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2018-09-24 15:30:00

BALANCED OIL MARKET

ПОТРЕБЛЕНИЕ ЭНЕРГИИ: +40%

OPEC The Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) convened in Algiers, Algeria for its tenth meeting, on 23 September 2018. The Committee reviewed the monthly report prepared by its Joint Technical Committee (JTC) and the short-term developments in the global oil market, including prospects for 2019.

The meeting coincided with the commemoration of the 2nd Anniversary of the 170th Extraordinary OPEC Conference, which culminated in the DoC in December of 2016. The meeting was attended by 20 participating producing countries of the DoC, demonstrating their commitment to sustainable oil market stability.

The JMMC noted that, despite growing uncertainties surrounding market fundamentals, including the economy, demand and supply, the participating producing countries of the DoC continue to seek a balanced and sustainably stable global oil market, serving the interests of consumers, producers, the industry and the global economy at large. The Committee also expressed its satisfaction regarding the current oil market outlook, with an overall healthy balance between supply and demand.

Additionally, the JMMC noted that countries participating in the DoC have achieved a conformity level of 129% in August 2018, and 109% in July 2018, which shows reasonable progress towards the decisions of the 174th Meeting of the OPEC Conference convened on 22 June 2018 and the subsequent 4th OPEC and Non-OPEC Ministerial Meeting of 23 June 2018 to adjust overall conformity to 100%.

The Committee expressed overall satisfaction with the performance of participating countries since the JMMC Ministerial Meetings in Vienna and noted the efforts made to achieve an overall conformity adjusted to 100%, and noted that the rate of inventory drawdowns has been reversed as a result. The Committee urged countries with spare capacity to work with customers to meet their demand during the remaining month of 2018.

The JMMC directed the JTC to continue to monitor the oil market conditions and conformity levels in its efforts to achieve 100% conformity in 2018. Furthermore the JTC was directed to study the 2019 outlook and present options on 2019 production levels to prevent market imbalance.

The JMMC paid special tribute to HE Abdelaziz Bouteflika, President of the Republic of Algeria in recognition of Algeria's unwavering support and leading contribution to the landmark DoC and extended its sincere thanks to HE Ahmed Ouyahia, Prime Minister of Algeria and HE Mustapha Guitouni, Minister of Energy of Algeria for the gracious hospitality, as well as to all involved from Algeria for the excellent arrangements for the meeting.

The next meeting of the JMMC is scheduled to take place on 11 November 2018 in Abu Dhabi, UAE.

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Earlier:

 OPEC-NON-OPEC DECISIONS
2018, September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

SHANA - Iran’s Minister of Petroleum Bijan Zangeneh said the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) is not legally competent to make decisions about adjustment of production quotas.

 WORLD OIL DEMAND: 100.23 MBD
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

 WORLD OIL DEMAND: 100.23 MBD
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

 OPEC'S OIL PRODUCTION: 32.89 MBD
2018, September, 7, 12:53:00

OPEC'S OIL PRODUCTION: 32.89 MBD

PLATTS - OPEC's crude oil production in August, not including newest member Congo, rose to a 10-month high, with Iraq surging to record output and Libya recovering from militia fighting, more than offsetting Iran's slide as the sanctions-hit country struggles to keep its customers, according to the latest S&P Global Platts survey.

 OIL CONFORMITY LEVEL: 109%
2018, September, 3, 15:20:00

OIL CONFORMITY LEVEL: 109%

OPEC - The JMMC noted that countries participating in the “Declaration of Cooperation” have achieved a conformity level of 109% in July 2018, which shows significant progress towards the goal set at the 4th OPEC and Non-OPEC Ministerial Meeting of 23 June 2018, which followed and endorsed decisions taken at the 174th Meeting of the OPEC Conference convened on 22 June 2018.

 OIL DEMAND - 2019: 100 MBD
2018, August, 15, 11:05:00

OIL DEMAND - 2019: 100 MBD

OPEC - In 2018, oil demand growth is anticipated to increase by 1.64 mb/d, 20 tb/d lower than last month’s projections, mainly due to weaker-than-expected oil demand data from Latin America and the Middle East in 2Q18. Total oil demand is anticipated to reach 98.83 mb/d. For 2019, world oil demand is forecast to grow by 1.43 mb/d, also some 20 tb/d lower than last month’s assessment. Total world consumption is anticipated to reach 100.26 mb/d. The OECD region will contribute positively to oil demand growth, rising by 0.27 mb/d y-oy, yet with growth of 1.16 mb/d, non-OECD nations will account for the majority of growth expected.

 OPEC: OIL DEMAND UP BY 1.65 MBD
2018, July, 12, 10:45:00

OPEC: OIL DEMAND UP BY 1.65 MBD

OPEC - In 2018, oil demand is expected to grow by 1.65 mb/d, unchanged from the previous month’s assessment, with expectations for total world consumption at 98.85 mb/d. In 2019, the initial projection indicates a global increase of around 1.45 mb/d, with annual average global consumption anticipated to surpass the 100 mb/d threshold. The OECD is once again expected to remain in positive territory, registering a rise of 0.27 mb/d with the bulk of gains originating in OECD America. The non-OECD region is anticipated to lead oil demand growth in 2019 with initial projections indicating an increase of around 1.18 mb/d, most of which is attributed to China and India. Additionally, a steady acceleration in oil demand growth is projected in Latin America and the Middle East.

 

 

Tags: РОССИЯ, ОПЕК, НЕФТЬ, ЦЕНА, ПРОИЗВОДСТВО, ЭНЕРГИЯ