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2017-10-16 11:40:00

OPEC EXPECTATION

OPEC EXPECTATION

BLOOMBERGOPEC expects its efforts to clear the surplus in oil inventories to finally succeed by the end of the third quarter of next year, said people familiar with the group's internal forecasts.

The Organization of Petroleum Exporting Countries and allies including Russia have been cutting oil production this year to bring fuel inventories in industrialized nations back in line with the five-year average. They hope to end an unprecedented build-up that sent prices plunging from above $100 a barrel in 2014 to around $50 currently, but the process has taken longer than expected and the deal has already been extended beyond its initial June expiry.

OPEC estimated that stockpiles in developed nations were still about 171 million barrels above that average in August, but expected trends in supply and demand will eliminate the surplus in about a year, the people said, asking not to be identified because the information isn't public. The forecasts assume that Libya and Nigeria's production will remain at current levels and U.S. shale output will expand by no more than 500,000 barrels a day next year, two of the people said.

Although the current production curbs are due to expire at the end of March, OPEC's estimates suggest producers will have to extend them to achieve their long-stated objective. They would need to maintain output around current levels in order to create a supply deficit next year big enough to erode stockpiles, according to Bloomberg calculations based on data published in the group's monthly market report.

OPEC and its allies will hold a meeting in Vienna on Nov. 30 where they may decide whether to prolong the measures. Russian President Vladimir Putin signaled earlier this month that he's prepared to keep the accord going until the end of next year.

OPEC's projections align with those of the Energy Information Administration, the statistical arm of the U.S. Department of Energy.

The International Energy Agency estimated in its monthly report on Thursday that the decline in inventories this year will halt in 2018 due to rising supplies from the U.S. and elsewhere. Even if stockpiles remain stable, they could continue to converge with the five-year average, which is steadily rising following years of oversupply.

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Earlier:

 INDIA - OPEC ENGAGEMENT
2017, October, 11, 12:40:00

INDIA - OPEC ENGAGEMENT

‘India's engagement with OPEC is important as India sources about 86% of crude oil, 75% of natural gas, 95% of LPG from OPEC Member Countries.’

 

 NEW OIL COALITION
2017, October, 6, 12:50:00

NEW OIL COALITION

As the world's two largest oil producers, Saudi Arabia and Russia have led the 24-country OPEC/non-OPEC coalition in its 1.8 million b/d supply cut, which is scheduled to end in March.

 

 OPEC OIL PRICE UP 6% TO $49.6
2017, September, 13, 15:15:00

OPEC OIL PRICE UP 6% TO $49.6

The OPEC Reference Basket rose for the second-consecutive month in August to average $49.60/b, representing a gain of $2.67/b or 6%. Year-to-date, the Basket was 30.9% higher at $49.73/b. Crude futures prices also saw gains with ICE Brent increasing 5.5% to $51.87/b and NYMEX WTI up 3.0% at $48.06/b. Year-to-date, crude futures prices were more than 20% higher. During the week of 29 August money managers cut WTI futures and options net long positions by 105,671 contracts to 147,303 lots, the US Commodity Futures Trading Commission (CFTC) said. Money managers slightly reduced Brent futures and options net length contracts by 1,296 to 416,551 lots during the same week.

 

 OPEC: GLOBAL OIL DEMAND WILL UP TO 97.8 MBD
2017, August, 16, 09:30:00

OPEC: GLOBAL OIL DEMAND WILL UP TO 97.8 MBD

OPEC said world oil demand in 2018 will grow 1.28 million b/d from 2017 levels, meaning that total oil consumption is expected to hit a new record high of 97.8 million b/d in 2018.

 

 OPEC OIL PRODUCTION UP 173 TBD
2017, August, 14, 14:25:00

OPEC OIL PRODUCTION UP 173 TBD

Total crude oil production from the Organization of Petroleum Exporting Countries increased 173,000 b/d month-over-month in July to average 32.87 million b/d.

 

 MORE MONEY FOR OPEC
2017, June, 30, 08:35:00

MORE MONEY FOR OPEC

OPEC's first output cut in eight years has earned the group $1.64 billion a day so far this year, up more than 10 percent from the second half of 2016, according to Reuters calculations based on OPEC figures for average production and its crude basket price up until June 20.

 

 BAD NEWS FOR OPEC
2017, June, 5, 15:10:00

BAD NEWS FOR OPEC

As oil prices sag despite OPEC’s renewed efforts to shore up world crude markets, Wall Street banks have more bad news for the producer group: the outlook for next year isn’t great either.

 

 

 

Tags: OPEC, OIL,

Chronicle:

OPEC EXPECTATION
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

OPEC EXPECTATION
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

OPEC EXPECTATION
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

OPEC EXPECTATION
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

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