2020-04-15 14:05:00
OIL PRICE: ABOVE $28
REUTERS - APRIL 15, 2020 - Oil fell 4% towards $28 a barrel on Wednesday, pressured by reports of persistent oversupply and collapsing demand due to global coronavirus-related lockdowns and a lack of coordinated oil purchases for strategic storage.
The International Energy Agency (IEA) on Wednesday forecast a 29 million barrel per day (bpd) dive in April oil demand to levels not seen in 25 years and said that no output cut could fully offset the near-term falls facing the market.
Brent crude LCOc1 fell $1.19, or 4%, to $28.41 a barrel at 0940 GMT, giving up earlier gains. U.S. West Texas Intermediate crude CLc1 slid 45 cents, or 2.2%, to $19.66.
"There is no feasible agreement that could cut supply by enough to offset such near-term demand losses," the IEA said in its monthly report. "However, the past week's achievements are a solid start."
Crude prices have tumbled this year, hitting an 18-year low of $21.65 a barrel on March 30. The drop in prices and demand has pushed global producers to agree unprecedented supply cuts.
The Organization of the Petroleum Exporting Countries (OPEC), along with Russia and other producer - a grouping known as OPEC+ - has partnered with other oil-pumping nations, such as the United States, in the record global supply pact.
Officials and sources from OPEC+ states indicated that the IEA, the energy watchdog for the world's most industrialised nations, could announce purchases of oil for storage of up to several million barrels to buoy the deal.
But as of Wednesday, no such purchases had materialised. Some analysts said they expect more downward pressure on the market without a demand recovery.
"The slow implementation of the agreement, the risk of non-compliance and no firm commitment from others to follow suit could see the market remain under pressure until the pandemic loosens its grip to let fuel demand recover," said Saxo Bank analyst Ole Hansen.
The IEA report added to downward pressure caused by rising inventories.
Industry group the American Petroleum Institute said on Tuesday that U.S. crude inventories increased by a bigger than expected 13.1 million barrels in the week to April 10. Official government inventory figures are due later on Wednesday.
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Earlier:
2020, April, 14, 15:05:00
OIL PRICE: ABOVE $31 AGAIN
Brent fell 8 cents, or 0.3%, to $31.66 a barrel, WTI was down 36 cents, or 1.6%, at $22.05
2020, April, 14, 15:00:00
СОКРАЩЕНИЕ ПРОИЗВОДСТВА НЕФТИ 15 - 20 МБД
"США, Канада, Норвегия и другие страны-производители нефти исходя из тех заявлений, которые сделали министры энергетики других стран, их общее сокращение с мая по июнь может составить от 15 до 20 млн баррелей в сутки", - сообщил глава Минэнерго России.
2020, April, 13, 11:55:00
OIL PRICE: NEAR $31 ANEW
Brent rose 16 cents, or 0.5%, to $31.64 a barrel, WTI were up 37 cents, or 1.6%, to $23.13 a barrel
2020, April, 13, 11:50:00
OPEC+ OIL CUTTING 12.5 MBD
effective oil supply cuts by OPEC and its allies, a group known as OPEC+, will amount to 12.5 million barrels per day
2020, April, 13, 11:45:00
СОГЛАШЕНИЕ В ИНТЕРЕСАХ РОССИИ
Заключая соглашение, Минэнерго действует в интересах как производителей, так и потребителей нефти, и в первую очередь, в интересах России, отметил Александр Новак.
2020, April, 13, 11:40:00
ОПЕК+ : СОКРАЩЕНИЕ ДОБЫЧИ 10 МБД
«Все сошлись во мнении о сокращении добычи на 10 млн барр/с странами ОПЕК и не-ОПЕК на май и июнь. В течение следующего полугодия мы частично восстановим добычу до сокращения в 8 млн б/c. Это соглашение будет действовать два года, на 2021 год параметры в соглашении заложены в 6 млн б/с», - сказал глава Минэнерго России.
2020, April, 13, 11:30:00
OPEC+ U.S.: NO AGREEMENT
We will use the SPR to store as much oil as possible," US Energy Secretary Dan Brouillette said at a G20 energy summit. "This will take surplus oil off the market at a time when commercial storage is filling up and the market is oversupplied."
