November 19, 2020
The Organization Of The Petroleum
14 2019-high reached the previous day.The US bank said January global crude oil
demand growth was "nearly 2.The Organization of the Petroleum Exporting
Countries (OPEC) and non-affiliated allies such as Russia - known as the OPEC+
alliance - pledged to withhold 1."Crude oil continues to grind higher.US West
Texas Intermediate (WTI) crude oil futures were at USD 58.74 from the previous
day. But, we suspect the group will make noise about the ongoing effort to keep
this market in balance.â€
ANZ bank said on Friday.But oil demand has held up well
so far.68 million bpd, official data showed this week."Oil demand concerns are
overdone,†Goldman Sachs said in a note on Friday."We don’t think anything will
be agreed this weekend.Meanwhile, US sanctions against Venezuela, as well as
Iran, have further tightened oil markets.2 million barrels per day (bpd) in
crude supply from the start of the year to tighten markets and prop up
prices.OPEC+ will meet in Baku, Azerbaijan, over the weekend to review its
output policy, although most expect the cuts to continue for now.
Will demand
hold up?Preventing oil from rising further have been concerns that an economic
slowdown that has gripped large parts of Asia and Europe, and which is showing
signs of spilling into North America.
Will soon dent fuel demand
growth.Organization of the Petroleum Exporting Countries (OPEC) and
non-affiliated allies such as Russia - known as the OPEC+ alliance - pledged to
withhold 1.end-ofTags: oil prices, opec, venezuela, iran, brent crudeLocation:
Singapore, –, Singapore.27 per barrel at 0425 GMT, 4 cents above their last
close, and within a dollar of the USD 68. But oil prices have been capped by
concerns that an economic slowdown will soon start denting growth in fuel
demand.With OPEC voluntarily withholding supply and US sanctions preventing
Iranian and Venezuelan oil from entering markets, global crude flow data in
Refinitiv showed a slight supply deficit likely appeared in the first quarter.
63
per barrel, 2 cents above their last settlement, and not far off their 2019-high
of USD 58.1 per cent from a year earlier to a record 12. (Photo: File |
PTI)Singapore: Oil prices were firm on Friday amid production cuts led by OPEC
and as US sanctions against Venezuela and Iran likely created a slight deficit
in global supply in the first quarter of 2019.2 million barrels per day (bpd) in
crude supply from the start of the year to tighten markets and prop up
prices.Azerbaijan, over the weekend to review its
output policy, although most China
granulation screw barrel expect the cuts to continue for now..0 million
barrels per day, with strength visible in both emerging markets and developed
economiesâ€.Despite Friday’s dips, oil has rallied around a quarter since the
start of the year.Brent crude oil futures were at USD 67.Goldman said "current
fundamentals will tighten physical markets furtherâ€, driving up spot Brent crude
futures above USD 70 per barrel "as supply losses continue (and) demand growth
beats low consensus expectationsâ€..Crude oil use in China, the world’s biggest
importer, in the first two months of 2019 rose 6.in response to ongoing
production cuts from the OPEC+ group of producers as well as another (output)
slump from a blacked-out Venezuela,†said Ole Hansen, head of commodity strategy
at Denmark’s Saxo Bank.
Posted by: ianulatarrcr at
02:35 AM
| No Comments
| Add Comment
Post contains 547 words, total size 4 kb.
November 17, 2020
The Decline In Fuel Inventories
The US government plans to shut Iran’s oil exports out of the market from
November, demanding that all countries stop buying its oil.Trading activity is
expected to by limited on Wednesday due to the US Independence Day holiday.5
million barrels in the week to June 29 to 416. WTI the previous day hit its
highest since November 2014 at $75.US crude inventories fell by 4.
To make up for
potential shortfalls in supply from Iran sanctions as well as other disruptions
including Libya and Venezuela, the Organization of the Petroleum Exporting
Countries (OPEC) has agreed China
foam wall panel barrel screws with Russia and other oil-producing non-OPEC
members to raise output from July.27 a barrel.60 a barrel at 0044 GMT, up 46
cents, or 0.9 million barrels.Traders said the decline in fuel inventories was
largely down to the outage at Syncrude Canada’s 360,000 barrels per day (bpd)
oil sands facility near Fort McMurray, Alberta, which is expected to last
through July.REUTERS Published: Jul 4, 2018, 8:51 am IST Updated: Jul 4, 2018,
8:51 am IST US crude inventories fell by 4.82 per barrel, up 6 cents from their
last close.Outside North America, looming US sanctions against major oil
exporter Iran were the focus of attention.
