Committee looking to extend the OPEC production cut

[yota691]

of oil at its highest level in a month

 

 

 

 53 minutes ago

 

 

Twilight News / Oil rose to the highest level in almost a month on Wednesday, with signs of a gradual decline in oil stocks, and growing concerns about supply disruption in one of the North Sea fields in the United Kingdom.

By 11:51 pm Moscow time (08:51 GMT) Brent crude rose global mix "Brent" in the futures to $ 54.70 a barrel, up 53 cents, or 1.02% for another settlement.

The increased West Texas Intermediate crude by 51 cents, or 1% to $ 51.54 a barrel. Thus, the indicators had reached the highest level of March 8 / since March.

Bloomberg

Mix "Brent" movement in about a month

Traders said prices have increased under the balance of market conditions gradually lead as the Organization of the Petroleum Exporting Countries "OPEC" efforts to cut production. Thanks to an agreement to cut production of oil shipments fell by 17% since the beginning of this year.

For his part, the American Petroleum Institute said on Tuesday that US crude inventories fell by 1.8 million barrels last week to 533.7 million barrels, but still close to its highest level ever.

It will be issued US Energy Information Administration inventory data later Wednesday.

[yota691]

Oil price nears $ 55 per barrel

 

 

Economy News / Continue ...       Oil prices rose Wednesday to near their highest levels in a month with the support of the production of sudden disruptions in the North Sea and the expectations of a drop of crude stocks and petroleum products in the United States.   Increased futures for Brent crude to $ 0.35 or 0.65% to settle at US $ 54.52 a barrel, while West Texas crude rose US $ 0.37 median or 0.73% to settle at US $ 51.40 a barrel.   Oil prices fell, on Tuesday, at a time when the rise in the form of Libyan oil production and an increase of US drilling activities an indication of the possible increase in crude supplies.
Views 15   Date Added 04/05/2017 - 12:02   Last updated 05/04/2017 - 13:51   No. Content 7076

[ChuckFinley]

Just read were they were figuring it at $46.   This is good for us.     

[yota691]

OPEC oil jumps above 63 dollars a barrel

 Wednesday 12 April 2017 - 14:29 GMT

 

Oil prices on Wednesday, crude oil prices rose to more than $ 63 per barrel.

 

The organization said on its website that it "OPEC basket price of crude oil of 13 Khama record of $ 63.36 per barrel, compared to $ 53.13 the previous day."

It consists of crude oil basket of the Organization of Petroleum Exporting Countries (OPEC) of the following: desert mixture (Algeria), and Girassol (Angola), and Oriente (Ecuador), and Raby wish (Gabon), Iran Heavy (Islamic Republic of Iran), Iraq, Kuwait Export ( Kuwait), S. Cedar (Libya), Bonny light (Nigeria), Qatar Marine (Qatar), Arab light (Saudi Arabia), Murban (United Arab Emirates) and Mary (Venezuela).

[nannab]

Here it comes right in time for summer driving. It's ok though we are going to be RICH! 

[blueskyline]

Thank You Yota ! Oh Yeah !

[davis411]

1 hour ago, nannab said:

Here it comes right in time for summer driving. It's ok though we are going to be RICH! 

god I hope so

[Officiallytook]

1 hour ago, nannab said:

Here it comes right in time for summer driving. It's ok though we are going to be RICH! 

[10 YEARS LATER]

Hmmm . . . The timing is interesting considering the ALL the news lately - wouldn't U say ?

[Half Crazy Runner]

36 minutes ago, 10 YEARS LATER said:

Hmmm . . . The timing is interesting considering the ALL the news lately - wouldn't U say ?

Yes! That's what I'm thinking (hoping!!)

[davis411]

48 minutes ago, Officiallytook said:

 right beside ya

[boosterbglee]

Interesting indeed......$10 a barrel increase in one day! 

[MyLadiesDaddy]

I don't understand this Master Yota, I checked out your link and then I went on every oil website I can find including Forex. All I can find is that it's $56 a barrel. Can you explain to me what the differences please?

[davis411]

3 minutes ago, ladyGrace'sDaddy said:

I don't understand this Master Yota, I checked out your link and then I went on every oil website I can find including Forex. All I can find is that it's $56 a barrel. Can you explain to me what the differences please?

I haven't looked but

I do know at our local pumps here went up at

midnight .08 cents per litre

1.10 per litre yesterday

almost 1.20 today

[tigergorzow]

Oil in biggest rally since December as Saudis seen backing curbs

April 12 2017 05:44 PM

oil crude

 

Oil is riding the longest winning streak since December on optimism Saudi Arabia will support an extension to Opec-led output cuts just as US stockpiles show signs of shrinking,Gulf News reported on Wednesday.

Futures in New York were holding gains after rising 6.3 per cent in the previous six sessions.

Saudi Arabia is likely to back prolonging the curbs into the second half of 2017 in an effort to boost prices, according to a person familiar with the kingdom’s internal discussions. Several other countries, including Kuwait, have also expressed public support for an extension. Industry data was said to show US crude supplies fell last week.

