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2017-01-05 20:15:00

OIL PRICES: ABOVE $56 O'ER

OIL PRICES: ABOVE $56 O'ER

 

BRENT OIL PRICE JAN 05 2017 

 

WTI OIL PRICE JAN 05 2017

 

REUTERS - Oil prices rose on Thursday after Saudi Arabia started talks with customers about a reduction in crude sales to support a plan by OPEC to lower global supply.

The Organization of the Petroleum Exporting Countries promised in November to cut output to help prop up prices.

Under the deal, Saudi Arabia agreed to cut output by 486,000 barrels per day (bpd), or 4.61 percent of its October output of 10.544 million bpd.

"Aramco is approaching all its customers for possible cuts from February and discussing likely (supply) scenarios," one source told Reuters, referring to state oil giant Saudi Aramco.

"Nothing is confirmed yet," the source said, adding the scenarios were for cuts of 3-7 percent.

Investors have been suspicious that OPEC may not cut as much as promised, but several sources told Reuters on Thursday the world's biggest oil exporter intended to lower exports to comply with the OPEC reductions.

Benchmark Brent crude oil LCOc1 was up 50 cents a barrel at $56.96 by 1440 GMT (9:40 a.m. ET). U.S. light crude CLc1 was up 45 cents a barrel at $53.71. Both contracts rose by around 2 percent on Wednesday.

"There remains a question mark over whether OPEC, with a long history of non-compliance, will actually follow through (with the cuts). Very few respondents expect full compliance," Singapore Exchange (SGX) said, citing results from a survey of its participants.

"Three-quarters of those surveyed went for (crude) prices averaging within the current $50-$60 a barrel range (for 2017)," SGX added.

Analysts at Goldman Sachs said even if OPEC reduced production as promised, there was "only moderate oil spot price upside given the expected supply response to higher oil prices and new production".

The U.S. bank said it expected Brent prices to peak at $59 a barrel by mid-2017.

In another sign of compliance with the cuts, Abu Dhabi National Oil Company (ADNOC) has scheduled maintenance at oilfields for March and April, although it was not immediately clear how much exports might fall.

Oil prices also found support from an American Petroleum Institute report showing U.S. crude inventories fell 7.4 million barrels last week.

U.S. government figures on inventories were due to be published at 11 a.m. EST (1600 GMT) on Thursday.

A Reuters survey forecast the government report would show U.S. crude stocks declined by about 2.2 million barrels in the week to Dec. 30.

 

BRENT OIL PRICES JAN 2016 - JAN 2017 

 

WTI OIL PRICES JAN 2016 - JAN 2017

 

BRENT OIL PRICES JAN 2012 - JAN 2017 

 

WTI OIL PRICES JAN 2012 - JAN 2017

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Earlier: 

ЦЕНА НЕФТИ 2017: $55 - $60 

OIL PRICES: ABOVE $57 

OIL PRICES: ABOVE $56 ANEW 

OIL PRICES 2017: $58 

OPEC: IMPORTANT DECISION

 

 



Tags: OIL, PRICES, BRENT, WTI

Chronicle:

OIL PRICES: ABOVE $56 O'ER
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

OIL PRICES: ABOVE $56 O'ER
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

OIL PRICES: ABOVE $56 O'ER
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

OIL PRICES: ABOVE $56 O'ER
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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