2023-02-17 11:10:00
OPEC+ OIL DEAL CONTINUING
BLOOMBERG - Feb 16, 2023 - The OPEC+ alliance plans to stick with an oil deal agreed in late 2022 for the rest of the year, Saudi Arabia’s energy minister said, reinforcing earlier signals from the group.
In October, OPEC and its partners took the unusual step of assigning fixed production targets for a full year ahead. Key officials have indicated they intend to leave the quotas unchanged throughout 2023, and the comments from Prince Abdulaziz bin Salman are the most emphatic to date.
“The agreement that we struck in October is here to stay for the rest of the year, period,” the prince told Amrita Sen, director of research at Energy Aspects Ltd., during an interview in Riyadh on Feb. 14. “You need to make sure that the emergence of these positive signals in the market can be sustained.”
Prior to the interview — which was posted on Energy Aspects’ website — Prince Abdulaziz had already indicated that the bar for intervention by the Organization of Petroleum Exporting Countries will be high. He said earlier this month in Riyadh that — with respect to production adjustments — “I will believe it when I see it and then take action.”
The United Arab Emirates, another key OPEC nation, also suggested this week that there is little need for the group to alter its course. Global oil supply and demand are evenly matched, with inventories comfortable and crude price levels “a testimony of the balance,” Energy Minister Suhail Al Mazrouei told Bloomberg TV in Dubai.
Prominent oil industry voices such as Goldman Sachs Group Inc. and the International Energy Agency have predicted that markets will tighten significantly in the second half of the year if OPEC+ keeps production unchanged, as China’s emergence from years of Covid lockdowns spurs a recovery in fuel consumption.
A key panel of OPEC+ nations opted to keep production levels unchanged earlier this month, and another review is due in early April. The full 23-country alliance is scheduled to hold an in-person meeting in Vienna at the beginning of June.
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Earlier:
2023, February, 15, 14:00:00
OIL PRICE: BRENT BELOW $85, WTI ABOVE $78
Brent slid $1.13, or 1.3%, to $84.45 a barrel, WTI dropped $1.31, or 1.7% to $77.75.
2023, February, 15, 13:55:00
GLOBAL OIL DEMAND WILL GROW
Nonetheless, the IEA said global oil markets will likely remain in surplus in the first half of the year amid surprisingly robust output from Russia.
2023, February, 13, 13:45:00
РОССИЯ СНИЗИТ ДОБЫЧУ НЕФТИ
Россия в марте добровольно сократит добычу на 500 тыс. баррелей в сутки. Это будет способствовать восстановлению рыночных отношений.
2023, February, 10, 12:45:00
RUSSIAN OIL CUTTING 0.5 MBD
Moscow’s move deepens the 2 million barrel-a-day production cut announced late last year by OPEC+, which Russia leads along with Saudi Arabia.
2023, February, 8, 12:45:00
OIL PRICES 2023-24: $82 - $78
spot price of Brent crude oil falls to an average of $82/b in 2H23 and $78/b in 2024.
2023, February, 6, 13:10:00
OPEC+ IS CAREFUL
OPEC+ is a 23-country bloc of oil producing countries co-chaired by Saudi Arabia and Russia. It agreed in October to slash quotas by 2 million b/d from November until the end of 2023.
2023, February, 3, 11:50:00
ОПЕК+: МИНУС 2 МБД
Делегаты встречи подтвердили свою приверженность плану сокращения добычи нефти на 2 млн баррелей в сутки, согласованному по итогам заседания 5 октября 2022 года.
