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2016-07-13 13:43:00

2017: RISING OIL DEMAND

2017: RISING OIL DEMAND

BLOOMBERG wrote, OPEC forecast higher demand for its crude next year as the global surplus fades, while Saudi Arabia pumped near-record levels amid peak summer consumption.

The 14 members of the Organization of Petroleum Exporting Countries, including new member Gabon, will need to produce about 33 million barrels a day next year, 142,000 a day more than June output, the group said in its first assessment of 2017. Global demand will increase at the same pace as 2016 while production outside OPEC will fall.

"Market conditions will help remove overall excess oil stocks in 2017," the organization's Vienna-based research department said in its monthly market report. "The contraction seen this year in non-OPEC supply is expected to continue in 2017, but at a slower pace."

Oil prices have recovered more than 70 percent from the 12-year low reached earlier this year as OPEC's strategy to pressure rivals with lower prices slowly succeeds in eliminating a surplus. Output in the U.S. has retreated to a two-year low as the boom in shale oil production faltered, while Saudi Arabia told OPEC it raised output last month close to a record.

Near-Record Production

Saudi production increased by 280,000 barrels a day to 10.55 million, the kingdom told OPEC. That's close to the record 10.564 million pumped last June. The country's output typically peaks in the summer as domestic power demand for air conditioning surges.

A separate set of numbers included in the report that OPEC compiles from external sources showed a lower level for Saudi Arabia in June, at 10.308 million barrels a day. No explanation was given for the discrepancy.

Global oil demand will increase by 1.2 million barrels a day next year to reach an average of 95.3 million a day, with almost all of the growth concentrated in emerging economies such as India and China. Oil production outside OPEC will fall by 100,000 barrels a day to 55.9 million a day, as growth in Brazil and Canada is eclipsed by declines in Mexico, the U.S. and Norway, according to OPEC. That's smaller than the contraction of 900,000 barrels a day expected this year.

Output from OPEC's 14 nations increased by 264,100 barrels a day to 32.858 million a day in June, according to external sources cited by the report. Gabon re-joined the group as of July 1.

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Earlier: 

WBG: GLOBAL GROWTH DOWN TO 2.4% 

IEA: NEGATIVE OIL PRICES 

THE TIMES ARE BETTER: $45 BLN 

WORLDWIDE RIG COUNT DOWN 729 

SLOW ASIAN DEMAND

 

 

Tags: OIL, PRICES, DEMAND

Chronicle:

2017: RISING OIL DEMAND
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

2017: RISING OIL DEMAND
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

2017: RISING OIL DEMAND
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

2017: RISING OIL DEMAND
2018, January, 17, 23:50:00

ЦЕНА НЕФТИ: ПОКА НИЖЕ $70

РЕЙТЕР - К 9.30 МСК фьючерсы на маркерный сорт Brent опустились на 0,01 процента до $69,14 за баррель. В понедельник котировки североморской смеси поднялись до трёхлетнего пика на уровне $70,37 за баррель. Фьючерсные контракты на американскую лёгкую нефть WTI к этому времени торговались у отметки $63,72 за баррель, на 0,02 процента ниже предыдущего закрытия.

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