OPEC CONTINUE CUTS
REUTERS - OPEC and its allies will stick with their agreement to cut oil supply, pushing for more adherence despite a demand by U.S. President Donald Trump that the producer group ease its efforts to boost crude prices, a Gulf OPEC source said on Tuesday.
Based on current market data, the so-called OPEC+ group is "likely to continue with the production cuts until the end of the year", the source told Reuters.
The OPEC+ alliance will meet in…
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REUTERS - Oil prices were firm on Friday, supported by OPEC’s ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute.
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.
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.
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.
REUTERS - OPEC Secretary-General Mohammad Barkindo said the exporting group was not in the business of fixing oil prices, when asked on Monday to comment on a U.S. House committee passing a bill targeting OPEC oil supply cuts.
PLATTS- Russian energy minister Alexander Novak said Wednesday that he does not currently see a need to take any extra measures or call for an extra meeting by the OPEC/non-OPEC group over the crisis in Venezuela. "We haven't discussed the situation with [Saudi energy] minister Falih, or other ministers," Novak told reporters. "The markets are currently calm ... and the volatility is insignificant. So there is no need for the extra meeting of OPEC+, at least the Russian side thinks so."
OPEC - The JMMC calls on all participating countries of the ‘Declaration of Cooperation’ to redouble their efforts in the full and timely implementation of the supply adjustments to ensure that the oil market remains in balance in 2019.
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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.