2023-09-01 07:00:00
OIL PRICE: BRENT NEAR $87, WTI NEAR $84
REUTERS - Sept 1, 2023 - Oil prices were set to snap a two-week losing streak as they rose for a fourth consecutive session on Friday due to tightening supplies and expectations of the OPEC+ group of oil producers extending output cuts to the end of the year.
Major benchmarks rose slightly, with the U.S. West Texas Intermediate crude (WTI) up 13 cents, or 0.2%, at $83.76 a barrel, while Brent crude was up 17 cents, also 0.2%, at $87/bbl as of 0325 GMT. WTI has risen over 5% during the week, while Brent was up about 3%.
Analysts expect Saudi Arabia to extend a voluntary oil production cut of 1 million barrels a day into October, adding to cuts by the Organization Petroleum Exporting Countries and allies, known as OPEC+.
"We continue to expect cuts to be extended, with prices above US$90/bbl (on a sustained basis) required to draw OPEC supply back to market, as well as incentivize U.S. shale producers to increase drilling activity," the National Australia Bank said in a client note on Friday.
U.S. crude inventories USOILC=ECI fell by a more-than-expected 10.6 million barrels last week, government data on Wednesday showed. Commercial crude oil inventories have plunged by 34 million barrels since the middle of July.
Change in U.S. inventories is often viewed as a proxy for global demand-supply balance. Continuous depletion is interpreted as a reflection of potential supply deficit.
"Signs of stronger demand were also evident in the product market, with implied gasoline demand pushing higher for the first time in three weeks," ANZ said in a research note on Friday.
A weaker U.S. dollar, which looks set to end a six week winning streak, also helped prices. A stronger dollar pressures oil demand by making the commodity more expensive for buyers holding other currencies.
Chinese factory activity returning to expansion and the government stepping up efforts to support its housing market also helped boost oil prices on Friday, on hope such action could help stimulate demand growth in the world's second-largest oil consumer.
The country's central bank said on Friday it will cut the amount of foreign exchange that financial institutions must hold in reserve for the first time this year, a move seen aimed at slowing the pace of recent yuan depreciation.
Slowing monthly inflation rates in the U.S. have cemented expectations that the Federal Reserve will keep interest rates unchanged next month. U.S August payrolls data later in the global day could offer more clues.
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Earlier:
2023, August, 25, 07:00:00
OIL PRICE: BRENT ABOVE $83, WTI NEAR $79
Brent fell 16 cents, or 0.2%, to $83.20 a barrel, WTI fell 18 cents, or 0.2%, to $78.91 a barrel.
2023, August, 25, 06:55:00
СТРАТЕГИЧЕСКОЕ ПАРТНЕРСТВО БРИКС
«Китай и Индия – наши стратегические партнёры в части выстраивания нового, справедливого энергорынка и торговой инфраструктуры. Россия остаётся крупнейшим поставщиком нефти в Китай и Индию, экспортируются и другие энергоносители – газ, уголь», –
2023, August, 25, 06:50:00
СОТРУДНИЧЕСТВО РОССИИ, ЕГИПТА
Стороны обсудили возможности расширения сотрудничества в отраслях ТЭК, в том числе в нефтегазовой сфере, электро- и гидроэнергетике.
2023, August, 25, 06:45:00
POSITIVE BRICS+
While South Africa and Russia back the addition of new members, India is wary of the group becoming a mouthpiece for China, and Brazil is worried about alienating the West.
2023, August, 25, 06:40:00
RUSSIAN, SAUDI'S OIL FOR CHINA
Saudi Arabia's crude shipment to China are averaging 1.9 million b/d in August, up from 1.3 million b/d a month earlier, while Russia inflows are at 1.38 million b/d, up on month from 1.36 million b/d, according to Kpler shipping data. Imports from Saudi Arabia were at a 12-month low of 1.33 million b/d in July, while Russian shipments dropped to 1.91 million b/d in the month, the lowest since April, China General Administration of Customs data showed.
2023, August, 11, 06:55:00
ОПЕК+: БОЛЕЕ 100%
Россия привержена договорённостям, которые достигнуты в рамках ОПЕК+. Мы исполняем свои обязательства в полном объёме. Добыча обеспечивается на уровне 9,5 млн баррелей нефти в сутки, что соответствует объёму добровольного сокращения в 500 тыс. баррелей в сутки.
2023, August, 11, 06:50:00
OPEC+: TO THE END OF 2024
The committee reaffirmed the commitment of its member countries to the DoC which extends to the end of 2024 as agreed in the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 4th of June 2023.
