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!

2016-06-03 19:35:00

OPEC HAS NO MEANING - 2

БЕССМЫСЛЕННАЯ ОПЕК

 

OIL PRICES 2015 - 2016

 

Brent oil prices held around $50 a barrel on Friday following an OPEC meeting that failed to agree on output targets, but which was seen as supportive as Saudi Arabia pledged not to flood the market with more fuel.

The Organization of the Petroleum Exporting Countries (OPEC) failed to agree to a clear oil-output strategy on Thursday as Iran insisted on raising production to regain market share lost during years of sanctions, which were lifted in January.

Analysts still took away positive aspects from the meeting in Vienna, as Saudi Arabia showed restraint.

"We will be very gentle in our approach and make sure we don't shock the market in any way," Saudi Energy Minister Khalid al-Falih told reporters.

As a result, international Bent crude oil futures LCOc1 held around $50 per barrel early on Friday, trading at $49.99 per barrel at 0103 GMT, down 5 cents from the last settlement and almost double its January lows.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading down 9 cents at $49.08.

"The fact that Saudi Arabia strongly promoted a new higher ceiling sent an important message that it won't open taps to flood oil markets," ANZ bank said on Friday.

"Overall, this should be seen as a positive for oil prices. When combined with growing disruptions around the world and increasing declines in U.S. output, we see oil prices trending higher over the next six months," it added.

Bank of America Merrill Lynch said that rising oil prices were also being "exacerbated by seasonal dynamics, as well as robust trend gasoline consumption growth in the U.S., India, and even China."

The U.S. bank said that "fueled by the lower prices, oil consumption around the world is booming on less efficient use (i.e. more SUV sales), less substitution effects (i.e. less electric vehicle sales or more propane use instead of biomass), and more economic demand (i.e. more miles driven or flown)."

Strong demand in Asia was also reflected by a jump in refining margins especially for diesel and jet fuel.

Overall Asian refining margins have not been doing well this year, due to oversupply of products and the rising price of crude, but diesel and jet fuel production profits have jumped.

For diesel, traders said a record heat-wave in south and southeast Asia had pushed up fuel demand to operate air conditioners, while jet fuel demand was soaring because of Asia's booming air travel.

reuters.com

-----

Earlier: 

SAUDI'S STRATEGY: TO KILL OPEC 

OPEC'S STRATEGY: $70 - $80 

SAUDI BURYING OPEC 

IMPERATIVE PRICE: $65 

OPEC: OIL DEMAND UP

 

 

Tags: SAUDI, OIL, PRICES, OPEC, IRAN
Chronicle:
БЕССМЫСЛЕННАЯ ОПЕК
2022, May, 16, 11:54:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
БЕССМЫСЛЕННАЯ ОПЕК
2022, May, 16, 11:53:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
БЕССМЫСЛЕННАЯ ОПЕК
2022, May, 16, 11:50:00
U.S. CO2 EMISSIONS UP
In 2021, U.S. energy-related carbon dioxide (CO2) emissions increased by 296 million metric tons (MMmt), or 6%, compared with 2020 levels.
БЕССМЫСЛЕННАЯ ОПЕК
2022, May, 16, 11:45:00
BRITAIN'S NUCLEAR DEVELOPMENT
In early April, the government published its Energy Security Strategy, setting out its ambitions for eight new reactors, plus small modular reactors, helping to produce 24 GWe of nuclear generating capacity by 2050, representing about 25% of the UK's projected electricity demand.
БЕССМЫСЛЕННАЯ ОПЕК
2022, May, 16, 11:40:00
SAUDI ARAMCO NET INCOME $39.5 BLN
Aramco announces first quarter 2022 results Net income: $39.5 billion (Q1 2021: $21.7 billion)
БЕССМЫСЛЕННАЯ ОПЕК
2022, May, 16, 11:35:00
PHILIPPINIAN RENEWABLES 2 GW
The Philippines has an installed capacity of 26.8 GW (end-2021), with 41% of coal, 17% of oil, 14% of hydro and 13% of gas.
БЕССМЫСЛЕННАЯ ОПЕК
2022, May, 16, 11:30:00
U.S. RIGS UP 9 TO 714
U.S. Rig Count is up 9 from last week to 714, Canada Rig Count is down 3 from last week to 88.
All Publications »