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!

2015-12-04 21:35:00

OPEC OIL UNCHANGED

OPEC OIL UNCHANGED

An internal OPEC document written to prepare a crucial meeting Friday warns oil prices will remain under pressure in the near future while markets would remain oversupplied even if the cartel cut its production.

The analysis, which was reviewed exclusively by The Wall Street Journal, underscores the conundrum faced by the Organization of the Petroleum Exporting Countries as it tries to respond to an oil price slump. At the meeting Friday in Vienna, a heated debate is expected between a faction that wants a reduction in production to boost prices and another arguing such a move would only give away market share to competitors such as U.S. tight oil.

The document, a transcript of a technocrat meeting last week to prepare the summit, warns that "overall the current surplus, while easing, should continue to cap the upside in oil prices for the coming quarters." OPEC's secretariat says in a transcript of its meeting that took place last week. The Economic Commission Board—as the technocratic meeting is called—gathers experts to advise ministers before an OPEC meeting on the possible outcomes of their decisions.

The document shows that, if current production remains unchanged at 31.5 million barrels a day, markets will still be oversupplied by 700,000 barrels a day in 2016—though that would be less than the glut of 1.8 million a barrel a day OPEC estimates for this year.

With non-OPEC production bringing about a global oil glut, countries like Venezuela and Iran have called in recent days for an output reduction to bring back the group's production to its agreed level of 30 million barrels a day.

If OPEC scaled down its production to that level, markets would face a deficit of 800,000 barrels a day next year, the document says. Yet that "would not be sufficient to completely clear the current supply overhang," it adds, because of the presence of large quantities of oil in storage.

The document, however, shows members such as Algeria, Iran and Venezuela, disputed the conclusions of the report. On the other hand, the analysis vindicates views from Saudi Arabia that a production cut would be ineffective.

wsj.com

-----

More: 

OPEC'S PROGNOSES 

OIL PRICES UP 

DEPRESSED OIL PRICES 

SAUDI INVESTMENT TO INDONESIA 

СОТРУДНИЧЕСТВО РОССИИ И САУДОВСКОЙ АРАВИИ

Tags: OPEC, SAUDI, OIL, PRICES, PRODUCTION
Chronicle:
OPEC OIL UNCHANGED
2021, October, 22, 11:04:00
4-ЫЙ ЕЖЕГОДНЫЙ МЕЖДУНАРОДНЫЙ САММИТ И ВЫСТАВКА: ЭНЕРГИЯ БАЛКАН
Более 250 глав министерств, ключевых инвесторов, руководителей ведущих гидроэлектростанций и инициаторов инвестиционных проектов соберутся на 4-ом ежегодном международном саммите и выставке: Энергия Балкан
OPEC OIL UNCHANGED
2021, October, 22, 11:03:00
МЕЖДУНАРОДНАЯ КОНФЕРЕНЦИЯ И ВЫСТАВКА "УГОЛЬ РОССИЯ И СНГ"
Лидеры угольной индустрии России и стран СНГ выступят с докладами в деловой программе Международной конференции и выставки «Уголь Россия и СНГ» (16-17 ноября, Москва).
OPEC OIL UNCHANGED
2021, October, 22, 11:02:00
LEARN THE LATEST GLOBAL LNG TRENDS WITH LNGCON 2022
The next edition of the International LNG Congress (LNGCON 2022) takes place in Dusseldorf, Germany on March 28-30, 2022. Covering the whole LNG value chain, the Congress brings together decision makers of the industry to tackle the most relevant issues such as the role of LNG in the transition towards zero-carbon shipping.
OPEC OIL UNCHANGED
2021, October, 22, 11:00:00
U.S. OIL INVENTORIES DOWN BY 0.4 MB TO 426.5 MB
U.S. commercial crude oil inventories decreased by 0.4 million barrels from the previous week to 426.5 million barrels.
OPEC OIL UNCHANGED
2021, October, 21, 15:35:00
OIL PRICE: NEAR $85 ANEW
Brent rose as high as $86.10 and was down 92 cents, or 1.1%, to $84.90. WTI fell 74 cents, or 0.9%, to $82.68.
OPEC OIL UNCHANGED
2021, October, 21, 15:30:00
INDIA, OPEC OIL DEAL
India, the world's third-biggest importer and consumer of crude, meets around 85% of its demand via overseas purchases with Iraq, Saudi Arabia and the United States being the top three suppliers. India also imports 55% of its gas demand via imports.
OPEC OIL UNCHANGED
2021, October, 21, 15:25:00
ASIA'S GAS DEMAND WILL UP
Non-OECD countries in Asia will collectively become the largest importers of natural gas by 2050.
All Publications »