While speculation that the Organisation of Petroleum Exporting Countries and its allies will extend their six-month pact aimed at eroding a global glut is helping boost prices, there’s also concern that rising US output will counter the reductions. Saudi Arabia, the biggest Opec producer, reduced supply below 10 million barrels a day in March, more than pledged under the deal, according to a separate person familiar with the matter. The group is scheduled to gather in Vienna on May 25.

“Extending production cuts beyond June is gathering momentum,” said Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney. “The problem is, as prices climb higher, US shale producers will pump more. The top for West Texas is probably about $55 a barrel.”


West Texas Intermediate for May delivery was at $53.55 a barrel on the New York Mercantile Exchange, up 15 cents, at 2:58pm in Singapore. Total volume traded was about 24 per cent below the 100-day average.

Front-month prices rose 32 cents to $53.40 on Tuesday, the highest close since March 1.

Saudi Decision

Brent for June settlement was 20 cents higher at $56.43 a barrel on the London-based ICE Futures Europe exchange. Prices increased 25 cents, or 0.5 per cent, to $56.23 on Tuesday. The global benchmark crude traded at a premium of $2.48 to June WTI.

Saudi Arabia will decide on an extension depending on the stance of other Opec nations such as Iraq and Iran, as well as Russia, which isn’t a member of the group but joined the output cuts, the person familiar with the kingdom’s internal discussions said. The world’s biggest crude exporter hasn’t made a final decision yet.

US crude supplies fell by 1.3 million barrels last week, the American Petroleum Institute was said to report.

 Stockpiles probably dropped from a record high by 1.5 million barrels to 534 million barrels in the week ended April 7, according to a Bloomberg survey before an Energy Information Administration report Wednesday. Nationwide inventories have expanded by about 56 million barrels since the start of this year.

http://www.thebaghdadpost.com/en/story/9261/Oil-in-biggest-rally-since-December-as-Saudis-seen-backing-curbs

[ChuckFinley]

5 hours ago, 10 YEARS LATER said:

Hmmm . . . The timing is interesting considering the ALL the news lately - wouldn't U say ?

Sure is very interesting. Man I sure hope this hits . .

[10 YEARS LATER]

3 hours ago, ChuckFinley said:

Sure is very interesting. Man I sure hope this hits . .

    VERY 

[MyLadiesDaddy]

OPEC rallying for support to extend oil output cuts

http://ht3.cdn.turner.com/money/big/investing/2016/12/13/iea-oil-glut.cnnmoney_1024x576.mp4

by Zahraa Alkhalisi and John Defterios   @CNNMoneyInvestApril 12, 2017: 1:24 PM EIEA predicts end to global oil glut

 

 

Support is building within the OPEC to extend its oil production cuts beyond June.

Senior Gulf officials tell CNNMoney a proposal is in the works. It is said to have the support of a key OPEC committee that is responsible for monitoring countries, and ensuring they are complying with an agreement to reduce oil output.

 

"There is no formal proposal from Saudi Arabia but one is taking shape in the monitoring committee," one official said. "There's strong support in the monitoring committee."

The options on the table are whether to extend the cuts by three months or six, the official said. Oil prices have been rising for a week on speculation about the cuts.

In December, OPEC and non-OPEC producers agreed to cut output by 1.8 million barrels per day for six months to help stabilize oil prices. The monitoring committee, led by Kuwait, which consists of both OPEC and non-OPEC members said last month it has been satisfied with the compliance levels.

It said 94% of the producers conformed in February to its target level, an increase of 8% from the previous month.

"This demonstrates the willingness of all participating countries to continue their cooperation," OPEC said in a statement last month.

Saudi Arabia is cutting more than its promised reduction to less than 10 million barrels a day.

The production cuts -- made from a very high baseline -- were designed to support prices and ease the budget pressure being felt by oil-producing countries.

The strategy seems to have worked, and oil prices have stabilized around $50 a barrel -- after dropping dramatically last year to almost $26 a barrel.

However, higher prices are stimulating investment and production elsewhere, including the United States.

In its monthly report, OPEC said on Wednesday the forecast for US supply was revised upward by 200,000 barrels, or an additional 540,000 barrels a day. That is "due to expected higher rig counts, and higher well completions, as well as greater access for producers to land and capital."

