Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2019-01-18 10:45:00

OPEC PRODUCTION DOWN 751 TBD

OPEC PRODUCTION DOWN 751 TBD

REUTERS - OPEC cut oil output sharply in December before a new accord to limit supply took effect, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.

The Organization of the Petroleum Exporting Countries said in a monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.

Worried by a drop in oil prices and rising supplies, OPEC and allies including Russia agreed in December to return to production cuts in 2019. They pledged to lower output by 1.2 million bpd, of which OPEC's share is 800,000 bpd.

OPEC Secretary General Mohammad Barkindo told Reuters that producers were seeking to avoid a build-up in the industrialized world's oil inventories above the five-year average.

They were above that mark in November, figures in OPEC's report showed.

"We are not yet out of the winter woods," he said. "The oil industry cannot afford to relapse into another downturn," he said in reference to a 2014-2016 oil market slump.

The supply reduction in December means that if OPEC fully implements the new Jan. 1 cut, it will avoid a surplus that could weaken prices. Oil LCOc1 slid from $86 a barrel in October to less than $50 in December on concerns over excess supply.

OPEC expects 2019 global oil demand growth to slow to 1.29 million bpd from 1.5 million in 2018, though it was more upbeat about the economic backdrop than last month and cited better sentiment in the oil market, where crude is back above $60.

"While the economic risk remains skewed to the downside, the likelihood of a moderation in monetary tightening is expected to slow the decelerating economic growth trend in 2019," OPEC said in the report.

Barkindo added that he remains optimistic that "healthy demand" would hold this year.

The supply cut was a policy U-turn after the producer alliance known as OPEC+ agreed in June 2018 to boost supply amid pressure from U.S. President Donald Trump to lower prices and cover an expected shortfall in Iranian exports.

OPEC changed course after the slide in prices starting in October. A previous OPEC+ supply curb starting in January 2017 - when OPEC production fell by 890,000 bpd according to OPEC figures - got rid of the 2014-2016 glut.

The group confirmed on its website that it plans to meet over April 17-18 in Vienna to review the supply cut agreement. OPEC sources said another meeting could follow in June.

SAUDI CURBS

The biggest drop in OPEC supply last month came from Saudi Arabia and amounted to 468,000 bpd, the report showed.

Saudi supply in November had hit a record above 11 million bpd after President Trump demanded more oil be pumped.

The kingdom told OPEC that it lowered supply to 10.64 million bpd in December and has said it plans to go even further in January by delivering a larger cut than required under the OPEC+ deal.

The second-largest was an involuntary cut by Libya, where unrest led to the shutdown of the country's biggest oilfield.

Iran registered the third-largest decline in output, also involuntary, as U.S. sanctions that started in November discouraged companies from buying its oil.

Iran, Libya and Venezuela are exempt from the 2019 supply pact and are expected by some analysts to post further falls, giving a tailwind to the voluntary effort by the others.

OPEC said in the report that 2019 demand for its crude would decline to 30.83 million bpd, a drop of 910,000 bpd from 2018, as rivals pump more and the slowing economy curbs demand.

Delivering the 800,000 bpd cut from December's level should mean the group would be pumping slightly less than the expected demand for its crude this year and so avoid a surplus. Last month's report had pointed to a surplus.

The figures for OPEC production and demand for its crude were lowered by about 600,000 bpd to reflect Qatar's exit from the group, which now has 14 members.

 

-----

Earlier: 

Prices
2019, January, 16, 11:40:00

OIL PRICE: ABOVE $60

REUTERS - International Brent crude oil futures LCOc1 were at $60.68 per barrel at 0703 GMT, 4 cents above their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 2 cents from their last settlement, at $52.13 a barrel.

 

Prices
2019, January, 16, 11:20:00

OIL MARKET BALANCE

REUTERS - “If we look beyond the noise of weekly data and speculators’ herd-like behavior, I remain convinced that we’re on the right track, and that the oil market will quickly return to balance,” said Falih, addressing an oil conference in Abu Dhabi.

 

Prices
2019, January, 16, 11:15:00

OIL PRICE LEVEL: $70

AN - Bank of America Merrill Lynch has retained its forecast that oil will average at $70 this year, after prices rebounded from a two-year low in December.

 

Prices
2019, January, 16, 11:10:00

OIL PRICES 2019-20: $61-65

U.S. EIA - EIA forecasts Brent prices will average $61 per barrel (b) in 2019 and $65/b in 2020. In 2018, Brent prices averaged $71/b.

 

 

Prices
2019, January, 16, 11:05:00

OPEC WILL DOWN 800 TBD

SHANA - the OPEC Conference that unanimously decided on December 7 to adjust OPEC overall production by 0.8 mb/d from October 2018 levels, effective as of January 2019, for an initial period of six months.

 

W.Asia
2019, January, 9, 11:15:00

OPEC OIL PRODUCTION DOWN 630 TBD

PLATTS - OPEC crude production in December tumbled 630,000 b/d month on month, an S&P Global Platts survey of industry officials, analysts and shipping data showed Tuesday, but the organization still has much more cutting to do to reach its new quotas for 2019.

 

W.Asia
2019, January, 9, 11:10:00

SAUDI'S OIL PRODUCTION DOWN 400 TBD

MEOG - Saudi Arabia reportedly cut its crude production by more than 400,000 barrels per day (bpd) in December 2018. Saudi crude production sat at 10.65 million bpd (mbpd) that month, down from 11.07 mbpd in November.

Tags: OPEC, OIL, PRODUCTION
OPEC PRODUCTION DOWN 751 TBD February, 18, 12:30:00

OIL PRICE: ABOVE $66

OPEC PRODUCTION DOWN 751 TBD February, 18, 12:25:00

OIL DEMAND GROWTH 1.4 MBD

OPEC PRODUCTION DOWN 751 TBD February, 18, 12:20:00

BRENT OIL: UNDERVALUED

OPEC PRODUCTION DOWN 751 TBD February, 18, 12:15:00

U.S. OIL PRODUCTION 11.9 MBD AGAIN

OPEC PRODUCTION DOWN 751 TBD February, 18, 12:10:00

BENEFIT FOR RUSSIA

OPEC PRODUCTION DOWN 751 TBD February, 18, 12:05:00

LATIN AMERICA ENERGY FORUM FEBRUARY 2019

All Publications »

Chronicle:

OPEC PRODUCTION DOWN 751 TBD
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».

OPEC PRODUCTION DOWN 751 TBD
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.

OPEC PRODUCTION DOWN 751 TBD
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.

OPEC PRODUCTION DOWN 751 TBD
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.

All Publications »