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2017-05-04 18:35:00

OIL AGREEMENT EXTENSION

OIL AGREEMENT EXTENSION

  

REUTERS - OPEC and non-OPEC oil producers look likely to extend their agreement to limit supplies beyond its June expiry to help clear a glut, three OPEC delegates said on Thursday, downplaying the chance of additional steps such as a bigger cut.

The Organization of the Petroleum Exporting Countries, Russia and other producers originally agreed to curb production by 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market.

Oil prices have gained support but stockpiles are still high and production from non-participating countries such as the United States has been rising, keeping crude below the $60 level that OPEC kingpin Saudi Arabia would like to see.

However, OPEC officials generally believe the agreement is helping to bring the market closer to balance between supply and demand and that it should be extended into the second half of the year with the same numbers.

"The willingness to extend the current understanding is strong among OPEC and non-OPEC participants," an OPEC delegate said, declining to be identified by name.

"I have doubts that more cuts will be discussed as the current agreement is yielding a positive outcome."

Officials from the 13-country OPEC - which accounts for a third of global oil production - are in Vienna on Thursday and Friday to attend a meeting of the group's governing board. Such meetings provide an occasion to chat informally, but they deal with administrative matters and do not decide policy.

"A rollover with the same numbers," another OPEC delegate said on Thursday, asked about the chance of a larger cut being agreed when OPEC and non-OPEC ministers meet on May 25.

To be sure, some OPEC delegates have raised the possibility of a larger supply cut and others have said the existing agreement could be tweaked.

But another official familiar with the supply deal said an increase in the size of the reduction was not likely.

"I don't expect any surprises," this official said. "Especially now almost everyone is complying reasonably well."

OPEC members including top exporter Saudi Arabia have voiced support for extending the deal. Russian Energy Minister Alexander Novak made Moscow's position clearer on Thursday, saying Russia was inclined to prolong the accord.

Compliance by OPEC and non-OPEC with pledged cutbacks stood at 98 percent in March, OPEC said – higher than the organization achieved during its last cut in 2009.

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Earlier: 

OIL PRICES FORECAST: $55 - $60 

OIL CONSENSUS 

OPEC OIL DECISION 

OPEC: HISTORIC DECISIONS 

OPEC AND NON-OPEC COOPERATION

 

 

Tags: OIL, PRICES, BRENT, WTI, OPEC

Chronicle:

OIL AGREEMENT EXTENSION
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

OIL AGREEMENT EXTENSION
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

OIL AGREEMENT EXTENSION
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

OIL AGREEMENT EXTENSION
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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