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2018-06-20 13:15:00

OIL PRICE: ABOVE $75

OIL PRICE: ABOVE $75

REUTERS - Oil prices rose on Wednesday, supported by a drop in U.S. commercial crude inventories and the loss of storage capacity in Libya, with investors cautious ahead of a biannual meeting of OPEC exporters to decide production policy.

Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

U.S. crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15, according to an American Petroleum Institute report on Tuesday. 

Traders said a drop in Libyan supplies due to the collapse of an estimated 400,000-barrel storage tank also helped push up prices.

Looming large over markets, however, were meetings scheduled on June 22-23 in Vienna of the Organization of the Petroleum Exporting Countries with other big producers, including Russia.

De facto OPEC leader Saudi Arabia, as well as Russia, which is not a member of the cartel but is the world's biggest oil producer, are pushing to loosen supply controls introduced to prop up prices in 2017.

Other OPEC members, including Iran, are against such a move, fearing a sharp slump in prices.

"Unlike previous meetings, the run-up to this OPEC meeting is fraught with uncertainty with Iran from the onset adopting a very entrenched opposition to any supply increase," Harry Tchilinguirian, head of global oil strategy at French bank BNP Paribas, told the Reuters Global Oil Forum.

Technical analysts who follow price charts say prices are unpredictable ahead of the OPEC meeting: "The market is now stuck in an OPEC-wary condition. It is likely to be thrown around by headlines and over enthusiastic participation is not advised," said Robin Bieber, director of London brokerage PVM Oil Associates.

Jack Allardyce, research analyst at Cantor Fitzgerald Europe, expects OPEC to compromise and agree a fairly modest increase of 300,000-600,000 barrels per day in production, equivalent to about 0.5 percent of world production.

"We could see this knocking $5 per barrel off Brent," Allardyce said.

Markets are also anxiously watching trade tensions between the United States and China, in which both sides have threatened to impose stiff duties on each other's exports, including U.S. crude oil.

A 25 percent tariff on U.S. crude oil imports, as threatened by China in retaliation for duties Washington has announced but not yet implemented against Chinese products, would make U.S. crude uncompetitive in China versus other supplies.

This would almost certainly lead to a sharp drop-off in Chinese purchases of U.S. crude, which have boomed in the last two years to a business now worth around $1 billion per month.

-----

Earlier: 

Prices
2018, June, 18, 14:30:00

OIL PRICE: NEAR $74

REUTERS - U.S. light crude oil CLc1 hit a two-month low of $63.59 a barrel before recovering to trade at $64.76, down 30 cents, by 0950 GMT. North Sea Brent LCOc1, meanwhile, was up 60 cents at $74.04 a barrel.

Prices
2018, June, 18, 14:25:00

РОССИЯ И САУДОВСКАЯ АРАВИЯ: ДОЛГОСРОЧНАЯ СТРУКТУРА

МИНЭНЕРГО РОССИИ - Стороны также договорились работать совместно со всеми подписантами «декларации о кооперации» от декабря 2016 для создания долгосрочной структуры для взаимодействия на основе декларации, а также пригласить к взаимодействию прочих крупных производителей нефти.

Prices
2018, June, 18, 14:20:00

ЦЕНА URALS: $ 75,21977

МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 мая по 14 июня 2018 года составила $ 75,21977 за баррель, или $ 549,1 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 июля 2018 года повысится на $ 7,3 и составит $ 139,1 за тонну.

Prices
2018, June, 18, 14:15:00

РОССИЯ И САУДОВСКАЯ АРАВИЯ: +1,5 МБД

ПРАЙМ - РФ и Саудовская Аравия предложат ОПЕК+ поднять добычу в третьем квартале на 1,5 миллиона баррелей в сутки, а дальше принимать решение по ситуации в сентябре, заявил в субботу журналистам глава Минэнерго Александр Новак.

Prices
2018, June, 18, 14:05:00

INDIA NEED RESPONSIBLE PRICE

PLATTS - Saying that current oil prices were not supported by market fundamentals, Indian oil minister Dharmendra Pradhan on Thursday called for "responsible pricing, one that balances the interests of both the producer and consumer."

 

Prices
2018, June, 15, 11:35:00

OIL PRICE: NEAR $76

REUTERS - Brent crude LCOc1 had edged up 3 cents to $75.97 a barrel by 0658 GMT, after settling down 80 cents the session before. U.S. West Texas Intermediate crude CLc1 was up 5 cents at $66.94 a barrel, having settled the last session up 25 cents. It touched a two-week high of $67.16 on Thursday.

Prices
2018, June, 15, 11:30:00

ОТНОШЕНИЯ РОССИИ И САУДОВСКОЙ АРАВИИ

МИНЭНЕРГО РОССИИ - В ходе встречи было отмечено, что за последние годы страны прошли большой путь в развитии двусторонних отношений в ряде областей - политической, экономической, промышленной и нефтяной.

Tags: OIL, PRICE, BRENT, WTI, URALS, OPEC, НЕФТЬ, ЦЕНА

Chronicle:

OIL PRICE: ABOVE $75
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.

OIL PRICE: ABOVE $75
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.

OIL PRICE: ABOVE $75
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.

OIL PRICE: ABOVE $75
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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