SINGAPORE: Demand for Asia-Pacific crude oil remained firm on Tuesday ahead of the imposition of US sanctions on Iran which are expected to curb exports from the OPEC country, industry sources said.
INDONESIA
* Indonesia's state-owned energy company, Pertamina, needs $100 billion over the next 12 years to boost oil output growth, a senior official said on Tuesday.
The spending is required to satisfy Indonesia's oil demand, Ernie D Ginting, the firm's vice president of corporate business strategic planning, said during the Asia Pacific Petroleum Conference (APPEC) in Singapore.
Seventy percent of the amount will need to come from external funds and partnerships, she said on the sidelines of the conference.
Pertamina is also looking to acquire oil blocks overseas, she added. BRENT-DUBAI EFS
* Brent's premium to Dubai swaps was at $3.77 per barrel for November, up/down 1 cent from the previous session.
NEWS
* Energy trader Vitol will stop doing business with Iran after the United States re-imposes sanctions on Tehran's oil trade from Nov. 4, a senior company executive said on Tuesday.
* OPEC Secretary-General Mohammad Barkindo called for cooperation between OPEC and non-OPEC countries on Tuesday, warning that failure to do so could lead to one crisis after another.
* Commodities trader and miner Glencore said on Tuesday it would repurchase more of its shares, worth up to $1 billion, increasing the size of an existing buyback programme that followed a subpoena from US authorities.
* India's crude oil demand is forecast to grow to 500 million tonnes per year by 2040, but persistent increases in oil prices might act as a dampener on the rate of growth, Partha Ghosh, an executive director at Indian Oil Corp IOC.NS said on Tuesday.
* China's refining capacity will grow to 880 million tonnes a year, equivalent to 17.6 million barrels per day, by 2020, 14 percent higher than in 2017, a senior researcher from oil company CNOOC said on Tuesday.
* The International Maritime Organization (IMO) will not delay implementing a reduction in the amount of sulphur in marine fuel in 2020, an IMO official said on Tuesday.
* Asia's oil deficit will widen to 35 million barrels per day (bpd) by 2025, up about 30 percent from the current 27 million bpd, amplifying global trade flow imbalances, a senior executive at French oil and energy group Total said on Tuesday.
At the same time, Europe's imports will be cut by 10 million bpd, while exports from North America and the Middle East will increase, said Thomas Waymel, the company's president of trading and shipping.
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