GLOBAL OIL DEMAND 2015: 93.6 MB/D
Global oil supply inched up by 35 000 barrels per day (35 kb/d) in October to 94.2 million barrels per day (mb/d), with total supply 2.7 mb/d more than a year earlier as higher year-on-year OPEC production added to non‐OPEC supply growth of 1.8 mb/d. Month-on-month, OPEC output eased by 150 kb/d in October, to 30.60 mb/d, but remained well above the organisation's official 30 mb/d supply target for a sixth month running. The group's oil ministers meet on 27 November against the backdrop of a 30% price decline since they last gathered, in June. Non‐OPEC production growth is forecast to ease to 1.3 mb/d for 2015.
Global oil demand estimates for 2014 and 2015 were unchanged at 92.4 mb/d and 93.6 mb/d, respectively. Projected growth will increase from a five‐year annual low of 680 kb/d in 2014 to an estimated 1.1 mb/d next year as the macroeconomic backdrop is expected to improve.
OECD industry oil stocks built counter‐seasonally by 12.6 mb in September. Their deficit versus average levels, after ballooning earlier this year, fell to its narrowest since April 2013. Preliminary data show that despite a 4.2 mb draw, stocks swung into a surplus to average levels in October for the first time since March 2013.
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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.