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[fangorn2] 01/11/2018 19:25

Oil prices fell after Opec oil output was revealed to have risen to the highest since 2016, up 430,000 barrels per day to 33.33m a day in October.

A Bloomberg survey of officials, analysts and shipping data revealed that Libya pumped a five-year high of 1.22m barrels per day while a record 10.68m a day gushed in Saudi oilfields.

This more than offset a cut in Iranian shipments due to US sanctions that are set to begin on 4 November.


WHOA!

[waldron] 01/11/2018 15:34

Trump will reportedly allow India and South Korea to keep buying sanctioned Iranian oil
Published an hour ago | Updated an hour ago
Tom DiChristopher
@tdichristopher




Key Points

The Trump administration has agreed to allow India and South Korea to continue buying some Iranian crude, according to reports.
Washington is threatening sanctions against countries that continue importing oil from Iran after a deadline on Nov. 4.
Without waivers to continue purchasing Iranian oil after the deadline, foreign firms face the risk of being locked out of the U.S. market.

[ariane] 01/11/2018 08:29

LONDON -- Royal Dutch Shell PLC said Thursday its net profit jumped 50% in the third quarter, underpinning signs of renewed strength in the sector amid stronger oil prices.

Shell said its quarterly profit on a current cost-of-supplies basis -- a number similar to the net income that U.S. oil companies report -- was $5.6 billion, up from $3.7 billion a year earlier. Still, on an adjusted basis, its results came in slightly below the company-provided analyst consensus. Investors, still burned from the sharp decline in oil prices in 2014, have taken a tough line on such surprises in recent quarters.

Shell is the biggest oil company to report its third-quarter results, and the release caps a strong set of earnings for Europe's oil majors. France's Total SA and Norway's Equinor ASA -- formerly known as Statoil -- both announced sharp increases in earnings, while BP PLC said its profit more than doubled.

U.S. oil giants Exxon Mobil Corp. and Chevron Corp. are set to report their results Friday.

Despite signs of a solid recovery in the sector, investors have remained wary, and companies are under pressure to show they are generating healthy cash flows and using that to reward shareholders.

Shell said its cash flow from operations rose to $12.1 billion in the third quarter -- enough to cover its cash dividend, interest payments, share buybacks and pay down debt. The company said it would complete the second tranche of its $25 billion share buyback program by the end of January, repurchasing up to $2.5 billion worth of shares.

Write to Sarah Kent at [e-mail]



(END) Dow Jones Newswires

November 01, 2018 04:08 ET (08:08 GMT)

[bountyhunter] 31/10/2018 17:36

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[bountyhunter] 31/10/2018 17:35

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