9 million barrels, according to the
American Petroleum Institute (API) on Tuesday.US West Texas Intermediate (WTI)
crude futures CLc1 were at $74.Iran’s President Hassan Rouhani on Tuesday said
it was "unwise to imagine that some day all producer countries will be able to
export their surplus oil and Iran will not be able to export its oil.5 million
barrels in the week to June 29 to 416. The US government plans to shut Iran’s
oil exports out of the market from November, demanding that all countries stop
buying its oil.â€end-of.
Oil prices, crude oil, opec, wti, brent
crudeLocation: Singapore, –, Singapore.Singapore: Oil prices edged up on
Wednesday, lifted by a report of declining US fuel inventories amid the ongoing
crude supply outage at Syncrude Canada in Alberta, which usually supplies the
United States. Gasoline and distillate stocks, which include diesel and heating
oil, were also down, the API said.6 per cent, from their last settlement.Brent
crude futures LCOc1 were at $77.OPEC-member Iran, however, has warned it would
not accept other producers reaping the benefits by taking its market share.
Posted by: ianulatarrcr at
01:22 AM
| No Comments
| Add Comment
Post contains 389 words, total size 3 kb.
November 11, 2020
Hit Its Lowest Level
Saudi Arabia said on Sunday that balancing oil markets
was far from done as inventories were still high.Brent crude oil futures were at
USD 67.03 per barrel at 0231 GMT, down 13 cents, or 0.2 per cent.Singapore: Oil
prices dipped on Monday amid concerns that an economic downturn may dent fuel
consumption, but crude markets remain broadly supported by supply cuts led by
producer group OPEC and US sanctions against Iran and Venezuela.
Brent crude oil
futures were at USD 67.03 per barrel at 0231 GMT, down 13 cents, or 0.2 per
cent, from their last close, but not far off the USD single
screw barrel 68.14 per barrel 2019-high reached last week.US West Texas
Intermediate (WTI) futures were at USD 58.32 per barrel, down 20 cents, or 0.3
per cent, from their last settlement, and also not far off their 2019-high of
USD 58.95 from the previous week."The greatest downside risk to our oil price
view is demand weakness on slower economic growth. Our base case is that global
oil demand will increase by 1.3 million barrels per day (bpd) in 2019.
A
synchronized global slowdown in growth could push global demand growth to below
1 million bpd,†Bernstein Energy said on Monday.US manufacturing output fell for
a second straight month in February, in a sign that the world’s biggest economy
has been slowing down in the first quarter.In Asia, Japan’s exports fell for a
third straight month in February in a sign of growing strain from slowing global
demand.Despite this, oil prices have gained around a quarter since the start of
the year amid US sanctions against Iran and Venezuela, and as the Organization
of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like
Russia - known as OPEC+ - have pledged to withhold 1.2 million bpd in supply to
prop up prices.OPEC’s de-facto leader Saudi Arabia said on Sunday that balancing
oil markets was far from done as inventories were still high.Russia also said
production cuts would stay in place at least until June.
As a result, Bernstein
forecast an inventory draw of 37 million barrels in the first quarter for the 36
member countries of the Organisation for Economic Co-operation and Development
(OECD), which comprises most industrialised nations.The International Energy
Agency (IEA) said on Friday it expected oil markets to be in a modest deficit
from the second quarter of 2019.
Key for the supply and demand balance will be
the United States, where crude production has soared by around 2 million bpd
over the past year, thanks largely to an onshore boom in shale formation
drilling.The number of rigs drilling for new oil production in the United States
has been falling in 2019, and hit its lowest level since April 2018 last week,
at 833 operating rigs.However, US crude oil production still increased at the
start of 2019, hitting a record 12.1 million barrels per day (bpd) in February,
data from the Energy Information Administration (EIA) showed.Output has since
dipped back to 12 million bpd, but that still makes America the world’s biggest
crude oil producer.end-ofTags: oil price, opec, crude oil, oil import, brent
crudeLocation: Singapore, –, Singapore.
Posted by: ianulatarrcr at
02:09 AM
| No Comments
| Add Comment
Post contains 527 words, total size 3 kb.
November 06, 2020
One Of The World
Gazprom will save between Rs 8,500
crore and Rs 9,500 crore over the contract period ending 2040, Oil Minister
Dharmendra Pradhan said on Wednesday.State-owned gas utility GAIL India Ltd had
in January taken advantage of the Russian company39;s inability to deliver
liquefied natural gas (LNG) from the previously agreed Schtokman project in the
Barents Sea, to renegotiate price agreed in 2012.In a written reply in the Rajya
Sabha.
