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2018-12-10 09:00:00

OIL PRICE: NEAR $62 ANEW

OIL PRICE: NEAR $62 ANEW

PLATTSCrude oil futures were stable to higher during mid-morning trade in Asia Monday, holding on to support from the OPEC meeting last Friday that delivered a larger-than-expected production cut to the market.

At 11:00 am Singapore time (0300 GMT), ICE February Brent crude futures were up 43 cents/b (0.7%) from Friday's settle at $62.10/b, while the NYMEX January light sweet crude contract inched 2 cents/b (0.04%) lower to $52.59/b.

OPEC and its allies led by Russia agreed Friday after a tension-filled week to implement 1.2 million b/d of production cuts from January to shore up flagging oil prices and prevent a supply surplus building up.

"The much-anticipated OPEC meeting had shown signs of discontent early in proceedings, with members struggling to find common ground on potential production cutbacks. However, with Russia joining discussions on Friday, agreement was finally reached," ANZ analysts said in a note Monday.

The cuts use October as the baseline level except for Kuwait, which will use September as its output was impacted by bad weather in October, and will last for six months through to the end of June.

The 24-country OPEC/non-OPEC coalition will meet again in Vienna in April to assess progress amid concern over the health of the global economy and the impact of trade wars on demand.

"During a year when the global economy is facing lot of headwinds, it is not inconsequential what we have done," Saudi energy minister Khalid al-Falih said at a press conference after the announcement. "We try to keep the market within reasonable band for consumers."

"The agreement failed to list any specific country targets. However Iran, Libya and Venezuela have been exempt from the agreement," ANZ analysts said.

Elsewhere, risk sentiment remained heightened after US Trade Representative Robert Lighthize Sunday said that he considers March 1 to be a hard deadline for a trade deal to be reached with China and that tariffs will be imposed otherwise.

US and China agreed to a 90-day truce on trade tariffs at the G-20 meeting earlier this month in Argentina.

Market participants will also be looking for fresh price drivers in coming days from weekly US crude stocks data, analysts said.

As of 0300 GMT, the US Dollar Index was down 0.42% at 96.375.

 

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Earlier: 

АЛЕКСАНДР НОВАК: “МЫ ПРИВЕРЖЕНЫ ДОГОВОРЕННОСТЯМ, И РЫНОК ЭТО ЦЕНИТ”
2018, December, 10, 07:55:00

АЛЕКСАНДР НОВАК: “МЫ ПРИВЕРЖЕНЫ ДОГОВОРЕННОСТЯМ, И РЫНОК ЭТО ЦЕНИТ”

“Было принято решение с 1 января сократить суммарно добычу на 1,2 млн барр в сутки, из них 800 тыс. возьмут на себя страны ОПЕК. Россия также примет участие в этом. Для нас это означает, что по отношению к октябрю 2018 года мы должны будем сократить производство на 2% или 220 тыс баррелей, это будет происходить постепенно”, - подчеркнул Министр.

 

ALEXANDER NOVAK: “THE COOPERATION OF OPEC COUNTRIES + MUST CONTINUE”
2018, December, 10, 07:50:00

ALEXANDER NOVAK: “THE COOPERATION OF OPEC COUNTRIES + MUST CONTINUE”

Министр энергетики Российской Федерации Александр Новак в интервью телеканалу “Bloomberg”, которое состоялось по окончании 5-й Министерской встречи стран ОПЕК и не входящих в ОПЕК государств, рассказал о принятых решениях и их влиянии на рынок, разговоре с Министром нефти Ирана Бижаном Намдар Зангане накануне заседания, а также поделился прогнозами цен на нефть в будущем.

Prices
2018, December, 7, 08:35:00

OIL PRICE: NEAR $60 YET

REUTERS - International Brent crude oil futures LCOc1 fell below $60 per barrel early in the session, trading at $59.50 per barrel at 0144 GMT, down 56 cents, or 0.9 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.24 per barrel, down 25 cents, or 0.5 percent.

 

Prices
2018, December, 7, 08:30:00

RUSSIA - SAUDIS PACT

WSJ - Russia and Saudi Arabia have agreed to extend OPEC’s efforts to stabilize oil markets, Russian President Vladimir Putin said over the weekend, as the broader coalition of producers inches closer to a deal this week.

 

Prices
2018, December, 7, 08:20:00

IRANIAN OIL PRICE: $60 - $70

SHANA - Asked about potential OPEC production cuts, Mr. Zangeneh said, “Different figures are proposed and we must wait and see what decision OPEC members will make.” He also said that $60 to $70 dollars per barrel would be reasonable for crude oil.

 

Prices
2018, December, 5, 10:15:00

OIL PRICE: NEAR $61 AGAIN

REUTERS - International Brent crude oil futures LCOc1 were at $60.87 per barrel at 0508 GMT, down $1.21, or 2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.33 per barrel, down 92 cents, or 1.7 percent.

Prices
2018, December, 5, 10:10:00

ЦЕНА URALS: $ 70,92

МИНФИН РОССИИ - Средняя цена нефти марки Urals по итогам января – ноября 2018 года составила $ 70,92 за баррель. В 2017 году средняя цена на Urals в январе – ноябре составила $ 52,17 за баррель. Средняя цена на нефть марки Urals в ноябре 2018 года сложилась в размере $ 64,80 за баррель, что в 1,04 раза выше, чем в ноябре 2017 года ($61,97 за баррель) 

Tags: OIL, PRICE, BRENT, WTI,