*Brent Oil Benchmark Dips but Stays Over $40/bbl*
Oil prices dipped slightly off the back of rising stocks and falling demand as reported by the EIA, yet Brent maintained its $40 per barrel mark. The US stockpiles rose by 3 million barrels according to the American Petroleum institute (API) as the EIA reduced demand outlook by 210,000 barrels per day in the week to September 4th.
*Gazprom Increased Gas Supplies to China in July*
Gazprom increased its gas supplies to China via the Power of Siberia pipeline in July and August to 12 million cubic meters a day according to Interfax estimates, up from 10 million cubic meters a day in June.
*Nigeria Asks for $1.1 Billion Advance from Eni, Shell for Damages in Raft Case*
Nigeria demanded that a Milan court order Eni and Royal Dutch Shell to pay over $1 billion immediately for damages it is claiming over one of the biggest corruption cases the industry has ever seen. It is though that Nigeria have lost out on between $4.5 and $5.9 billion of profit as a result of the bribery allegations.
*Iraq in talks with Italy’s ENI to build $4 billion refinery near Zubair field: oil minister*
Iraq are in talks with ENI to build a 300,000-bpd refinery for an estimated $4 billion in the southern part of the country at the Zubair oil field. Phase one will see the project producing 150,000 barrels per day by 2025 and an expected 700,000-bpd by 2027, with the field currently majority owned by ENI along with Kogas, Basra oil and another state partner.
*Algerian Crude Exports Rise as OPEC+ Cuts Ease*
Algeria boosted exports of its trademark sweet crude by 10% last month following increases in OPEC+ quotas. 291,000 bpd were exported in august, up from July’s lows of 261,000 bpd. OPEC+ quotas were places at 816,000 bpd from May to July, which has now been increased to 861,000 bpd until December Argus Media reports.