Energy Update
ALMATY, Oct 11 (Reuters) - Kazakh President Nursultan
Nazarbayev is being treated for a cold, his office said on
Tuesday, prompting speculation that the illness was diplomatic.
SEOUL, Oct 11 (Reuters) - The union that represents most
workers at Hyundai Motor Co's South Korea factories
plans to resume wage talks with management on Wednesday after
months of strikes in the automaker's worst-ever industrial
dispute, disrupting output at its key domestic production base.
(Tue, 11 Oct 2016) Starting with the <em>Weekly Petroleum Status Report</em> (WPSR) published on Thursday, October 13, the U.S. Energy Information Administration will no longer include crude oil lease stocks in U.S. total commercial crude oil inventory data. Crude oil lease stocks refer to oil (currently about 31 million barrels' worth) that is stored in tanks at sites across the United States where producers are drilling on leased land.
MELBOURNE, Oct 11 (Reuters) - BP Plc has abandoned
plans to drill for oil and gas off the south coast of Australia,
saying it can get better value for its exploration spending
elsewhere, although it still sees strong potential in the Great
Australian Bight.
LONDON, Oct 10 (Reuters) - Saudi Arabia successfully
confounded hedge funds with bearish views on oil by reaching an
unexpected production deal with OPEC members in Algiers on Sept.
28, sending prices soaring in a short-covering rally.
SINGAPORE, Oct 11 (Reuters) - Oil prices edged down early on
Tuesday but held near one-year highs touched on growing
expectations of an output cut by OPEC producers, and traders
said the price outlook remains bullish as confidence in crude
markets rises.
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