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2018-11-14 12:15:00

OIL MARKET UNCERTAINTY

OIL MARKET UNCERTAINTY

CNBC - The oil market looks poised to swing into oversupply next year as growing global crude output swamps shaky demand, a committee of allied producer nations said on Sunday.

The committee of several OPEC members and other crude exporters says a larger group of roughly two dozen nations may have to launch a fresh round of output cuts in order to keep the oil market balanced. The announcement comes as rising supply and a weaker outlook for demand have contributed to a sharp pullback in oil prices that has plunged U.S. crude into a bear market.

The committee's communique sets up a potential agreement to throttle back production when the entire group meets next month.

OPEC and a group of oil producers including Russia began cutting their output in January 2017 in order to drain a global crude glut that sent oil prices from over $100 a barrel to under $30. In June, the group agreed to restore some of that output after its members cut more deeply than they intended and as oil prices hit 3-½-year highs.

Since then, the world's top three oil producers — the United States, Russia and Saudi Arabia — have all hit new production records. Meanwhile, U.S.-China trade tensions, rising interest rates and currency weakness in emerging markets have raised concerns about a slowdown in global economic growth and oil demand.

Last month, the committee tasked with monitoring compliance to the oil alliance's production quotas said the group may have to reverse course and begin cutting output again. On Sunday, it said the current situation "may require new strategies to balance the market."

"The Committee reviewed current oil supply and demand fundamentals and noted that 2019 prospects point to higher supply growth than global requirements, taking into account current uncertainties," the Joint Ministerial Monitoring Committee said.

"The Committee also noted that the dampening of global economic growth prospects, in addition to associated uncertainties, could have repercussions for global oil demand in 2019 – and could lead to widening the gap between supply and demand."

Saudi Arabia, OPEC's biggest producer and the world's top crude exporter, intends to cut shipments by 500,000 barrels a day in December, Khalid al Falih, the country's energy minister said on Sunday.

Falih told CNBC on Sunday the market overreacted last month when it sent oil prices to four-year highs. He said the more than 20-percent pullback in prices over the last five weeks shows investors are now overreacting in the other direction.

Russian Energy Minister Alexander Novak said on Sunday he wasn't convinced the oil market would be oversupplied in 2019. Russia is the world's second biggest oil producer after the United States and, along with Saudi Arabia, plays an influential role in the oil alliance.

Oil prices rallied to their highest levels since late 2014 through the beginning of October, fueled by concerns that U.S. sanctions on Iran would leave some parts of the world short of oil. The sanctions went into effect this month, but the Trump administration is allowing eight nations to continue importing some Iranian oil over the next 180 days, further easing fears of impending shortages.

Crude futures have plunged over the last five weeks amid a wider sell-off in global markets that saw investors shed risky assets. The oil market rout has continued on signs of growing supply and forecasts for lower-than-anticipated growth in crude demand.

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Earlier:

 Oil
2018, November, 12, 12:25:00

CONFORMITY LEVEL 104%

OPEC - In advance of the scheduled meetings in December 2018, the JMMC directed the JTC to continue closely monitoring oil market conditions and further refine the scenario analysis based on updated data, with regard to options on new 2019 production adjustments, which may require new strategies to balance the market.

 Oil
2018, November, 12, 12:20:00

РОССИЙСКО-САУДОВСКИЕ ПЕРСПЕКТИВЫ

МИНЭНЕРГО РОССИИ - «Российско-саудовские отношения обладают солидными перспективами в сфере энергетики. Нами рассматриваются ряд масштабных совместных проектов, которые выведут российско-саудовское сотрудничество на принципиально новый уровень», - отметил российской министр.

 

 Oil
2018, November, 12, 12:15:00

SAUDIS CUTS OIL

PLATTS - Saudi Arabia expects to cut its oil exports next month but emerging signs of a crude glut in the US are not an indication that the global oil market is currently oversupplied, the kingdom's energy minister Khalid al-Falih said Sunday, attributing a two-week slide in oil prices to trader overreaction.

 

 Oil
2018, November, 12, 12:10:00

OIL PRICES WILL UP

CNBC - "In the 2020's we are going to have a clear physical shortage of oil because nobody is allowed to fully invest in future oil production," Michele Della Vigna, Head of EMEA Natural Resources Research at Goldman Sachs told CNBC Friday.

 

 Oil
2018, November, 9, 15:35:00

SAUDIS OIL RECORD: 10.67 MBD

PLATTS - Saudi Arabia pumped 10.67 million b/d in the month, its most in the 30-year history of the Platts OPEC survey, while key ally the UAE also set an all-time high at 3.17 million b/d. Libya produced its most since June 2013 at 1.10 million b/d.

 

 Oil
2018, November, 9, 15:25:00

IRAN SANCTIONS ANEW

PLATTS - US sanctions are expected to bring Iranian crude exports down to 1.1 million b/d in November, and 850,000 b/d in the fourth quarter of 2019, down from an average of 2.686 million b/d in April and May,

 

 Oil
2018, November, 9, 15:20:00

GLOBAL OIL INVENTORIES WILL UP

U.S. EIA - Global inventories are projected to increase and put downward pressure on crude oil prices.

 

Tags: OIL, PRICE, PRODUCTION, OPEC, RUSSIA
OIL MARKET UNCERTAINTY February, 18, 12:30:00

OIL PRICE: ABOVE $66

OIL MARKET UNCERTAINTY February, 18, 12:25:00

OIL DEMAND GROWTH 1.4 MBD

OIL MARKET UNCERTAINTY February, 18, 12:20:00

BRENT OIL: UNDERVALUED

OIL MARKET UNCERTAINTY February, 18, 12:15:00

U.S. OIL PRODUCTION 11.9 MBD AGAIN

OIL MARKET UNCERTAINTY February, 18, 12:10:00

BENEFIT FOR RUSSIA

OIL MARKET UNCERTAINTY February, 18, 12:05:00

LATIN AMERICA ENERGY FORUM FEBRUARY 2019

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Chronicle:

OIL MARKET UNCERTAINTY
2019, February, 18, 12:00:00

БЫСТРАЯ СИЛА СИБИРИ

ГАЗПРОМ - Как отметил по итогам переговоров Алексей Миллер, «строительство газопровода „Сила Сибири“ идет с опережением графика, „Газпром“ начнет поставки газа в Китай раньше намеченного срока — уже с 1 декабря 2019 года».

OIL MARKET UNCERTAINTY
2019, February, 18, 11:55:00

U.S. TIGHT OIL PRODUCTION 7 MBD

U.S. EIA - In December 2018, U.S. shale and tight plays produced about 65 billion cubic feet per day (Bcf/d) of natural gas (70% of total U.S. dry gas production) and about 7 million barrels per day (b/d) of crude oil (60% of total U.S. oil production). A decade ago, in December 2008, shale gas and tight oil accounted for 16% of total U.S. gas production and about 12% of U.S. total crude oil production.

OIL MARKET UNCERTAINTY
2019, February, 18, 11:50:00

U.S. SHALE NEED INVESTMENT

REUTERS - On Thursday, the regional price of crude was at a $1.10 a barrel premium to U.S. crude futures, the strongest in more than a year as companies including Parsley Energy, Pioneer Natural Resources, Goodrich Petroleum Corp have pared their exploration budgets, easing the constraints.

OIL MARKET UNCERTAINTY
2019, February, 18, 11:45:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.6%

U.S. FRB - Industrial production decreased 0.6 percent in January after rising 0.1 percent in December.

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