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ENERGY | BG9
rises in February
OPEC crude exports
average 25.32 million
barrels per day (bpd)
in February, 1.72 mil-
lion bpd higher com-
pared to January lev-
els, according to the latest research and
forecasts report from Reuters.
OPEC crude exports averaged 25.32
million barrels per day (bpd) in Febru-
ary, 1.72 million bpd higher compared
to January levels, according to the lat-
est research and forecasts report from
"The bulk of the growth in daily aver-
age exports was seen out of the Middle
East with 1.26 million bpd higher ex-
ports month on month, at 18.51 million
bpd," Reuters said in its report.
Saudi Arabia, Iran, Kuwait and the
UAE posted 'significant' increases in ex-
ports, which were offset to some extent
by Iraq, which experienced a 197,000
bpd decline month on month. Qatari
exports surged by 320,000 bpd month
on month to rise to 750,000 bpd.
The group exported 253,000 bpd
more crude oil to Asia, although vol-
umes to China declined by almost
300,000 bpd, month on month, to
3.41 million bpd. South Korea bought
257,000 bpd of crude more than January
to stand at 2.08 million bpd.
European-bound cargoes 'nosedived'
to 2.10 million bpd in February, a more
than 400,000 bpd decline month on
month, the report highlighted. Ship-
ments to the US were relatively flat at
2.38 million bpd.
Export volumes are calculated by
the Reuters oil research team using a
bottom-up methodology that leverag-
es data from the Trade Flows module
available on Eikon. Reuters
Exxon Mobil Corp is positioning itself for future
growth and part of that will come from US$20 billion
worth of investments into the company's Growing
the Gulf initiative.
Through the initiative, which ExxonMobil CEO
Darren Woods announced Monday during the CER-
AWeek conference in Houston, the company will
invest US$20 billion into 11 refining and chemical
manufacturing projects in the US Gulf Coast over a
The 11 projects will create more than 45,000 jobs,
"These will be high skilled, high paying jobs av-
eraging about US$100,000 per year ... and they are
multiplier jobs, meaning they'll create many more jobs
in the community. We're building a manufacturing
powerhouse along the Gulf Coast."
Woods also stressed the importance of innovation
and said ExxonMobil was partnering with more than
80 universities to explore new energy frontiers.
"The only way to keep winning in a competitive
market is to keep innovating," he said.
ExxonMobil recently completed a US$5.6 billion
Permian acquisition, and Woods sees great oppor-
tunities there. Just a few months into his position
as CEO, Woods said his priorities are the same as all
the CEOs before him.
"It's about growing shareholder value," Woods said.
"We've got to leverage our talent and capabilities.
We've got a deep bench of technical skills and a rich
portfolio of investments." Rigzone
reports $525.6m profit
Colombia's state-controlled oil producer Ecopetrol
on Monday reported a net profit of US$525.6 million
Net profit totaled 1.56 trillion Colombian pesos
last year, the company said in a filing to the financial
regulator, up sharply from the 3.98 trillion peso loss
recorded in 2015.
IEA: Oil supply
will slowly tighten
An international group representing oil-importing
countries warns that the global supply of oil could fall
short of demand after 2020 and push prices higher.
There is a worldwide glut of oil now, and the In-
ternational Energy Agency says the supply looks
adequate for the next three years thanks to rising
production in the US and a few other nations.
But the group says that supply growth will slow
after 2020, with a drop in spare production capacity
expected unless new projects are approved soon.
Investment in new projects fell during a slump in
oil prices that began in mid-2014. In addition, OPEC
members agreed to short-term cuts to boost prices.
Global energy demand is still rising, with about
half the increase in China and India, but it's growing
at a slower rate than a few years ago.
The international group, whose members include
the U.S. and other oil-importing nations, issued its
latest five-year forecast at a major energy conference
Monday in Houston.
Oil prices bottomed in early 2016 below US$30 a
barrel but have risen into the mid-US$50s. That has
sparked more pumping in the US. Fatih Birol, executive
director the IEA, called it the start of a second wave
of output from operators in US shale fields in Texas,
New Mexico and North Dakota.
The size of the US rebound will depend on prices,
he said, with the group offering one forecast if inter-
national oil goes to US$80 a barrel and a flat outlook
if it dips to US$50.
Production is also rising in Brazil and Canada, but
that is the result of drilling projects that were started
before prices collapsed.
The group based its global forecast on Brent crude,
the benchmark for international oil, being US$58 a
barrel. It was trading just under US$56 on Monday.
The forecast made no assumptions about changes
in policies that might be pursued by President Donald
Trump, such as relaxing vehicle-efficiency standards
and easing regulations on oil and gas production.
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