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2019-07-08 13:00:00

OPEC OIL PRODUCTION DOWN ANEW

OPEC OIL PRODUCTION DOWN ANEW

AAA - Organization of the Petroleum Exporting Countries oil output sank to a new five-year low in June as a rise in supply did not offset losses in Iran and Venezuela due to US sanctions and other outages elsewhere in the group, a Reuters survey found.

Saudi Arabia has pumped 9.782 million barrels of oil per day (bpd) in June, an OPEC source said on Friday, up from 9.67 million bpd in May.

The world's top oil exporter kept its crude production below its output target of 10.3 million bpd under an OPEC-led global oil reduction pact, to reduce inventories and support prices.

The 14-member OPEC pumped 29.60 million barrels per day (bpd) last month, the survey showed, down 170,000 bpd from May's revised figure and the lowest OPEC total since 2014.

Despite lower supplies, crude oil has fallen from a six-month high above $75 a barrel in April, pressured by concern about slowing economic growth.

Oil futures rose on Friday. Brent crude futures LCOc1 settled at $64.23 a barrel, up 93 cents, or 1.47 percent. US West Texas Intermediate (WTI) CLc1 settled at $57.51 a barrel, up 17 cents.

OPEC, Russia and other non-members, known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from Jan. 1 this year. OPEC's share of the cut is 800,000 bpd, to be delivered by 11 members - all except Iran, Libya and Venezuela.

OPEC and its allies agreed on Tuesday to extend oil output cuts until March 2020, as the global economy weakened and US production soared.

In June, the 11 OPEC members bound by the agreement achieved 156% of pledged cuts, the Reuters survey found, more than in May, due to lower production in Iraq, Kuwait and Angola. All three of the exempt producers also pumped less oil.

The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. Aiming to cut Iran's sales to zero, Washington this month ended sanctions waivers for importers of Iranian oil.

Iran's crude exports have declined to less than 400,000 bpd from more than 2.5 million bpd in April 2018.

In Venezuela, supply fell slightly in June due to the impact of US sanctions on state oil company PDVSA and a long-term decline in production, according to the survey.

Among countries pumping more, Saudi Arabia boosted supply by 100,000 bpd to 9.8 million bpd from May's revised figure, the survey found. This is still below its OPEC quota of 10.311 bpd.

Output also rose in Nigeria - which last month overproduced its target by the largest margin.

June output was the lowest by OPEC since April 2014, excluding membership changes that have taken place since then, Reuters surveys show.

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, Refinitiv Eikon flows data and information provided by sources at oil companies, OPEC and consulting firms.

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Earlier:

OPEC OIL PRODUCTION DOWN ANEW
2019, July, 5, 11:45:00
OIL PRICE: NEAR $63
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down $0.79 at $56.55 per barrel by 0754 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States. Front-month Brent crude futures LCOc1 were down $0.23 at $63.07 per barrel. Both benchmarks were set for their biggest weekly falls in five weeks.
СТРАТЕГИЯ ОПЕК+
2019, July, 4, 16:45:00
СТРАТЕГИЯ ОПЕК+
“Что особо важно: мы договорились постоянно мониторить ситуацию. Если появятся какие-либо угрозы для рынка, мы в любой момент можем собраться и решить, что необходимо делать. При угрозе дефицита, к примеру, мы можем вынести решение об увеличении производства”, - подчеркнул Александр Новак.
OPEC OIL PRODUCTION DOWN ANEW
2019, July, 3, 11:50:00
ОПЕК+: ПРОДЛЕНИЕ СОГЛАШЕНИЯ
Участники заседания рассмотрели последние события на нефтяном рынке и краткосрочный прогноз его развития. Учитывая сохранение значительной неопределенности и возможные последствия для мирового нефтяного рынка, участники 6-го Министерского заседания стран ОПЕК и не ОПЕК настоящим принимают решение продлить на 9 месяцев с 1 июля 2019 года по 31 марта 2020 года действие решения о добровольной корректировке объемов добычи, принятого 7 декабря 2018 года по итогам 5-го Министерского заседания стран ОПЕК и не ОПЕК.
OPEC OIL PRODUCTION DOWN ANEW
2019, July, 3, 11:45:00
ХАРТИЯ ОПЕК+: ДОЛГОСРОЧНОЕ СОТРУДНИЧЕСТВО
“Хартия сотрудничества стран-производителей нефти должна стать фундаментом нашей будущей кооперации. Благодаря такой диалоговой платформе мы сможем не только на постоянной основе продолжить отслеживать ситуацию на нефтяных рынках, но и при необходимости оперативно реагировать на возникающие перекосы, в регулярном режиме обсуждать как на министерском, так и экспертом уровнях актуальные вопросы развития отрасли”, - подчеркнул Министр энергетики Российской Федерации и сопредседатель заседания Александр Новак.
OPEC OIL PRODUCTION DOWN ANEW
2019, July, 2, 14:55:00
ОПЕК+: РАВНОВЕСИЕ И СТАБИЛЬНОСТЬ
Участники заседания подтвердили свою готовность обеспечить устойчивое равновесие и стабильность на нефтяном рынке, а также поддержали предложение о продлении сделки по ограничению добычи нефти еще на 9 месяцев, сообщил по итогам заседания Министр энергетики Российской Федерации Александр Новак.
OPEC OIL PRODUCTION DOWN ANEW
2019, July, 2, 14:50:00
OPEC EXTENDS CORRECTIONS
In view of the current fundamentals and the consensus view on the outlook for the remainder of 2019, the Conference decided to extend the voluntary production adjustments agreed at the 175th Meeting of the OPEC Conference for an additional period of nine months from 01 July 2019 to 31 March 2020.
OPEC OIL PRODUCTION DOWN ANEW
2019, July, 1, 12:00:00
OPEC+ OIL PRODUCTION WILL DOWN
OPEC and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has become the world’s top producer this year ahead of Russia and Saudi Arabia.
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Tags: OPEC, OIL, PRODUCTION