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2016-12-07 19:05:00

OIL PRICES: STILL ABOVE $54

ЦЕНА НЕФТИ: ПОКА ВЫШЕ $54

 

BRENT OIL PRICE DEC 07 2016

 

WTI OIL PRICE DEC 07 2016

 

REUTERS - oil prices steadied on Wednesday as investors waited to see if OPEC and Russia would deliver promised production cuts designed to end a supply overhang that has weighed on the market for more than two years.

North Sea Brent crude oil LCOc1 was up 10 cents a barrel at $54.03 by 0950 GMT. U.S. light crude CLc1 was up 15 cents at $51.08 a barrel.

Oil prices surged as much as 19 percent after the Organization of the Petroleum Exporting Countries and Russia announced last week that they would cut production next year in an effort to prop up markets.

But doubts have emerged over whether the planned cuts will be big enough to rebalance the market.

Since the deal was announced, both OPEC and Russia have reported record production and output elsewhere is also resilient.

The U.S. Energy Information Administration said on Tuesday it expected domestic crude oil production for 2016 and 2017 to fall by less than previously expected.

"Investors are torn between hopes that producers will cut enough production to balance supply and demand, and fears that they won't," said Tamas Varga, senior analyst at London brokerage PVM Oil Associates.

OPEC and non-OPEC oil producers meet this weekend in Vienna to agree details of the output cut, which targets an overall reduction of around 1.5 million barrels per day (bpd).

OPEC member Nigeria, exempt from the cuts, said on Wednesday it hoped to boost its oil production to 2.1 million bpd in January, up from 1.9 million bpd now.

"We will see whether belief in the (OPEC production) deal will hold," said Eugen Weinberg, head of commodities research at Commerzbank in Frankfurt. "There is a big discrepancy right now between expectations, perception and reality."

Despite widespread scepticism, many analysts say 2017 will likely see a more balanced oil market.

"Oil markets are on track to tighten over 2017, which will be accelerated by OPEC's decision to reduce production alongside non-OPEC countries," said BMI Research. "If effectively implemented, we expect the global oil market will return to balance in Q1 2017."

Oil production has been outpacing consumption by 1 to 2 million barrels per day since late 2014.

"The average annual oil price will be higher in 2017 than in 2016, with Brent at $55 per barrel for the year," BMI Research said. The average 2016 Brent price has so far been $44.47 per barrel.

 

BRENT OIL PRICES JAN 2016 - DEC 2016

 

WTI OIL PRICES JAN 2016 - DEC 2016

 

BRENT OIL PRICES JAN 2012 - DEC 2016

 

WTI OIL PRICES JAN 2012 - DEC 2016

 

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Earlier:  

OIL PRICES: ABOVE $54

OIL PRICES: ABOVE $55 

URALS: $41,02 

OIL PRICES: ABOVE $53 

OIL PRICES: ABOVE $52 AGAIN 

 

 

 

Tags: OIL, PRICE, BRENT, WTI, ЦЕНА, НЕФТЬ, OPEC, ОПЕК

Chronicle:

ЦЕНА НЕФТИ: ПОКА ВЫШЕ $54
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

ЦЕНА НЕФТИ: ПОКА ВЫШЕ $54
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

ЦЕНА НЕФТИ: ПОКА ВЫШЕ $54
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

ЦЕНА НЕФТИ: ПОКА ВЫШЕ $54
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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