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2018-11-12 12:10:00

OIL PRICES WILL UP

OIL PRICES WILL UP

CNBC - An oil shortage is coming says Goldman Sachs, because firms cannot fully invest in future production.

Global oil majors are increasingly looking to invest in lower-carbon areas of the energy sector, as they react to pressure for cleaner energy, both from government policy and investors.

"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.

"The low carbon transition will come through higher, not lower oil prices," he told CNBC's "Squawk Box Europe."

Della Vigna said "Big Oils" are starting to understand that if they want to be widely owned by investors, they need to show that they are serious about minimizing the amount of carbon in the atmosphere.

The Goldman analyst said oil firms only had to look at the steep derating of coal companies over the last 5 years to understand the shift in investor sentiment.

Della Vigna said until a transition to full renewables is made, the interim battle will be to own a greater market share of gas-based power. The analyst said with a huge capital cost of gas infrastructure, big state-backed companies looked best placed.

"We talk about the new seven sisters emerging, dominating the global oil and gas market because nobody else can finance these mega-projects," he said.

The "new Seven Sisters" of oil are considered the most influential firms from countries outside the Organisation for Economic Co-operation and Development (OECD).

They have been identified as Saudi Aramco, Russia's Gazprom, NIOC of Iran, China National Petroleum Corp, Brazil's Petrobras, Venezuela's PDVSA, and Petronas of Malaysia. The original "Seven Sisters" were firms in the 1950s who would later consolidate to become BP, Chevron, Shell, Exxon Mobil and Royal Dutch Shell.

Della Vigna said European oil companies such as U.K. firm Shell and French company Total are also ahead of U.S. rivals in making the transition from "big oil" to become "big energy".

Oil markets have been weak in recent days as oversupply concerns and fears of an economic slowdown have pressured prices. Both Brent and WTI contracts entered bear markets this week as prices fell around 20 percent from their most recent highs in October.

 

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Earlier:

 Prices
2018, November, 9, 15:45:00

OIL PRICE: NEAR $69

REUTERS - Brent dropped $1.52 to a low of $69.13 before recovering to around $69.60 by 1135 GMT, down 4.5 percent for the week and approaching 16 percent this quarter. U.S. light crude CLc1 fell to an eight-month low below $60 a barrel, hitting a trough of $59.28, down $1.39 and off more than 20 percent since early October. That puts the U.S. contract officially in “bear market” territory, borrowing a definition commonly used in stock markets.

 

 Prices
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.

 

 

 Prices
2018, October, 29, 12:45:00

OPEC: CONFORMITY LEVEL 111%

OPEC - The JMMC noted that countries participating in the ‘Declaration of Cooperation’ achieved a conformity level of 111% in September 2018, which shows significant progress towards the goal set at the 4th OPEC and non-OPEC Ministerial Meeting of 23 June 2018.

 

 Prices
2018, October, 24, 11:35:00

NO OIL EMBARGO

TASS - Saudi Arabia is a very responsible country, for decades we used our oil policy as responsible economic tool and isolated it from politics. So lets hope that the world would deal with the political crisis, including the one with Saudi citizen in Turkey, with wisdom. And we will exercise our wisdom both in political and economic fronts.

 

 Prices
2018, October, 12, 11:35:00

OIL PRICES 2018 - 19: $74 - $75

EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.

 

 Prices
2018, October, 12, 11:30:00

OPEC: OIL DEMAND UP BY 1.54 MBD

OPEC - In 2018, world oil demand growth is estimated at 1.54 mb/d, following a downward revision of around 80 tb/d from the previous month’s assessment, mainly to reflect the most up-to-date data in OECD Europe and the Middle East, as well as the latest developments in the economies of in Latin America.

 

 Prices
2018, October, 5, 12:45:00

РОССИЯ: РАВНОВЕСИЕ НА РЫНКЕ

МИНЭНЕРГО РОССИИ - Говоря о динамике цен на энергоресурсы, Александр Новак подчеркнул, что главной задачей как для России, так и для других участников договоренностей о регулировании добычи нефти всегда было балансирование рынка, а не рост стоимости до определенных уровней.

 

 

Tags: OIL, PRICES

Chronicle:

OIL PRICES WILL UP
2018, December, 14, 08:55:00

GERMANY'S RENEWABLE: 38%

PLATTS - Renewables' share in Germany's power mix is set to reach 38% this year, ahead of the government's 2020 target of 35% but below-trajectory for 2030's 65% target, utility lobby group BDEW said Thursday.

OIL PRICES WILL UP
2018, December, 14, 08:50:00

EBRD DECARBONISATION STRATEGY

EBRD - the Bank will no longer finance thermal coal mining or coal-fired electricity generation. The Bank will also stop funding any upstream oil exploration, and will not finance upstream oil development projects except in rare and exceptional circumstances, where such investments reduce greenhouse gas emissions.

OIL PRICES WILL UP
2018, December, 14, 08:45:00

MALAYSIA'S GDP UP BY 4.7%

IMF - The Malaysian economy has shown resilience. Real GDP growth is projected at 4.7 percent for 2018, underpinned by domestic demand.

OIL PRICES WILL UP
2018, December, 14, 08:40:00

BOLIVIA'S GDP UP BY 4.5%

IMF - Bolivia's real GDP growth is projected at 4.5 percent in 2018, one of the highest rates in the region. Growth is supported by continued accommodative policies, a second economy-wide wage bonus, and strong agriculture output.

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