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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, April, 23, 14:25:00

U.S. SHALE OIL UP

FT - US shale oil companies have started to generate free cash thanks to the rise in crude prices, a landmark moment for an industry that has until now relied on an inflow of capital to support its growth.

HARD OIL MARKET
2018, April, 23, 14:20:00

WBG WANT COUNTRIES

WBG - Bank Group must strengthen its financial capacity to meet the aspirations of its shareholders, mobilize capital at scale, and respond to global development challenges.

HARD OIL MARKET
2018, April, 23, 14:15:00

IMF WANTS AFRICA

IMF - we agreed on the need to accelerate structural reforms and access to finance in order to raise overall investment and medium-term growth rates to support job creation. The Fund, through its policy advice, can assist countries to design and implement growth-friendly fiscal adjustment, when needed, that responds to the country-specific sources of debt vulnerabilities while preserving needed investments in infrastructure, human capital, and other priority expenditures

HARD OIL MARKET
2018, April, 23, 14:10:00

IMF'S CORRUPTION

IMF - Directors also agreed that the Fund should continue to address governance issues and corruption in surveillance when the applicable standard of the Integrated Surveillance Decision has been met.

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