WorldOil Oil traders empty key crude storage hub as global demand booms Oil traders are emptying one of the world’s largest crude storage facilities, located near the southernmost tip of Africa, as the physical market tightens amid booming demand and OPEC production cuts. Wood Mackenzie study weighs cost of carbon on upstream sector Wood Mackenzie has released Positioning for the Future, the first comprehensive study ever carried out into carbon emissions in the upstream oil and gas sector. Gazprom Neft undertakes its largest-ever maritime oil shipment Gazprom Neft Badra, operator of Badra field, Iraq, has undertaken the largest-ever maritime shipment of oil for export in the company’s history, with 1.78 MMbbl of hydrocarbons being despatched for the United States in the New Solution crude oil tanker. Gas Plus Khalakan provides operational update on Shewashan field in Iraq Gas Plus Khalakan (GPK), the operator of the Shewashan oil field in the Kurdistan region of Iraq, is pleased to provide an update on the operations and activity that has been delivered to further develop the Shewashan oil field. Two words show why U.S. oil may finally be turning a corner Oil futures have been stuck in glut mode, but that may be starting to change as backwardation, begins to replace contango. OPEC has success at last, but oil revival may be short-lived When OPEC and its allies gather this week, they’ll have the best evidence yet that their efforts to clear a global oil glut are succeeding. It may prove short-lived. BP supplies natural gas to Mexico under energy reform measures BP Energía México, BP’s natural gas marketing and trading arm in Mexico, has started to deliver approximately 200,000 MMBtu a day of natural gas to Mexico, making BP one of the first private companies to supply natural gas to the domestic market under the country’s energy reform measures. Rosneft to finalize pipeline project in Iraqi Kurdistan Rosneft has completed its due diligence on infrastructure of the export oil pipeline in Iraqi Kurdistan (KROP) and will shortly finalize the legally binding documents on oil pipeline project under the Investment Agreement signed at St. Petersburg International Economic Forum in June 2017. Crude rises above $50/bbl on prospect of more OPEC action Crude extended gains above $50/bbl in New York as the prospect of OPEC taking further steps to clear a global supply glut. Aramco plans to buy non-Saudi crude in global trading expansion Saudi Aramco plans to expand its trading business by buying and selling non-Saudi crude as the world’s biggest exporter prepares for what could be a record initial public offering.