OPEC CAN CUT
REUTERS wrote, Iran is optimistic OPEC can reach a deal on limiting oil supplies and plans to announce its own decision about any output curbs at the group's meeting next week, Iranian Oil Minister Bijan Zanganeh said on the ministry's official website SHANA.
"The proposal of Algerian Energy Minister (Nouredine Bouterfa) on the production of each country was presented today and carefully studied," Zanganeh was quoted as saying on Saturday after meeting Bouterfa in Tehran.
Bouterfa said Algeria's proposals called for 1.1 million barrels per day (bpd) in cuts by OPEC members and decreases totaling 600,000 bpd by non-members, SHANA reported.
"If OPEC members ... agree, oil prices will reach $50 to $55 next year and $60 by the end of the year," Bouterfa was quoted as saying.
The Organization of the Petroleum Exporting Countries is moving closer toward finalizing its first deal to limit oil output since 2008 but Iran has been a stumbling block because it wants exemptions as it tries to regain oil market share following the easing of Western sanctions in January.
"We are to present our views about this proposal at the ... Nov. 30 OPEC meeting," Zanganeh said. "The general trend and public statements suggest that OPEC can reach a viable agreement for its production and market management."
"If we can agree, and I am optimistic, (oil) prices will increase and this is also what the world economy demands."
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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.