OPEC CHIEF SEES
OPEC's output is set to rebound after tumbling in March, the secretary-general of the oil producers' group said Friday.
Production from the Organization of the Petroleum Exporting Countries fell in March to its lowest level this year amid Iraqi and Libyan disruptions.
Speaking to reporters on the sidelines of the Petrostrategies energy conference, Abdalla Salem el-Badri said that "in the third and fourth quarter, we will increase production."
OPEC, which supplies more than a third of the oil consumed globally each day, said Thursday that its production in March was 400,000 barrels a day below its agreed collective ceiling of 30 million barrels a day. "OPEC will respect" the ceiling, Mr. el-Badri said.
The head of OPEC, himself a former Libyan oil minister, said that Libya would be a likely contributor to the output increase. Following a deal with rebels who had blocked ports in eastern Libya, he said the country's production would rebound to 1 million barrels a day within two months, from 150,000 barrels a day now, security allowing.
As well as disruptions in Libya and Iraq, world energy markets have been rattled by Russia's annexation of Crimea. Russian gas monopoly Gazprom has also threatened to raise the prices it charges Ukraine for gas.
But the head of OPEC said that "the Russians will think twice" about keeping gas supplies. "In the short, medium term, I don't see any interruption."
He also said he didn't expect the U.S. to become a net exporter of crude—and a potential competitor on global markets—because its production of light oils is balanced by its deficit of heavy grades.
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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.