For all the talk of aging oil fields and shrinking production, the U.K. is about to achieve a surprising feat: it’s on the brink of becoming a net crude oil exporter for the first time in 14 years. To put the milestone into context, it’s one of the key criteria for joining OPEC. Source: Bloomberg
Shanghai’s new yuan-denominated derivatives contract is set to propel global crude oil futures trading volumes to a record high in 2018, eating into the market share of the two most active crude contracts, Brent and WTI. Source: Reuters
Russia is planning to reduce its oil production by 50,000 bpd to 60,000 bpd in January as part of the new OPEC+ deal, and will not be cutting its 228,000-bpd share outright at the start of the agreement, Russia’s Energy Minister Alexander Novak said on Tuesday. Source: Oil Price
India hopes to attract around US$300 billion in investments in its energy sector in the coming decade, including in refineries, natural gas infrastructure and trade, and liquefied natural gas (LNG) facilities, India’s Petroleum Minister Dharmendra Pradhan said at an energy conference in Delhi on Tuesday. Source: Oil Price
