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2016-10-11 18:30:00

OIL PRICES: REDUCING THE ODDS

OIL PRICES: REDUCING THE ODDS

 

BRENT  OIL PRICES NOV 2011 - OCT 2016

 

WTI  OIL PRICES NOV 2011 - OCT 2016

 

According to REUTERS, Goldman Sachs said a planned oil output cut by producer cartel OPEC and other exporters like Russia has become a "greater possibility", but warned that any reduction likely won't be deep enough to re-balance markets in 2017.

"Higher production from Libya, Nigeria and Iraq are reducing the odds of such a deal rebalancing the oil market in 2017," Goldman analysts said.

Any failure to reach such a deal, however, would push prices sharply lower to $43 per barrel as the global oil market will still have surplus crude in the fourth quarter.

OPEC's top producer Saudi Arabia said on Monday that a global deal to cut supplies could be reached at the group's next formal meeting in November, when non-OPEC nations such as Russia could be invited to join in the pact.

Russian President Vladimir Putin told an energy congress on Monday that Russia was ready to join a proposed cap on oil output by OPEC members.

Goldman said Saudi Arabia likely holds the reins to the production cut agreement, with signs of elevated funding stress potentially driving Saudi to commit to a cut when OPEC meets officially on November 30.

OPEC officials are embarking on a flurry of meetings to nail down details of the deal in Algiers, where modest oil output cuts were agreed in the first such deal since 2008.

"As usual, risks of a disagreement are not negligible with Iraq currently the most vocal opponent, aiming to grow production next year and disputing usual measures of its production as too low," Goldman analysts said.

The bank said it sees price-insensitive upside risks to global oil production from the countries outside OPEC and expects them to aggravate supply with 40 percent more new projects in 2017 from 2016.

Goldman said even if OPEC producers and Russia implemented strict cuts, higher prices would allow U.S. shale drillers to raise output.

"Demand growth will remain resilient in our view but the historical activity and price sensitivities suggest less growth at higher oil prices," the investment bank said.

 

 

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Earlier: 

 

OIL PRICES: ABOVE $52 AGAIN

OIL PRICES: ABOVE $52

OIL PRICES: ABOVE $51

OIL PRICES: ABOVE $50

OIL PRICES: OVER $46

 

 

Tags: OIL, PRICES, BRENT, WTI,
OIL PRICES: REDUCING THE ODDS September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

OIL PRICES: REDUCING THE ODDS September, 20, 09:00:00

GAS PRICES UP TO $3.146

OIL PRICES: REDUCING THE ODDS September, 20, 08:55:00

ЦЕНА URALS: $51,81591

OIL PRICES: REDUCING THE ODDS September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

OIL PRICES: REDUCING THE ODDS September, 20, 08:45:00

RENEWABLE'S FUTURE

OIL PRICES: REDUCING THE ODDS September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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Chronicle:

OIL PRICES: REDUCING THE ODDS
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

OIL PRICES: REDUCING THE ODDS
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

OIL PRICES: REDUCING THE ODDS
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

OIL PRICES: REDUCING THE ODDS
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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