OIL INVENTORIES DOWN
PLATTS - OECD crude oil inventories have fallen below the five-year average -- OPEC's key measure for its production cut agreement -- for the first time since the producer group began cutting back output, a senior OPEC source told S&P Global Platts Sunday.
Commercial oil inventories were 20 million barrels below the five-year average, the source said, as officials from OPEC kingpin Saudi Arabia and key non-OPEC producer, Russia indicated Friday they would begin increasing output in the second half of the year.
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US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed.
Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed oil production cuts into a second month, a Saudi official familiar with the policy said.
Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry’s expectations outlined in Vision 2035 on the UK Continental Shelf (UKCS).
U.S. FRB - Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.