailed requests have been reduced to six general ones focused on “principles”.

Saudi Arabia is reportedly considering 1 mbpd export cut
The move would be a step up from OPEC’s traditional method of simply cutting production to address oversupply concerns, and would represent a renewed commitment to boosting oil prices.

China proposes easing state oil major's grip on storage
Beijing is considering removing the requirement for distributors and storage companies to have secure and steady supplies of refined products, a requirement only state majors can fulfill.

Russia to continue cooperation with OPEC
Saudi Arabia was reportedly hoping to accommodate the rise in production from Libya and Nigeria through supply adjustments elsewhere. In response, a Russian source said his country welcomes the flexibility and is fully committed to the goal of stabilizing the market.

Qatar’s LNG expansion will hurt US: Woodside
CEO Peter Coleman says Qatar’s plan to boost it’s LNG output by 30% to 100 Mmta in 5 to 7 years will delay the growth of the US LNG export market.

India starts the creation of a national oil champion
New Delhi approved the $4.6B sale of the government's 51% stake in Hindustan Petroleum Corp (HPCL) to its bigger state-owned rival Oil and Natural Gas Corp (ONGC).

PetroChina to unload first Chinese purchase from US strategic reserve this week
The company purchased the 550,000 bbl cargo from the US in Mar., and is unloading at Qingdao port in the Eastern province of Shandong this week.

Mexico conducts its first natural gas pipeline capacity open season
As part of a series of ongoing energy reforms, Mexico’s National Center for Natural Gas Control (CENADAS) has been tasked with auctioning off the capacity rights to the country’s natural gas pipeline previously controlled by state-owned Petróleos Mexico (PEMEX).

Exxon Mobil sues US government for its levy of a $2 million fine
The US Treasury Department on Thurs. placed the fine on Exxon Mobil for its three-year-old joint venture with Russia’s Rosneft.

US fuel ethanol production continues to grow in 2017
In 1H 2017, US weekly ethanol production averaged 1.02 mbpd, a 5% increase from the same period in 2016.

Total in talks with Myanmar to build power plant, supply LNG
The company, which sold 11 MT of LNG last year, is seeking to move further into downstream activities like power plants to help stimulate gas demand as it diversifies away from oil.

Smaller Chinese companies seek LNG, start of terminal operations
Smaller players are pushing ahead with plans for regasification and storage terminals in an effort to secure a toehold in the domestic supply chain.

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