Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2014-09-11 18:20:00

SAUDI CUTS OUTPUT

SAUDI CUTS OUTPUT

Saudi Arabian oil output fell 400,000 barrels a day in August according to a report issued by Opec that coincided with another drop in the price of Brent, the international oil marker.

In its monthly report, the oil producing cartel said the Gulf nation produced 9.6m b/d a day in August, down from 10m b/d in July. Only four times in the last decade have the cuts been as great.

The sharp drop in the price of Brent since mid-June has prompted some market participants to question whether Saudi Arabia will curb its output to keep global supply in check and support prices.

On Wednesday, ICE Brent October fell $1.52 hitting a seventeen month low of $97.72 a barrel.

Excess oil in the Atlantic Basin and the North Sea, amid a pullback in demand from European refiners, has combined with robust North American production volumes to drive down price. At the same time output in Libya and Iraq has increased, despite violence ravaging both countries, adding further pressure.

Opinion was divided on the significance of the drop.

Many analysts had expected a lower August production number from Opec's largest producer, as air conditioning demand fell because of temperatures that were cooler than normal for the time year.

But others have said that even accounting for the seasonal variations, the drop was greater than the January to August average leading them to question if the holder of the world's largest spare output capacity is taking steps to curb output.

Wednesday's report also saw Opec reduce its 2014 global oil demand forecast for a third consecutive month.

The organisation now expects it to rise this year by 1.05m b/d, down 50,000 b/d from prior forecasts. Demand is set to pick up in 2015, but even this estimate was trimmed by 20,000 b/d.

These revisions led to a reduction in the demand for OPEC crude by 160,000 b/d in 2014 and 2015.

"This is the clearest acknowledgment on Opec's part that the current requirement for Opec crude is far less than they are currently supplying to the market. We would hence expect Opec to reduce oil output in coming months and a large chunk of this could easily come from Saudi Arabia," said Abhishek Deshpande, analyst at Natixis.

While acknowledging the production cut, analysts such as Olivier Jakob at Petromatrix, said that this did not necessarily mean lower exports, adding that Saudi Arabia was still more interested in retaining market share.

Rising supply from outside Opec, in particular the US due to greater tight oil production, has put many member nations' under pressure.

"The big slash in October selling prices is to do with the Saudis seeking to keep market share," said Mr Jakob. "And then, maybe they did not manage to sell as much as they wanted in August leading them to pull back on production."

Mounting competition from rival producers and sluggish demand in industrialised nations has pushed the price of oil lower below the $100 a barrel mark, which is considered a key level for many Opec producers.

Mr Jakob said that Saudi Arabia and others were watching for how demand fluctuated in response to lower prices to Asia, Europe and the US before making any significant cuts to production and exports.

ft.com

Tags: SAUDI, ARABIA, OIL, OPEC,

Chronicle:

SAUDI CUTS OUTPUT
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

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.

SAUDI CUTS OUTPUT
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

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.

SAUDI CUTS OUTPUT
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

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.

SAUDI CUTS OUTPUT
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

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.

All Publications »