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2016-12-07 18:35:00

STATOIL SEES $60

STATOIL SEES $60

REUTERS - The balance between demand and supply in the oil market will shift earlier than previously expected due to OPEC's output cuts, with prices heading towards $60 a barrel next year, Statoil's chief executive said on Tuesday.

Brent crude futures LCOc1 hit $55 a barrel on Monday, the highest level since July 2015, after OPEC agreed on Dec. 1 to curb production by 1.2 million barrels per day (bpd) from January.

"It means that the rebalancing of the market can come at an earlier point in time than we previously expected," Statoil chief Eldar Saetre told Reuters on the sidelines of an energy conference.

"We basically have indicated that the rebalancing will start at some point during 2017. I think this (OPEC agreement) will push it to the front of 2017 as this agreement comes into effect," he added.

As a result of demand catching up with supply, oil prices are expected to rise to towards $60 a barrel, spurring more oil production from U.S. shale.

"There will be volatility, and at some point we will see higher prices driven by lack of investments," Saetre said, adding that increased output from the U.S. will not be enough to compensate for historically low global investments.

"At some point we will see higher prices (than $60 a barrel)... because of deferred investments, but I don't think you will see the impact of this next year, because the time horizon is longer," Saetre said.

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Earlier: 

OIL PRICES: ABOVE $54 

OIL INVESTMENT: -$1.99 TLN + $630 BLN 

2017: DEMAND RECOVERY 

OPEC'S CAUTIOUS OPTIMISM 

DEMAND WILL UP AGAIN

 

 

Tags: STATOIL, OIL, PRICE, BRENT, WTI

Chronicle:

STATOIL SEES $60
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

STATOIL SEES $60
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

STATOIL SEES $60
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

STATOIL SEES $60
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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