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2019-03-15 10:45:00

OIL PRICE: ABOVE $67

OIL PRICE: ABOVE $67

REUTERS - Oil prices were stable on Friday, propped up by production cuts led by OPEC and as U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019.

Yet prices have been prevented from rising further by concerns that an economic slowdown will soon start denting growth in fuel demand.

Brent crude oil futures were at $67.21 per barrel at 0559 GMT, virtually unchanged from their last close, and within a dollar of the $68.14 2019-high reached the previous day.

U.S. West Texas Intermediate (WTI) crude oil futures were at $58.58 per barrel, also close to their last settlement and not far off their 2019-high of $58.74 from the previous day.

Since the start of the year, oil has rallied around a quarter since the start of the year.

"Oil continues to grind higher...in response to ongoing production cuts from the OPEC+ group of producers as well as another (output) slump from a blacked-out Venezuela," said Ole Hansen, head of commodity strategy at Denmark's Saxo Bank.

The Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia - known as the OPEC+ alliance - have been withholding around 1.2 million barrels per day (bpd) in crude supply from the start of the year to tighten markets and prop up prices.

OPEC+ ministers will meet at the group's headquarters in Vienna, Austria, on April 17-18 to decide output policy.

"If OPEC+ decide to extend (cuts)...we expect that inventories will continue to draw through at least Q3," U.S. investment bank Jefferies said on Friday.

With OPEC withholding supply and U.S. sanctions preventing Iranian and Venezuelan oil from entering markets, global crude flow data in Refinitiv showed a slight supply deficit likely appeared in the first quarter.

WILL DEMAND HOLD UP?

Preventing oil from rising further have been concerns that a economic slowdown that has gripped large parts of Asia and Europe, and which is showing signs of spilling into North America, will soon dent fuel demand growth.

But oil demand has held up well so far.

Crude oil use in China, the world's biggest importer, in the first two months of 2019 rose 6.1 percent from a year earlier to a record 12.68 million bpd, official data showed this week.

"Oil demand concerns are overdone," Goldman Sachs said in a note on Friday.

The U.S. bank said January global crude oil demand growth was "nearly 2.0 million barrels per day, with strength visible in both emerging markets and developed economies".

Goldman said "current fundamentals will tighten physical markets further", driving up spot Brent crude futures above $70 per barrel "as supply losses continue (and) demand growth beats low consensus expectations".

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Earlier:

OIL PRICE: ABOVE $67
2019, March, 13, 11:45:00

OIL PRICE: NEAR $67

Oil prices rose on Wednesday, pushed up by ongoing supply cuts from producer cartel OPEC and U.S. sanctions against Iran and Venezuela.

OIL PRICE: ABOVE $67
2019, March, 13, 11:30:00

OIL PRICES 2019-20: $63-$62

Brent crude oil spot prices averaged $64 per barrel (b) in February, up $5/b from January 2019 and about $1/b lower than at the same time last year.

OIL PRICE: ABOVE $67
2019, March, 11, 11:55:00

OIL PRICE: NEAR $66 YET

Oil prices edged up on Monday after Saudi oil minister Khalid al-Falih said an end to OPEC-led supply cuts was unlikely before June, while a report showed U.S. drilling activity fell for a third straight week.

OIL PRICE: ABOVE $67
2019, March, 7, 12:05:00

OIL PRICE: NEAR $66

Oil prices crept up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by record U.S. crude output and rising commercial fuel inventories.

OIL PRICE: ABOVE $67
2019, March, 6, 11:55:00

OIL PRICE: ABOVE $65

Oil prices fell on Wednesday as bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed OPEC-led production cuts.

OIL PRICE: ABOVE $67
2019, March, 4, 11:20:00

OIL PRICE: NOT ABOVE $70 YET

Oil prices rose on Monday, buoyed by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth.

OIL PRICE: ABOVE $67
2019, March, 1, 12:10:00

OIL PRICES 2019-20: ABOVE $60

Brent crude oil spot prices averaged $59 per barrel (b) in January, up $2/b from December 2018 but $10/b lower than the average in January of last year.

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Tags: OIL, PRICE, BRENT, WTI

Chronicle:

OIL PRICE: ABOVE $67
2019, March, 20, 10:50:00

ИНВЕСТИЦИОННЫЕ ПРОЕКТЫ ГАЗПРОМА

Совет директоров ПАО «Газпром» одобрил проводимую компанией работу по реализации крупнейших инвестиционных проектов. В числе приоритетных направлений деятельности компании — Восточная газовая программа.

OIL PRICE: ABOVE $67
2019, March, 20, 10:45:00

РУССКИЙ ГАЗ ДЛЯ СЕРБИИ

В 2018 году «Газпром» поставил в Сербию 2,15 млрд куб. м газа — на 1,2% больше чем в 2017 году (2,12 млрд куб. м).

OIL PRICE: ABOVE $67
2019, March, 20, 10:40:00

EUROPE'S GAS SECURITY

IEA - At the moment, Russia is sending record volumes to Europe while LNG utilisation rates remain relatively low. Limits to European production capacity and import infrastructure (with over half of pipelines operating at monthly peaks above 80%) may contribute to market tightness over the coming years, particularly if Asia continues to absorb the ramp up in global LNG liquefaction capacity.

OIL PRICE: ABOVE $67
2019, March, 20, 10:35:00

S.KOREA'S LNG WILL UP

The South Korean government Tuesday gave its final approval to lower taxes on LNG used for power production by 75%, and raise those on thermal coal by 28% from April 1, in a move likely to boost downstream gas consumption.

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