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2017-06-20 14:30:00

OIL MARKET MOVEMENT

OIL MARKET MOVEMENT

REUTERSSaudi Energy Minister Khalid al-Falih said the oil market is heading in the right direction but still needs time to rebalance, the London-based newspaper Asharq al-Awsat reported on Monday. 

"In my opinion, market fundamentals are going in the right direction, but in light of the large surplus in stockpiles over the past years, the cut needs time to take effect," he told the newspaper, referring to a global deal to curb oil production.

"Current expectations indicate the market will rebalance in the fourth quarter of this year, taking into account an increase in shale oil production," he said.

Asked about the recent drop in oil prices, Falih said: "Markets determine prices but are themselves driven by unpredictable variables beyond the control of producing nations."

"Short-term volatility is mostly a reaction to short-term factors ... as well as the role of speculators in stock markets that increase market volatility."

Oil prices dipped on Monday, weighed down by a continuing expansion in U.S. drilling that has helped to maintain high global supplies despite an OPEC-led initiative to tighten the market by cutting production.

The price of oil is down around 14 percent since late May, when producers led by the Organization of the Petroleum Exporting Countries extended their pledge to cut output by 1.8 million barrels per day (bpd) by an extra nine months.

Falih said there was a relatively big draw of around 50 million barrels from floating storage and a drop in industrialised nations' onshore storage of 65 million barrels compared to July last year.

"The market often tends to ignore these criteria and focus on the drop in U.S. inventories that came below expectations," he said.

Compliance in April and May with the OPEC-led output deal was above 100 percent, he said.

Falih also said he expects Libya's production to return to normal levels.

OPEC members Libya and Nigeria were exempted from the supply cuts because unrest had curbed their output.

"It is inappropriate to pressure Libya to slow the recovery in its production," he was quoted as saying.

He said production levels in Libya and Nigeria were within the range determined when OPEC, meeting in September last year in Algeria, decided to cut output for the first time since 2008.

"They shouldn't be considered a threat to the initiative."

OPEC's output rose by 336,000 bpd in May to 32.14 million bpd, led by a rebound in Nigeria and Libya, the 14-country organisation said last week in its monthly report.

-----

Earlier: 

OIL PRICE: ABOVE $48 

OIL PRODUCTION DOWN 

OIL PRICES: $53 - $56 

OIL PRICES: $50 - $60 

BAD NEWS FOR OPEC 

НИЗКИЕ ЦЕНЫ НАДОЛГО 

U.S. OIL INVENTORIES DOWN

 

 

 

Tags: OIL, PRODUCTION, PRICE, STOCKPILE

Chronicle:

OIL MARKET MOVEMENT
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

OIL MARKET MOVEMENT
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

OIL MARKET MOVEMENT
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

OIL MARKET MOVEMENT
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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