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2016-12-02 18:40:00

OPEC - RUSSIA DEAL

OPEC - RUSSIA DEAL

 

BRENT OIL PRICES JAN 2012 - DEC 2016

 

WTI OIL PRICES JAN 2012 - DEC 2016

 

REUTERS wrote, oil prices slipped on Friday as some investors opted to cash out after Brent touched 16-month a high on Thursday, with optimism over this week's OPEC-Russia accord on cutting output giving way to questions on the "sticking point" of implementing the deal.

International Brent crude oil futures LCOc1 were trading at $53.36 per barrel at 0446 GMT, down 58 cents, or 1.08 percent, from their last close.

U.S. West Texas Intermediate (WTI) futures CLc1 were at $50.70, down 36 cents, or 0.71 percent.

Brent and WTI futures had jumped more than 10 percent since Wednesday's agreement by OPEC members and Russia to reduce crude production by a combined 1.5 million barrels per day.

Analysts are now focusing their attention on implementation of the deal, the first agreement since 2001 by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to coordinate production cuts.

"It looks achievable on the face of it, provided the parties to the latest production cut deal stick to their pledges, which has historically been somewhat of a sticking point," ANZ bank said on Friday.

"Compliance issues and a stronger than forecast revival from the U.S. shale sector represents the largest downside risk," said BMI Research on Friday. It maintained its forecast for Brent crude at $55 a barrel in 2017 due to "ample stock levels and spare capacity within OPEC".

Still, traders said the market remained broadly optimistic in the longer term about an accord designed to help bring the oil market back into balance.

"This deal is significant. It sends a very strong message to the market and it should help the market find a balance," said Simon Flowers, chief analyst at Wood Mackenzie. Flowers forecasts Brent to average $55-$60 a barrel in 2017, but cautioned this would "depend on OPEC being very careful to meet the terms of the agreement".

Traders said price developments in crude futures over the coming days should provide evidence of the extent of the market's optimism for the deal.

"WTI has arrived at the peaks from the middle of last year and again in October," said Ric Spooner, chief market strategist at CMC Markets, adding the next movements in the futures should provide insight into exactly how positively traders view this week's agreement.

In the days prior to Wednesday's deal, the market assigned a low probability that OPEC would come to a meaningful agreement because of arguments between de facto leader Saudi Arabia and third-largest producer Iran.

But that changed after Russian President Vladmir Putin played a crucial role in helping the OPEC set aside differences to forge the cartel's first deal with non-OPEC Russia in 15 years.

-----

Earlier: 

OPEC PRODUCTION TARGET 32.5 MBD  

OIL PRICES: ABOVE $52 AGAIN 

РОССИЯ ПРИВЕТСТВУЕТ ОПЕК 

OIL INVESTMENT: -$1.99 TLN + $630 BLN 

2017: DEMAND RECOVERY

 

 

Tags: OPEC, RUSSIA, OIL, PRICES, PRODUCTION, BRENT, WTI

Chronicle:

OPEC - RUSSIA DEAL
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

OPEC - RUSSIA DEAL
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

OPEC - RUSSIA DEAL
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

OPEC - RUSSIA DEAL
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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