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2018-04-13 17:55:00

HARD OIL MARKET

HARD OIL MARKET

BLOOMBERG - OPEC said its oil output fell to the lowest in a year last month amid reduced supplies from Venezuela and Saudi Arabia, suggesting global markets may tighten sharply later this year.

Most of a global crude glut has been eliminated following 15 months of output curbs by the Organization of Petroleum Exporting Countries and its partners, according to a monthly OPEC report. With production sinking in Venezuela amid an economic crisis, worldwide inventories are on course to decline significantly in the second half of 2018, the report showed.

Oil prices jumped to the highest in more than three years on Wednesday as escalating political tensions in the Middle East spurred concerns that supplies could be disrupted. U.S. President Donald Trump has warned he may take military action in Syria and reimpose sanctions against Iran, while a civil war in Yemen threatens to become a regional conflict.

Production from OPEC's 14 members dropped by 201,400 barrels a day last month, the most since November, to 31.958 million barrels a day, according to the report. That's the lowest since March 2017. The declines were led by Venezuela, Saudi Arabia and Libya.

After months of falling output, Venezuela is pumping about 480,000 barrels less than its agreed level under the OPEC accord. If its industry continues to deteriorate, and President Trump delivers on threats to sanction Iran, OPEC's unintended losses could effectively double the cut it set out to implement.

The oil-inventory surplus in developed nations has declined by almost 90 percent since the cuts by OPEC and its partners began last January, to just 43 million barrels, the report showed.

If OPEC output remains at current levels, world stockpiles would contract at a rate of about 1.3 million barrels a day in the second half of the year, the report indicated. Global oil demand remains strong, with a "positive and optimistic outlook" for driving fuels seen for the coming months, it said.

Nonetheless, Saudi Arabia and other countries have signaled the group should abide by its commitment to restrain output to the end of the year, and possibly longer, to ensure global markets are fully rebalanced. The kingdom reduced production by 46,900 barrels a day to 9.93 million a day in March.

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Earlier:

 Upstream
2018, April, 11, 13:35:00

RUSSIA - OPEC UNLIMITED

PLATTS - Maintaining a long-term oil management alliance with Russia and other allies will allow OPEC producers to react more quickly to changing fundamentals and stabilize the market,

 

 Upstream
2018, April, 9, 11:25:00

OPEC OIL PRODUCTION DOWN TO 32.14 MBD

PLATTS - OPEC oil output in March fell to 32.14 million b/d, its lowest level in 11 months, led by declines in seven out of the 14 member countries,

 

 Upstream
2018, April, 6, 18:15:00

U.S. OIL PRODUCTION UP 5%

EIA - Annual average U.S. crude oil production reached 9.3 million barrels per day (b/d) in 2017, an increase of 464,000 b/d from 2016 levels after declining by 551,000 b/d in 2016. In November 2017, monthly U.S. crude oil production reached 10.07 million b/d, the highest monthly level of crude oil production in U.S. history.

 

 Upstream
2018, April, 4, 09:30:00

85% GLOBAL OIL DEAL

BLOOMBERG - The global deal to rein in oil output has removed “85 percent of the problem” of oversupply, and OPEC and allied producers are seeking ways to cooperate after the agreement ends, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.

 

 Upstream
2018, April, 4, 09:15:00

IRAQ'S OIL PRODUCTION: 6.5 MBD

PLATTS - Iraq has adjusted its crude oil production capacity target and is now aiming to achieve 6.5 million b/d by 2022, oil minister Jabbar al-Luaibi said Monday.

 

 Upstream
2018, March, 30, 11:20:00

OPEC REDUCES SUPPLY

REUTERS - OPEC, Russia and several other non-OPEC producers have curbed output since January 2017 to erase a global glut of crude that had built up since 2014. They have extended the pact until the end of 2018, and meet on June 22 to review policy.

 

 Upstream
2018, March, 26, 08:00:00

NEW OPEC RECORD: 138%

OPEC - Participating OPEC and non-OPEC producing countries have set a new record in February with their voluntary production adjustments, achieving a level of 138%, according to the OPEC-non-OPEC Joint Ministerial Monitoring Committee (JMMC).

Tags: OPEC, RUSSIA, OIL, PRICE

Chronicle:

HARD OIL MARKET
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.

HARD OIL MARKET
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.

HARD OIL MARKET
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.

HARD OIL MARKET
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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