Saudi Arabia said on Sunday OPEC’s job in rebalancing the oil market was far from done as global inventories were still rising despite harsh U.S. sanctions on Iran and Venezuela, signaling it may need to expand output cuts into the second half of 2019.
In the context of supply and demand balance,the current price of BRENT oil is undervalued.Neither OPEC nor the IEA has considerably brought down their forecasts for global oil demand in the current year.
NPD - Preliminary production figures for February 2019 show an average daily production of 1 745 000 barrels of oil, NGL and condensate, which is a decrease of 75 000 barrels per day compared to January.
OGJ - Stephen Blank, senior fellow for Russia at the American Foreign Policy Council, said, “Nord Stream 2 clearly is a threat to Europe, which is why the Trump administration opposes it. We have now threatened that if Nord Stream 2 is built, the US will impose sanctions not just on the project, but also on the contractors.”
Oil prices were stable on Friday, propped up by production cuts led by OPEC and as U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019.
In 2018, world oil demand is estimated to have grown by 1.43 mb/d, down by 0.04 mb/d from the previous estimate amid downward revisions in both OECD and non-OECD regions.
The Argentine government’s plan to develop the massive Vaca Muerta oil and gas reserves in northern Patagonia has hit a major obstacle.
Oil prices rose on Wednesday, pushed up by ongoing supply cuts from producer cartel OPEC and U.S. sanctions against Iran and Venezuela.
Brent crude oil spot prices averaged $64 per barrel (b) in February, up $5/b from January 2019 and about $1/b lower than at the same time last year.
India is seeking investment from Saudi Arabia to build emergency crude reserves that will act as a buffer against volatility in oil prices and supply disruptions for the third-largest oil consumer.
India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day (bpd), as it negotiates with Washington about extending a sanctions waiver past early May, two sources with knowledge of the matter said. New Delhi is asking to be allowed to still buy Iranian oil at current levels of around 1.25 million tonnes per month, or about 300,000 barrels per day, the sources said.
British oil and gas production rose 4 percent to 1.7 million barrels of oil equivalent per day in 2018 compared with the previous year, according to the Oil and Gas Authority, an industry regulator.
Net income in 2018 was US$ 7,173 million, equivalent to US$ 0.55 EPS, reflecting higher operating income and improved financial results, due to lower interest expenses as a result of lower indebtedness and gains due to the renegotiation of debts of the electric sector.
PETRONAS’ Profit after Tax (PAT) rose by 22 per cent in 2018, to RM55.3 billion, compared to RM45.5 billion in 2017, on the back of higher revenue and supported by net write-back of impairment on assets. These were partially offset by higher net product and production costs, depreciation and amortisation as well as tax expenses.
Oil prices edged up on Monday after Saudi oil minister Khalid al-Falih said an end to OPEC-led supply cuts was unlikely before June, while a report showed U.S. drilling activity fell for a third straight week.