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2016-11-07 19:00:00

OIL PRICE: ABOVE $46

ЦЕНА НЕФТИ: ВЫШЕ $46

 

BRENT OIL PRICE NOV 07 2016

 

WTI OIL PRICE NOV 07 2016

 

According to REUTERS, oil prices rose by over 1 percent on Monday, pushed up by a statement from the producers' club OPEC that it was committed to a deal made in September to cut output in order to prop up the market.

Brent crude futures LCOc1 were trading at $46.29 per barrel at 0705 GMT, up 71 cents, or 1.56 percent, from their previous close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 730 cents, or 1.66 percent, at $44.80 a barrel.

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) said on Monday the group was committed to a deal made in Algiers to cut output.

"We as OPEC we remain committed to the Algiers accord that we... put together. All OPEC 14 we remain committed to the implementation," Mohammed Barkindo told reporters at a conference in Abu Dhabi.

Despite these statements, many analysts doubt that OPEC and other producers outside the cartel, like Russia, can agree on a coordinated cut.

"Individual country details still remain challenging to agree upon," Barclays bank said in a note to clients.

"Iraq boosted production while Saudi Arabia asked for exceptions. Russia is still sitting on the sidelines, and none of the non-OPEC members consulted thus far has expressed any intention of a cut," Barclays said.

Such doubts, as well as ongoing oversupply, had by last Friday pulled Brent as low as $45.08, its weakest since Aug. 11.

WTI hit $43.57 on Friday, its lowest since Sept. 20.

Last week's losses were the steepest since January, and took nearly 15 percent off a one-year high hit in the first-half of October.

There are also risks that the oil supply overhang, which has dogged markets for the last two years, could continue as OPEC's de-facto leader Saudi Arabia threatened to increase production again should the upcoming meeting between producers lead to no result.

Even if Saudi Arabia does not follow through on that threat, its exports could rise.

"Saudi local oil demand is falling, and just maintaining current output could imply higher exports," Barclays said.

There were also signs of rising future U.S. output as the number of drilling rigs looking for new oil to produce rose by 9 to 450 in the week to Nov. 4, the highest level since February.

"Since its trough on May 27, 2016, producers have added 134 oil rigs (+40 percent) in the U.S.," Goldman Sachs said.

BRENT OIL PRICES DEC 2015 - NOV 2016

 

WTI OIL PRICES DEC 2015 - NOV 2016

 

BRENT OIL PRICES DEC 2011 - NOV 2016

 

WTI OIL PRICES DEC 2011 - NOV 2016

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Earlier: 

OIL PRICE: ABOVE $47 AGAIN 

SHELL & BP PRICES: $50 

AMERICA'S HEALTH PRICE: $50 

2017 OIL PRICE: $55 

IRAQ WANTS 9 MBD

 

 

 

 

 

Tags: OIL, PRICES, BRENT, WTI, ЦЕНА, НЕФТЬ

Chronicle:

ЦЕНА НЕФТИ: ВЫШЕ $46
2017, December, 13, 12:10:00

SIEMENS BUILDS FOR LIBYA

PENNENERGY - Germany's Siemens says it has signed contracts worth some 700 million euros ($824 million) to build two gas-powered electricity plants in Libya.

ЦЕНА НЕФТИ: ВЫШЕ $46
2017, December, 13, 12:05:00

FRENCH THERMONUCLEAR REACTOR

WNN - Construction of the Iter fusion reactor, being built at Cadarache in the south of France, is now 50% complete, the Iter Organisation has announced. The reactor - construction of which began in 2010 - is scheduled to achieve first plasma in 2025.

ЦЕНА НЕФТИ: ВЫШЕ $46
2017, December, 11, 10:25:00

OIL PRICE: NOT ABOVE $64 YET

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $57.14 a barrel at 0418 GMT, down 22 cents, or 0.4 percent, from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were down 25 cents, or 0.4 percent, at $63.15 a barrel.

ЦЕНА НЕФТИ: ВЫШЕ $46
2017, December, 11, 10:20:00

RUSSIAN GAZPROM'S NEW RECORD

PLATTS - Taking into account the nominated volume for Friday, Gazprom will have exported 179.8 Bcm to what it calls the Far Abroad -- Europe and Turkey, but not the countries of the former Soviet Union -- higher than last year's then record high of 179.3 Bcm.

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