RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2018-06-13 13:40:00

OIL PRICE: ABOVE $75 ANEW

OIL PRICE: ABOVE $75 ANEW

REUTERS - Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts.

Brent crude LCOc1 was down 30 cents at $75.58 a barrel by 1000 GMT. U.S. light crude CLc1 was 15 cents lower at $66.21.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started withholding output in 2017 to reduce a supply overhang and prices have risen by around 60 percent over the last year.

The outlook for the oil market in the second half of this year is uncertain, analysts say, and OPEC argues there are downside risks to demand.

OPEC and other producers will meet on June 22-23 in Vienna to discuss future production.

"More oil from OPEC+ is the base case," said Bjarne Schieldrop, analyst at Swedish bank SEB.

"Saudi Arabia and Russia have already started to lift production," he said. "Unofficial sources have said Russia will propose to return production back to the October 2016 (level), i.e. removing the cap altogether over a period of three months."

Lukman Otunuga, analyst at brokerage FXTM, said higher oil production and forecasts of more to come were already undermining prices:

"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price."

U.S. crude oil inventories rose by 830,000 barrels in the week to June 8, to 433.7 million, the American Petroleum Institute said on Tuesday.

Rising U.S. stocks partly reflect a surge in U.S. crude production C-OUT-T-EIA, which has jumped by almost a third in the last two years to a record 10.8 million barrels per day (bpd).

With output in Russia rising back above 11 million bpd in June and Saudi production climbing to more than 10 million bpd, supplies from the top three producers are increasing.

"With rising production from U.S. shale adding to oil's woes and reviving oversupply concerns, further downside could be a possibility in the short to medium term," Otunuga said.

Longer term, the market could tighten as demand increases if OPEC fails to cover supply shortfalls, the International Energy Agency said on Wednesday.

The IEA said it expects global oil demand to grow by 1.4 million bpd this year and in 2019, to top 100 million bpd by the fourth quarter of 2018.

Official U.S. production and inventory data is due to be published on Wednesday by the Energy Information Administration.

-----

Earlier: 

Prices
2018, June, 8, 13:35:00

OIL PRICE: NEARLY $77

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $76.79 per barrel at 0654 GMT, down 53 cents, or 0.7 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 38 cents, or 0.6 percent, at $65.57 a barrel.

Prices
2018, June, 8, 13:20:00

OPEC: WORLD OIL DEMAND UP, PRODUCTION DOWN

OPEC - World oil demand averaged 97.20 mb/d in 2017, up by 1.7 per cent y-o-y, with the largest increases taking place in Asia and Pacific region (particularly China and India), Europe and North America. The 2017 oil demand in Africa and the Middle East grew by around 100,000 b/d, as compared to 2016, while oil demand declined in Latin America for the third year in a row.

Prices
2018, June, 8, 12:55:00

VENEZUELA IRAN SANCTIONS

BLOOMBERG - Venezuela wrote to fellow OPEC members urging them to unite against U.S. sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter.

 Prices
2018, June, 6, 12:25:00

OIL PRICE: NEARLY $76

REUTERS - Brent crude LCOc1 rose 78 cents to $76.16 a barrel by 0645 GMT after dropping to its lowest since May 8 on Tuesday. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 33 cents at $65.85 a barrel, having touched a near two-month low on Tuesday.

 

Prices
2018, June, 6, 12:20:00

OPEC - RUSSIA OPINION

REUTERS - “We have to look into the situation which has panned out on the market today, from the point of view of the volume cuts, inventories decline, shortages on the market, and to adjust the figures,” Novak told reporters.

Prices
2018, June, 4, 13:55:00

OIL PRICE: ABOVE $76 ANEW

REUTERS - U.S. West Texas Intermediate (WTI) crude futures fell 10 cents, or 0.2 percent, $65.71 a barrel by 2353 GMT. Last week, WTI lost around 3 percent, adding to a near 5 percent decline a week before. The global benchmark Brent fell 26 cents, or 0.34 percent, to $76.53 a barrel.

Prices
2018, June, 4, 13:50:00

ЦЕНА URALS: $67.91

МИНФИН РОССИИ - Средняя цена нефти марки Urals по итогам января – мая 2018 года составила $ 67,91 за баррель. В 2017 году средняя цена на Urals в январе – мае составила $ 51,29 за баррель. Средняя цена на нефть марки Urals в мае 2018 года сложилась в размере $ 74,86 за баррель, что в 1,52 раза выше, чем в мае 2017 года ($ 49,14 за баррель). 

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