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2017-05-29 13:50:00

OIL PRICE: ABOVE $51 ANEW

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $51

BRENT OIL PRICE MAY 29 2017

WTI OIL PRICE MAY 29 2017

REUTERS, BLOOMBERGOil prices slipped on Monday as further increases in U.S. drilling activity undercut an OPEC-led push to tighten supply. 

Trading was subdued due to public holidays in China, the United States and Britain, but concerns lingered over whether OPEC action would be enough to stem the tide of oversupply. 

Brent crude futures were trading down 19 cents at $51.96 per barrel at 0857 GMT. The contract ended the previous week down nearly 3 percent. 

U.S. West Texas Intermediate (WTI) crude futures were also down 19 cents at $49.61 per barrel. 

The Organization of the Petroleum Exporting Countries and some non-OPEC producers pledged last week to extend production cuts of around 1.8 million barrels per day (bpd) until March 2018. 

An initial agreement, in place since January, would have expired in June this year. 

Commerzbank analyst Carsten Fritsch called Monday's price moves little more than "intraday noise" but said hints of deeper cuts or a longer extension from OPEC left the market deflated after the final decision. 

"They increased expectations to such an extent that nine months was a disappointment," Fritsch said. 

High compliance with the cuts so far was unlikely to last, he said, adding to worries about whether the pledge would dent physical oil stockpiles that remain near record levels. 

"The pain for OPEC will increase to such a point that 100 percent compliance is unrealistic," Fritsch said. 

Despite ongoing cuts, oil prices have not risen much beyond $50 per barrel. 

OPEC's success in drawing down inventories may hinge on output in the United States, which is not participating in the cuts. U.S. production has soared 10 percent since mid-2016 to more than 9.3 million bpd, close to top producer levels Russia and Saudi Arabia. 

U.S. drillers have added rigs for 19 straight weeks, bringing the total 722, the highest number since April 2015 and the longest run of additions on record, according to energy services firm Baker Hughes Inc. 

Almost all of the recent U.S. output increases have been onshore, from so-called shale oil fields. 

Even if the rig count did not rise further, Goldman Sachs said it estimated U.S. output would increase by 785,000 bpd between the fourth quarter of 2016 and the fourth quarter of 2017 across the Permian, Eagle Ford, Bakken and Niobrara shale plays. 

Analysts say that reducing bloated global stocks will be key to reining in oversupply. 

"It's going to be all about inventories and whether they fall as much as OPEC thinks," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

BRENT OIL PRICES MAY 2016 - MAY 2017

WTI OIL PRICES MAY 2016 - MAY 2017

BRENT OIL PRICES MAY 2012 - MAY 2017

WTI OIL PRICES MAY 2012 - MAY 2017

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Earlier: 

OPEC & NON-OPEC AGREEMENT 

OIL PRODUCTION & PRICES

OIL PRICE: ABOVE $54 ANEW 

ПРОДЛИТЬ СРОК ДЕЙСТВИЯ 

RUSSIAN OIL REDUCTION

OIL PRICE: ABOVE $53 ANEW 

 

Tags: OIL, GAS, PRICE, НЕФТЬ, ГАЗ, ЦЕНА

Chronicle:

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $51
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

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.

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $51
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

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.

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $51
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

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.

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $51
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

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.

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