OIL: STABLE REDUCTION
Crude oil prices stabilised Friday after dropping significantly this week.The crude oil market suffered another big weekly loss amid concerns over surplus supplies. This week, the prices of US crude and Brent crude dropped 4.4 percent and 2.3 percent respectively.Crude production from the Organisation of Petroleum Exporting Countries (OPEC) averaged 30.47 million barrels per day (mb/d), an increase of 402,000 barrels from the previous month, according to the OPEC monthly report released Friday, Xinhua reported.Non-OPEC oil supply growth in 2014 is forecast at 1.68 mb/d, in line with the previous report. Growth was seen coming mainly from the US, Brazil and Canada. Non-OPEC supply is expected to increase by 1.24 mb/d in 2015.US crude stockpiles added five million barrels to 361.7 million barrels last week, according to data from the Energy Information Administration (EIA) released Wednesday.Technology and high prices are opening up new oil resources from North America. US domestic crude production rose to the highest level since March 1986, according to the EIA.Traders worried that the slowing demand could not catch up with the rising global supplies.OPEC expected global oil demand growth in 2014 to reach around 1.05 mb/d, unchanged from the previous report. In 2015, world oil demand is forecast to rise by 1.19 mb/d, in line with last month's forecast.US crude for November delivery moved up five cents to settle at $85.82 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery gained 16 cents to close at $90.21 a barrel.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.