Oil Weekly Review

Russia’s oil output edged up in March to 11-month high of 10.97 million barrels per day (bpd), slightly above a limit agreed under a global supply pact.

Bahrain announced that newly discovered shale oil reserve is estimated to contain more than 80 billion barrels, making the once-marginal oil producer potentially a major player in the market. This is to be the largest oil find in the kingdom's history.

The Phileppines looking to seal a pact with China within a few months. T
o jointly explore for oil and gas in a part of the busy South China Sea waterway claimed by both countries.

The Iraqi cabinet on April 1 approved a plan to raise the nation's crude-oil production capacity to 6.5 million barrels per day (bpd) by 2022. The country's oil minister, Jabar al-Luaibi, said in January that capacity was currently about 5 million bpd.

Asia's largest refiner China's Sinopec
, plans to cut Saudi crude oil imports loading in May by 40 percent.After national oil company Saudi Aramco set higher-than-expected prices.

Russia is considering replacing the U.S. dollar in crude oil payments on deals with Turkey and Iran, Energy Minister Alexander Novak said as quoted by RT

Abu Dhabi National Oil Co. will issue its first competitive tender for partners.
To explore for and develop oil and natural gas as the government-owned producer seeks new ways to increase production in the UAE

China’s Sinochem Group has hired seven banks to manage a $2 billion Hong Kong stock listing of its key oil assets.

Venezuela’s National Constituent Assembly has finally given the go-ahead to the country’s oil-backed cryptocurrency, El Petro, after initially declaring it unconstitutional.

The UK government is
on its way on agreeing a massive support package with the North Sea oil and gas industry, the Scottish Secretary of State David Mundell told local Press and Journal. The package could be worth in excess of US$1.4 trillion (1 trillion pounds) over the next 17 years and, said Mundell, there was “every possibility” it will be agreed.