OPEC - In 2019, world oil demand is anticipated to rise by 1.29 mb/d. As a result, total world oil demand is anticipated to reach 100.08 mb/d. Oil demand growth is projected to originate from Other Asia, led by India, followed China, then OECD Americas. OECD countries will rise by 0.25 mb/d, while non-OECD countries will drive oil demand growth by adding an estimated 1.04 mb/d in 2019.
SHANA - “OPEC resolution states that the Secretary-General and OPEC's President would allow countries that subject to certain sanctions to be exempted from production cuts,” Zangeneh added.
REUTERS - International Brent crude oil futures LCOc1 were at $60.86 per barrel at 0543 GMT, up 66 cents, or 1.1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.22 per barrel, up 57 cents, or 1.1 percent.
PLATTS - Russia will cut its liquids output by 50,000-60,000 b/d in January under the latest agreement with OPEC, energy minister Alexander Novak said Tuesday. "The monthly schedule for the output cut has already been [set]... We expect output will be cut by at least 50,000 b/d-60,000 b/d in January," he said, as reported by Prime news agency.
МИНЭНЕРГО РОССИИ - Как отметил Александр Новак, принятое решение о снижении суммарной добычи на 1,2 млн барр./сутки отражает ожидания рынка накануне встречи стран ОПЕК и не ОПЕК. As noted by Alexander Novak, the decision to reduce the total production by 1.2 million barrels per day reflects the market expectations on the eve of the meeting of OPEC and non-OPEC countries.
U.S. EIA - EIA expects Brent spot prices will average $61 in 2019 and that West Texas Intermediate (WTI) crude oil prices will average about $7/b lower than Brent prices next year. NYMEX WTI futures and options contract values for March 2019 delivery that traded during the five-day period ending December 6, 2018, suggest a range of $36/b to $77/b encompasses the market expectation for March WTI prices at the 95% confidence level.
PLATTS - At 11:00 am Singapore time (0300 GMT), ICE February Brent crude futures were up 43 cents/b (0.7%) from Friday's settle at $62.10/b, while the NYMEX January light sweet crude contract inched 2 cents/b (0.04%) lower to $52.59/b.
OPEC - Accordingly, the 5th OPEC and non-OPEC Ministerial Meeting, following deliberations on the immediate oil market prospects and in view of a growing imbalance between global oil supply and demand in 2019, hereby decided to adjust the overall production by 1.2 mb/d, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively.
Министр энергетики Российской Федерации Александр Новак в интервью телеканалу “Bloomberg”, которое состоялось по окончании 5-й Министерской встречи стран ОПЕК и не входящих в ОПЕК государств, рассказал о принятых решениях и их влиянии на рынок, разговоре с Министром нефти Ирана Бижаном Намдар Зангане накануне заседания, а также поделился прогнозами цен на нефть в будущем.
U.S. EIA - On November 23, the natural gas spot price at the Henry Hub in Louisiana was $4.70 per million British thermal units (MMBtu), the highest price since a temporary spike in January 2018, and before that, the highest price since June 2014.
REUTERS - International Brent crude oil futures LCOc1 fell below $60 per barrel early in the session, trading at $59.50 per barrel at 0144 GMT, down 56 cents, or 0.9 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.24 per barrel, down 25 cents, or 0.5 percent.
WSJ - Russia and Saudi Arabia have agreed to extend OPEC’s efforts to stabilize oil markets, Russian President Vladimir Putin said over the weekend, as the broader coalition of producers inches closer to a deal this week.
SHANA - Asked about potential OPEC production cuts, Mr. Zangeneh said, “Different figures are proposed and we must wait and see what decision OPEC members will make.” He also said that $60 to $70 dollars per barrel would be reasonable for crude oil.
REUTERS - International Brent crude oil futures LCOc1 were at $60.87 per barrel at 0508 GMT, down $1.21, or 2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.33 per barrel, down 92 cents, or 1.7 percent.
IEA - Based on the latest available energy data, energy-related CO2 emissions in North America, the European Union and other advanced economies in Asia Pacific grew, as higher oil and gas use more than offset declining coal consumption. As a result, the IEA expects CO2 emissions in these economies to increase by around 0.5% in 2018.