Pradhan said the first cargo of Russian natural gas under the long-term
contract between GAIL India Ltd and Gazprom Marketing & Trading Singapore
(GMTS) was received on June 4.He said: "GAIL and Gazprom successfully
re-negotiated the long-term LNG Sale and Purchase Agreement reflecting the
current global gas market dynamics. The renegotiated price, compared to earlier
contract price, will result in saving of approximately Rs 8,500 crore (crude oil
at USD 50 per barrel) or Rs 9,000 crore (crude oil at USD 60 per barrel) or Rs
9,500 crore (crude oil at USD 70 per barrel) for the years 2018 to 2040."
Without
giving specific details, Pradhan said the gas price foam
wall panel barrel screws Factory was negotiated depending on many factors
like project location, duration of contract and pricing formula. GAIL
renegotiated the terms of the 20-year deal to import 2.5 million tonnes a year
of LNG, including price and volume ramp up.The contracted volume has been
lowered from 2.5 million tonnes to 0.5 million tonnes in the first year,
2018-19; 0.75 million tonnes in 2019-20 and 1.5 million tonnes in the third year
2020-21.The contract period has been extended by three years to accommodate the
supplies not taken in initial years as well as getting an additional 2 million
tonnes over-and-above the 50 million tonnes it had agreed to take in 2012 over
the 20 year contract period.India has been making the most of its position as
one of the world39;s biggest energy consumers to strike better bargains for its
companies. Last year, India got US energy major Exxon Mobil Corp to lower the
price of 1.5 million tonnes a year of LNG from Gorgon project in Australia,
saving Rs 4,000 crore in import bill.Pradhan said India currently has four
operational LNG import terminals at Dahej and Hazira in Gujarat,.
Posted by: ianulatarrcr at
01:25 AM
| No Comments
| Add Comment
Post contains 374 words, total size 2 kb.
November 03, 2020
In The Middle East
Brent was still at $74. Brent crude futures LCOc1, the international benchmark
for oil prices, climbed as high as $75.84 a barrel, up 20 cents, or single screw barrel.Markets
have been lifted by supply cuts led by the Organization of the Petroleum
Exporting Countries (OPEC) which were introduced in 2017 with the aim of
propping up the market, as well as by the potential of renewed US sanctions
against Tehran.
3 per cent from their last settlement.20 in early
trading.end-ofTags: brent oil, oil price, opec, crude oilLocation: Singapore, –,
Singapore.89 a barrel at 0109 GMT, up 18 cents, or 0."Crude prices are now
sitting at the highest levels in three years, reflecting ongoing concerns around
geopolitical tensions in the Middle East, which is the source of nearly half of
the world’s oil supply,†ANZ bank said on Tuesday.Brent crude futures LCOc1, the
international benchmark for oil prices, climbed as high as $75."Oil strength is
coming from Saudi Arabia’s recent commitment to get oil back up to between $70
to $80 per barrel as well as inventory levels that are back in the normal
range,†said William O’Loughlin, investment analyst at Australia’s Rivkin
Securities.89 a barrel at 0109 GMT, up 18 cents, or 0.
The United States has
until May 12 to decide whether it will leave the Iran nuclear deal and instead
renew sanctions against the OPEC member, which would further tighten global
supplies.2 per cent from its last close.20 in early trading on Tuesday, levels
not seen since November, 2014.The OPEC supply management and threat of new
sanctions come just as demand in Asia, the world’s biggest oil consuming region,
hits a fresh record as new and expanded refineries start up from China to
Vietnam.Singapore: International oil prices hit their highest levels since late
2014 on Tuesday, pushed up by expectations of renewed US sanctions against Iran
and as OPEC continues withholding supplies amid strong demand.OPEC’s efforts to
tighten markets are being led by top exporter Saudi Arabia, where
state-controlled oil firm Saudi Aramco is pushing for higher prices ahead of a
partial listing planned for later this year or 2019.US West Texas Intermediate
(WTI) crude futures CLc1 were at $68.2 per cent from its last close.
Posted by: ianulatarrcr at
01:36 AM
| No Comments
| Add Comment
Post contains 372 words, total size 2 kb.
<< Page 1 of 1 >>
23kb generated in CPU 0.007, elapsed 0.0347 seconds.
32 queries taking 0.03 seconds, 50 records returned.
Powered by Minx 1.1.6c-pink.
32 queries taking 0.03 seconds, 50 records returned.
Powered by Minx 1.1.6c-pink.
