VENEZUELA WILL CUT 95 TBD
REUTERS - Venezuela said on Tuesday it will cut 95,000 barrels-per-day of oil production in the New Year in fulfilment of a producers' deal to reduce global output and strengthen prices.
Jan. 1 is the official start of the pact by the Organization of the Petroleum Exporting Countries and several non-OPEC producers to lower production by almost 1.8 million bpd.
"Without prejudicing its international contractual obligations, from Jan. 1 2017, (state oil company) PDVSA and/or its subsidiaries will implement a reduction in the volumes of its main crude sale contracts, all in conformity with existing terms and conditions," the Energy Ministry said.
Venezuela, a price hawk within OPEC and one of the nations worst affected by the fall in crude revenue since mid-2014, currently produces just over 2.4 million barrels of crude and condensates per day, according to ministry data.
President Nicolas Maduro has said he will soon embark on a tour of oil-producing nations to support the OPEC deal.
"I am proposing a new system, a new formula to fix markets and oil prices to enable stability, harmony, continuity," he said on Monday, without giving further details of his itinerary or planned proposal to fellow producers.
"I aspire to at least 10 years of stability with realistic, fair prices of oil, and I am going to achieve it."
Oil edged further above $55 a barrel on Tuesday, drawing support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect from Sunday.
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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.
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.
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.