SAUDI NO CHANGE
The Organization of the Petroleum Exporting Countries won't change its crude oil output level when it meets next month, Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Al-Naimi said Monday.
"Supply is highly sufficient. Demand is great. And the market is fairly stable. There's no reason for a change. absolutely no reason," Mr. Al-Naimi said on the sidelines of an energy conference in Seoul.
Asked if OPEC's output cap of 30 million barrels a day is right, the oil minister said: "I think so. I know so."
He also said the current global oil price of $100 a barrel is the fair price "for everybody, consumer, producer and oil companies."
Mr. Al-Naimi said OPEC is willing to supply any shortage which may arise in the market if Russia's exports of oil are disrupted as a result of the Ukraine-Russia crisis.
Benchmark Nymex crude oil for June delivery was Monday trading at a fraction over US$100 a barrel, and about $8 a barrel over levels at the start of the year.
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IEA - For the third consecutive year, global energy investment declined, to USD 1.8 trillion (United States dollars) in 2017 – a fall of 2% in real terms. The power generation sector accounted for most of this decline, due to fewer additions of coal, hydro and nuclear power capacity, which more than offset increased investment in solar photovoltaics.
EIA - Crude oil production from the major US onshore regions is forecast to increase 143,000 b/d month-over-month in July from 7,327 to 7,470 thousand barrels/day , gas production to increase 1,066 million cubic feet/day from 69,466 to 70,532 million cubic feet/day .
U.S. FRB - Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase. Manufacturing output moved up 0.8 percent in June.
U.S. DT - The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion. Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.