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Dear friends! For more than three years I've been telling you about the main news, events, trends in the world oil and gas market. I do it for free and without advertising. Therefore I ask you for help. Wognews needs development. You are more than 20 000 people from more than 80 countries. If each donate a small amount of money, $10, $20, $30 or more, wognews will become better. Thank you, Vladimir Vinogradov, the founder of wognews.
2016-11-08 18:30:00

BOTTOM IS GOING

BOTTOM IS GOING

PE wrote, the international oil market has hit its bottom, though how long it will be there remains in question, leaders in the industry said at an Abu Dhabi conference on Monday.

As they walked among stands offering a variety of new equipment, those who attended the annual Abu Dhabi International Petroleum Exhibition & Conference no doubt kept the price per barrel in mind, which now sits under $50, down from over $100 in mid-2014.

Oil producers would love to see higher prices, but OPEC so far has been unable to cut output.

In September, OPEC agreed to have a committee look at potentially cutting production to 32.5 million to 33 million barrels a day, shaving off 700,000 barrels a day — some 2 percent of overall production.

That deal would need to be agreed to by OPEC members at their planned Vienna meeting later this month.

However, what effect that could have may be muted by U.S. shale oil re-entering the market. Meanwhile, Iran, Saudi Arabia and other countries have increased production.

In Abu Dhabi, ExxonMobil CEO and chairman Rex W. Tillerson said it simply: "We don't need any more uncertainty."

Yet more may be on the way as OPEC Secretary-General Mohammad Sanusi Barkindo of Nigeria warned of an unprecedented three-year decline in investments by oil firms in exploration and production spending.

Perhaps no two officials reflected the market tensions better than a smiling Emirati Energy Minister Suhail al-Mazroui, promising the industry had seen a "sunrise," followed immediately by Omani Minister of Oil and Gas Mohammed bin Hamad al-Rumhi describing it as "four o'clock in the afternoon."

Al-Mazroui insisted the oil prices would begin to rise again, though he acknowledged it "has been a bit long."

"We are not greedy," he said. "We need some sort of stability in the price level."

Al-Rumhi, who noticeably tangled with al-Mazroui last year as well, said "common sense has prevailed slowly in OPEC." However, he warned that all were "living in a dangerous place" with some of countries' assumptions and production increases.

"We are playing with fire here," he said. "Economies can be destroyed."

"We're in the bottom," he added. "What we don't know is, how long is that bottom going to last."

-----

Earlier:

OIL PRICE: ABOVE $46

SHELL & BP PRICES: $50

НЕГАТИВНЫЕ НИЗКИЕ ЦЕНЫ

AMERICA'S HEALTH PRICE: $50

IRAQ: OUT OF DEAL

2017 OIL PRICE: $55

МЕДЛЕННОЕ ВОССТАНОВЛЕНИЕ РЫНКА

OIL PRICES FORECAST: $43 - $51

 

 

Tags: OIL, PRICES, OPEC, SAUDI
BOTTOM IS GOING September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

BOTTOM IS GOING September, 20, 09:00:00

GAS PRICES UP TO $3.146

BOTTOM IS GOING September, 20, 08:55:00

ЦЕНА URALS: $51,81591

BOTTOM IS GOING September, 20, 08:50:00

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

BOTTOM IS GOING September, 20, 08:45:00

RENEWABLE'S FUTURE

BOTTOM IS GOING September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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Chronicle:

BOTTOM IS GOING
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.

BOTTOM IS GOING
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.

BOTTOM IS GOING
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.

BOTTOM IS GOING
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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