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2018-04-13 18:00:00

OPEC RETURN INVESTMENT

OPEC RETURN INVESTMENT

PLATTS -  While "sympathetic" to the consumer impact of the recent oil price rise, Saudi Arabia remains concerned that upstream investments had yet to reach a "reasonable level," Saudi energy minister Khalid al-Falih said Wednesday, shrugging off any suggestion of an early end to OPEC's output cuts.\

"Since 2013-2014 we have seen a rapid drop off in investment which we believe will bite the consumers and the industry as a whole," Falih said at a media briefing at the International Energy Forum. "We are trying to signal to the market, to the investors, to the financial community, to international oil companies to put investments back into the upstream."

But he also sought to reassure the market that OPEC, which along with 10 non-OPEC allies led by Russia is in the midst of a 1.8 million b/d production cut agreement, would not allow prices to spike or crater through its actions. The goal is to create market stability so that upstream investment can occur to meet the projected 1.5 million b/d of increased demand in the foreseeable future, Falih said.

"What we are trying to do is not move the prices to any unreasonable level," he said. "What we are trying to do is make sure that supply and demand are closely matched so that markets are not worried about gluts and oversupply and continued investment will flow into the industry."

To that end, Saudi Arabia and Russia are leading discussions on extending the OPEC/non-OPEC coalition's alliance "to monitor the market and take action where necessary to maintain stability, which is good news for producers and consumers," Falih said.

He added: "We will not sit by and let another glut resurface in the coming years and bring the market through the roller coaster that we have seen before."

The production cut agreement, aimed at reducing OECD commercial inventories to the five-year average, runs through the end of 2018. Falih said that while the market rebalancing is close, OPEC and its allies are not ready to declare victory.

"Until we see we are coming to a reasonable level of investmentwe will continue to be concerned," he said. "In terms of fundamentals we have come a long way, the glut has been cleared, the floating storage has largely disappeared and inventories have come back closer to their five-year average."

He attributed the investment gap not just to market conditions, "but also due to an investment climate shaped by adverse sentiment and misleading signals from policy makers and some financial institutions voicing negative views."

 

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Earlier:

Prices
2018, April, 11, 13:40:00

OIL PRICE: ABOVE $71

REUTERS - Brent crude has gained 5.7 percent this week, rising to $71.34 a barrel on Tuesday, the highest since late 2014, although the price has since fallen back and was $70.98 a barrel by 0907 GMT LCOc1, down 6 cents.U.S. crude futures CLc1 were at $65.55 a barrel, up 4 cents on the day.

 

Prices
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,

 

Prices
2018, April, 11, 13:30:00

INDIA WANTS $50

BLOOMBERG - “We are a very price-sensitive consumer,’’ Pradhan said on Tuesday. “From Indian consumers’ point of view, I will be more than happy if the price is around $50 a barrel.’’

 

Prices
2018, April, 11, 13:25:00

OIL PRICE 2018-19: $63

EIA - Brent crude oil spot prices averaged $66 per barrel (b) in March. EIA forecasts Brent spot prices will average about $63/b in both 2018 and 2019. EIA expects West Texas Intermediate (WTI) crude oil prices to average $4/b lower than Brent prices in both 2018 and 2019. NYMEX WTI futures and options contract values for July 2018 delivery that traded during the five-day period ending April 5, 2018, suggest a range of $52/b to $78/b encompasses the market expectation for July 2018 WTI prices at the 95% confidence level.

 

Prices
2018, April, 9, 11:45:00

OIL PRICE: NOT ABOVE $68 AGAIN

REUTERS - U.S. WTI crude futures CLc1 were at $62.31 a barrel at 0643 GMT, up 25 cents, or 0.4 percent, from their previous settlement. Brent crude futures LCOc1 were at $67.42 per barrel, up 31 cents, or 0.5 percent.

 

Prices
2018, April, 9, 11:35:00

OPEC - RUSSIA UNLIMITED

PLATTS - Russia is willing to work with the OPEC coalition indefinitely to regulate global oil supplies and has advocated the creation of a new global body to monitor crude markets, the country's energy minister said.

 

Prices
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,

Tags: OPEC, RUSSIA, OIL, UPSTREAM, PRODUCTION

Chronicle:

OPEC RETURN INVESTMENT
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.

OPEC RETURN INVESTMENT
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.

OPEC RETURN INVESTMENT
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.

OPEC RETURN INVESTMENT
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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