OIL PRICE UP: $34
Light, sweet crude oil prices on the New York market gained modestly to settle above $34/bbl on Mar. 1, and Russia state news agency TASS reported Russia's Energy Minister Alexander Novak said a "critical mass" of oil-producing countries had agreed to freeze oil production.
Novak said countries producing 73% of the world's oil have agreed to the tentative deal, TASS reported.
Russia, Saudi Arabia, Venezuela, and Qatar announced in February that they were willing to freeze production at January levels provided other countries also adopt the freeze. Another meeting of producers is scheduled for mid-March, Russia spokesmen have said.
The United Arab Emirates' Energy Minister Suhail al-Mazrouei said Mar. 1 that "everyone should move toward freezing production whether they like it or not," UAE's state news agency reported.
Meanwhile, US production has declined from a peak in April 2015, but the decline has come more slowly than some analysts expected.
The US Energy Information Administration was scheduled Mar. 2 to release its weekly US oil and product inventory report. Separately, the American Petroleum Institute estimated crude oil supplies gained 9.9 million bbl for the week ended Feb. 26.
The April crude oil contract on the New York Mercantile Exchange climbed 65¢ to settle at $34.40/bbl on Mar. 1, which was the highest front-month price since Jan. 5. The May contract was up 57¢ to $36.15/bbl.
The NYMEX natural gas contract for April was up 3¢ to $1.74/MMbtu. The Henry Hub gas price fell 5¢ on Mar. 1 to $1.57/MMbtu.
Heating oil for April delivery rose 0.5¢ to a rounded $1.10/gal. The price for reformulated gasoline stock for oxygenates blending for April was down 1.7¢ to a rounded $1.30/gal on Mar. 1.
The May ICE contract for Brent crude climbed 24¢ to $36.81/bbl, which was the highest front-month price for that contract since Jan. 4. The June ICE contract also gained 24¢ to settle at $37.47/bbl. The ICE gas oil contract for March was $323/tonne, down $1.50.
The average price for the Organization of Petroleum Exporting Countries' basket of 12 benchmark crudes was up $1.46 to $31.59/bbl on Mar. 1.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
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.
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.