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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
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.

OPEC EXPECTATION
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.

OPEC EXPECTATION
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.

OPEC EXPECTATION
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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