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2019-04-24 11:25:00

OIL PRICE: OPEC + IRAN

OIL PRICE: OPEC + IRAN

MEOGil prices rose to their 2019 high at $75 per barrel of Brent crude after major oil exporters said they would not immediately rush to produce more oil in the face of US sanctions against Iran.

OPEC is due to meet in June, where the Iran question will no doubt be raised. But oil and gas leaders are taking a cautious approach, with Kuwait's oil minister Khaled Al Fadhel noting that a decision would be taken only after a review of oil prices.

Indeed, the surprise issuance of eight waivers allowing countries to continue to import Iran's oil was a shock to the market and saw oil prices spiral from a peak of $86 per barrel in October 2018 to $50 ber barrel.

While Trump often blames OPEC for high oil prices, this demonstrated the ability of the US to impact the oil market--even though its own oil production fluctuates based on the oil price.

Now, with Iran oil output set for further decreases, the Trump administration has said that its oil exporting allies would fill any supply gap. Khalid Al-Falih echoed those sentiments in a statement put out by the Saudi Press Agency.

"Saudi Arabia will coordinate with fellow oil producers to ensure adequate supplies are available to consumers while ensuring the global oil market does not go out of balance," the statement wrote.

Saudi Arabia has historically taken the role of swing producer to balance oil supply, but it is unclear how this will impact the existing OPEC+ deal to cut output by 1.2mn barrels per day (bpd), the majority of which has been shouldered by Saudi Arabia and Russia.

Reuters reported that Saudi output would increase in May, but would remain under the limits imposed by the OPEC+ deal. It cited anonymous sources as saying that the rise in output was unrelated to the expiry of US waivers on Iran oil sanctions.

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Earlier:

OIL PRICE: OPEC + IRAN
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."
OIL PRICE: OPEC + IRAN
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,
OIL PRICE: OPEC + IRAN
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.
OIL PRICE: OPEC + IRAN
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.
OIL PRICE: OPEC + IRAN
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.”
OIL PRICE: OPEC + IRAN
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.
OIL PRICE: OPEC + IRAN
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.”
All Publications »
Tags: OIL, PRICE, OPEC, IRAN, RUSSIA, US
Chronicle:
OIL PRICE: OPEC + IRAN
2021, June, 10, 12:39:00
Which Actions Can Fuel The Industry: The 7th International LNG Congress Summary
Global view on the LNG industry future, actions in frames of IMO Regulations, alternative fuels for trucks and fleet, opportunities of LNG increase in Europe, and Bio-LNG and LNG-to-Power initiatives have become some of the topics of the 7th International LNG Congress. It was held at the BGS online platform on the 7-8 of June, and gathered more than 500 decision-makers of the LNG industry.
OIL PRICE: OPEC + IRAN
2021, June, 10, 12:35:00
U.S. OIL INVENTORIES DOWN 5.2 MB TO 474.0 MB
U.S. commercial crude oil inventories decreased by 5.2 million barrels from the previous week to 474.0 million barrels.
OIL PRICE: OPEC + IRAN
2021, June, 10, 12:30:00
TC ENERGY HAS TERMINATED KEYSTONE
TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) confirmed today that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the Keystone XL Pipeline Project (the Project).
OIL PRICE: OPEC + IRAN
2021, June, 9, 12:55:00
OIL PRICE: ABOVE $72
Brent rose 73 cents, or 1%, to close at $72.22 a barrel, WTI rose 82 cents, or 1.2%, to settle at $70.05 a barrel,
OIL PRICE: OPEC + IRAN
2021, June, 9, 12:50:00
OIL PRICES 2021-22: $68-60
EIA forecasts that Brent prices will remain near current levels in 3Q21, averaging $68/b., and $60/b in 2022.
OIL PRICE: OPEC + IRAN
2021, June, 9, 12:45:00
OPEC+ OIL PRODUCTION UP 430 TBD
Despite the production gains, the looser quotas meant OPEC+ compliance stayed mostly steady at 111.45% compared to 111.16% in April,
OIL PRICE: OPEC + IRAN
2021, June, 9, 12:40:00
EUROPEAN TRANSITION FUND €17.5BLN
The Council of the European Union has approved a regulation creating the €17.5bn Just Transition Fund (JTF).
All Publications »