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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
2018, July, 12, 10:20:00

U.S. - EXXON - RUSSIA SANCTIONS

BLOOMBERG - Treasury Secretary Steven Mnuchin told a Texas judge that Exxon Mobil Corp. doesn’t have a right to see privileged documents related to a $2 million fine assessed against the energy company for violating sanctions related to Russia’s 2014 invasion of Ukraine.

STATOIL SEES $60
2018, July, 12, 10:15:00

NORWAY'S OIL PRODUCTION: 1.747 MBD

NPD - Preliminary production figures for June 2018 show an average daily production of 1 747 000 barrels of oil, NGL and condensate, which is an increase of 88 000 barrels per day compared to May.

STATOIL SEES $60
2018, July, 12, 10:10:00

NOVATEK'S PRODUCTION: +2.4%

NOVATEK - In the first half 2018, NOVATEK’s hydrocarbons production totaled 264.3 million barrels of oil equivalent (boe), including 32.93 billion cubic meters (bcm) of natural gas and 5,864 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons production by 6.3 million boe, or by 2.4%, as compared to the first half 2017.

STATOIL SEES $60
2018, July, 11, 09:35:00

OIL PRICE: NEAR $78 YET

REUTERS - Brent crude futures LCOc1 were down 75 cents, or 1 percent, at $78.11 a barrel by 0308 GMT, having fallen as low as $77.60. U.S. crude CLc1 was down 55 cents, or 0.7 percent, at $73.56.

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