Oil

Energy Outlook forecasts U.S. crude oil production to increase by 1.4 million b d in 2018 and the Brent-WTI spread to average $3.96 b.

IEA in the Oil 2018 envisaged that excess global refining capacity would grow. but Asian refiners need more crude.

Shell and Eni have for decades been two of the most active oil majors operating in the Niger Delta region.

The US cannot become completely independent of foreign oil.

Libya was initially exempt from the OPEC production cuts together with Nigeria because of the violence in the two countries.

Electric. hybrid and conventional vehicle costs are likely to converge before 2050.

Among the fields. talks for developing Yaran. Mansouri. Sepehr and Jofeir fields are finalized.

The EIA is forecasting US oil production will lift 14.8% to 10.70 million barrels per day this year.

The IEA expects Venezuela'.s crude output will fall to 1.38 million barrels per day (mb d) by the end of 2018.

Russians can pull out of the deal as they have made no commitment to OPEC to remain in the agreement until the end of 2018.