2019-04-24 11:30:00
OIL MARKET IS FINE
IEA - The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.
Further tightening of sanctions on Iran will have an impact on its export capacity. Iranian shipments of crude and condensates are running around 1.1 million barrels a day (mb/d) in April, 300 000 barrels a day lower than March, and 1.7 mb/d lower than May 2018.
As a result of OPEC's high compliance rate with the agreed supply cuts in the OPEC+ group, global spare production capacity has risen to 3.3 mb/d, with 2.2 mb/d held by Saudi Arabia and around 1 mb/d by the United Arab Emirates, Iraq and Kuwait.
Saudi Arabia's output in March dropped to 9.8 mb/d after it cut far more than required under the OPEC+ supply cuts. That is more than 1 mb/d below the record high of 11.1 mb/d that Saudi Arabia pumped last November.
Total oil supplies from the United States are expected to grow by 1.6 mb/d this year. Furthermore, as infrastructure bottlenecks in the United States are easing, oil exports are now more able to keep pace with production trends.
OECD oil inventories at the end of February 2019 were at 2,871 million barrels, which is above the five-year average.
The IEA notes that with global economic growth increasingly fragile, consumers and producers should take steps to avoid higher oil prices that will prove painful to all alike.
The IEA will continue to monitor the oil market closely, advise member countries, and remain engaged with major producers and consumers. As ever, the IEA stands ready to act if necessary to ensure markets remain well supplied.
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Earlier:
2019, April, 22, 08:50:00
OPEC + RUSSIA IS HERE
"Cooperation will continue between Russia and Saudi Arabia," Ibrahim al-Muhanna said at the International Oil Summit in Paris, stressing that "it is the core of OPEC+ cooperation."
2019, April, 22, 08:45:00
RUSSIA'S OIL PRODUCTION 11.24 MBD
Russian oil production was around 11.24 million barrels per day (bpd) between April 1 and April 18,
2019, April, 17, 11:40:00
СТАБИЛЬНОЕ РАЗВИТИЕ МИРОВОЙ ЭНЕРГЕТИКИ
«Коммуникация в рамках МИРЭС предоставляет самые широкие возможности для выработки транспарентных подходов и стратегических решений в атмосфере тесного сотрудничества между странами и направлена на обеспечение стабильного развития мирового ТЭК», - сказал Александр Новак.
2019, April, 17, 11:35:00
OIL PRICES: TROUBLED WATERS
On BRENT ;The Bulls are still gathering through the 71.72$ price mark. A hold of the 63.45$ price mark indicates a strong bull market in the June WTI Futures market,a fall below creates a range bound trade.
2019, April, 15, 12:10:00
FRAGILE OIL MARKET
Iranian Minister of Petroleum Bijan Zangeneh said the current crude oil market was in a fragile state, adding, “If the US decided to exert more pressure on Iran, the oil market would become unpredictably more fragile.”
2019, April, 12, 11:55:00
2019 GLOBAL OIL DEMAND EXCEED 100 MBD
Total world demand for the year is now expected to reach 99.91 mb/d and exceed the 100.00 mb/d threshold during 2H19. OECD oil demand growth is projected to reach 0.21 mb/d, with OECD Americas leading the increase, while oil demand in the non-OECD region is projected to rise by around 1.0 mb/d, with Other Asia and China being the primary contributors to growth.
2019, April, 12, 11:45:00
RUSSIA COMMITTED TO OPEC+
“Russia will not increase its output unless in coordination with the rest of OPEC and OPEC+ countries,” Mazroui said. “I believe in the wisdom of Russia, and I believe that Russia has benefited from this agreement... I don’t see any reason for Russia not to continue with us.”
