2019-02-27 09:45:00
OIL MARKET BALANCE
GULF NEWS - Abu Dhabi: Energy Minister Suhail Al Mazroui said the oil market is on the "right track" and that the market will quickly return to balance in the first quarter of this year.
"January's commitment levels to [an] oil cut were positive and we're on the right track to achieve [an] oil market balance. We expect balance in the first quarter of this year," Al Mazroui said on the sidelines of a Federal National Council session yesterday.
The minister reiterated that the UAE was still 100 per cent committed to an oil production cut.
"The UAE currently produces 3.072 million bpd [barrels per day]," he said.
Oil demand growth remains healthy with forecasts in the 1.3-1.5 million bpd range, while supply is starting to reflect the impact of production adjustments.
An estimated 1.2 million bpd cut came into effect only in January last year after the Organisation of Petroleum Exporting Countries (Opec) and its allies reached a deal to cut oil production and boost the market.
The UAE energy minister said that global economic growth and prosperity can be predicated on the presence of a healthy and vibrant oil industry, operating in an environment which attracts the necessary investment that will ensure that an equal amount of affordable and accessible oil supply is made available in a reliable and timely manner.
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Earlier:
2019, February, 25, 12:15:00
OIL PRICE: ABOVE $66 ANEW
REUTERS - Oil prices dipped on Monday, dragged down by plentiful supply as U.S. exports soar and compete with traditional producers from the Middle East in key markets such as Asia.
2019, February, 20, 11:45:00
RUSSIA, SAUDI ARABIA COOPERATION
PLATTS - Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz confirmed they are ready to continue cooperation on hydrocarbons during a phone call Tuesday, the Kremlin said in a statement.
2019, February, 18, 12:25:00
OIL DEMAND GROWTH 1.4 MBD
IEA - Growth in 4Q18 was robust at 1.4 mb/d y-o-y and for 2018 as a whole growth was 1.3 mb/d.
2019, February, 15, 12:45:00
ЦЕНА URALS: $ 61,70304
МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 января года по 14 февраля 2019 года составила $ 61,70304 за баррель, или $ 450,4 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 марта 2019 года повысится на $ 10,5 и составит $ 91,2 за тонну.
2019, February, 15, 12:00:00
OPEC REMAINS HARD
PLATTS - "Our primary objective is to ensure that the oil market remains in balance throughout 2019 and beyond in order to build on the success of the past couple of years," added Barkindo.
2019, February, 15, 11:50:00
BP ENERGY OUTLOOK 2019
BP - The 2019 edition of BP’s Energy Outlook, published today, explores the key uncertainties that could impact the shape of global energy markets out to 2040. The greatest uncertainties over this period involve the need for more energy to support continued global economic growth and rising prosperity, together with the need for a more rapid transition to a lower-carbon future.
2019, February, 13, 12:15:00
OPEC OIL PRODUCTION 30.81 MBD
PLATTS - OPEC has painted a bearish picture for 2019, with demand for its crude oil expected to fall due to weak demand growth and a sharp rise in output from producers outside the group.