 

[yota691]

OPEC oil prices recorded a rise of up to more than $ 63

 

 

Economy News / Continue ...       Recorded oil prices Wednesday, rising prices of crude oil to reach more than $ 63 per barrel.   The organization said on its website and seen "Economy News," he said, "the price of OPEC's basket of crude oil of 13 Khama record of $ 63.36 per barrel, compared to $ 53.13 the previous day."   It consists of crude oil basket of the Organization of Petroleum Exporting Countries (OPEC) of the following: desert mixture (Algeria), and Girassol (Angola), and Oriente (Ecuador), and Raby wish (Gabon), Iran Heavy (Islamic Republic of Iran), Iraq, Kuwait Export ( Kuwait), S. Cedar (Libya), Bonny light (Nigeria), Qatar Marine (Qatar), Arab light (Saudi Arabia), Murban (United Arab Emirates) and Mary (Venezuela).
Views 87   Date Added 04/12/2017 - 16:05   Last updated 04/13/2017 - 13:04   No. Content 7126

[yota691]

13-04-2017 08:00 PM

Global oil is poised to restore balance after nearly three years of oversupply

 

 

 

The International Energy Agency (IEA) said on Thursday that the world oil market is nearing a return to equilibrium after nearly three years of oversupply as major output cuts compensate for the long-term decline in rich countries. 

The Organization for Economic Co-operation and Development (OECD) said crude oil inventories fell 17.2 million barrels in March, while the first three months of the year increased by 38.5 million barrels or 425,000 bpd. 

"It can be said with confidence that the market is very close to the balance already, and with more data, it will become clearer," the Paris-based agency said. A second half (of the year) is waiting for us. " 

Total crude inventories in OECD countries fell 8.1 million barrels in February to 3.055 billion barrels, to stay above the five-year average of 330 million barrels, the International Energy Agency said. 

The International Energy Agency (IEA) cut its forecast for world oil demand growth in 2017 by 40,000 bpd to 1.32 million bpd, warning that these estimates may be optimistic given the slowdown in consumption in the United States and Asia's advanced economies such as Australia, Japan and South Korea. 

On the supply side, the agency reported that world production fell 755 thousand barrels per day in March to 95.98 million barrels per day, while OPEC and its partners are committed to a joint agreement to reduce production of 1.8 million barrels per day in the first half of this year. 

The Organization of the Petroleum Exporting Countries (OPEC) has committed itself to a commitment to a "strong" level of 99 percent in March, the agency said, noting that non-Opec members, including Russia and Oman, have increased their commitment to 64 percent. Percent from 38 percent in February. 

In 2017, the International Energy Agency said it expected non-Opec supply to increase by 485,000 barrels per day (bpd), up from 400,000 bpd in previous estimates, led by increases in US production growth.

[ggdog60]

Thanks, Yota!

[yota691]

Report: Global oil prices are currently subject to four determinants

15/4/2017 12:00 am    Oil prices are moving globally during this period depending on several factors, notably supply, stocks and oil production rates, as well as stability of supplies from oil countries, as these factors will affect effectively In oil prices may raise them to the highest levels or bring them to prices close to the bottom.   An economic report released by the Financial Times has identified factors contributing to the renewed sell-off of crude oil, which may limit the ability of Brent crude to hold above $ 50 a barrel.  According to the report, these factors are determined by oil shale, OPEC agreement, stocks, demand growth and increased consumption. Rock oil The rocky oil  sector in the United States has recovered significantly with prices above $ 50 a barrel. After two years of deflation, the Energy Information Administration expects the country's output to rise by 300,000 barrels per day to 9.2 million bpd this year, In 2018.  The report showed that the sector's rapid recovery confirms that it has the capacity to adapt to large structural transformations. The OPEC agreement with Russia led to a rise in prices. The report points out that after the organization succeeded in concluding an agreement to reduce production among its members and a number of independent producers such as Russia, prices rose during December, then stabilized above 50 Dollars during the first two months of this year.  "OPEC may have to extend the cut production agreement. Analysts see stockpiles starting to decline markedly in the second half, and the organization may seek to agree to a deeper production cut in the near future in the hope of boosting prices," the report said.  OPEC is meeting on May 25 to discuss an extension of production cuts beyond June. As noted, most Opec members tend to go this way if agreement is reached with other producers, sources told Reuters last month. Stocks  There is no doubt that global oil stocks, especially in the United States, have a direct impact on oil prices. Some analysts believe stockpiles are declining in other parts of the world, but US stockpiles have had the greatest impact on the market. Demand and consumption  OPEC expects demand growth of 1.3 million bpd to 96.3 million bpd this year, according to the report.  "At the same time, electric cars continue to expand in the market, prompting many to warn of the consequences of this expansion and its impact on oil demand," the report said.  Morgan Stanley analysts note that the global conventional car fleet is increasing by 40 million vehicles per year, equivalent to 600,000 barrels of oil, and the use of aircraft, tankers and petrochemicals will continue to boost consumption.

[ChuckFinley]

On April 12, 2017 at 10:41 PM, 10 YEARS LATER said:

    VERY 

Man you are one guy that deserves it. You are almost there.  

[10 YEARS LATER]

15 minutes ago, ChuckFinley said:

Man you are one guy that deserves it. You are almost there.  

Evening Mr. Finley ! Thank you ole son for that . . . I think anyone such as you or I or anyone for that matter, that has endured this roller coaster for as long as we have is most deserving of the rewards that are almost here . . . Abadi states Iraq out of Ch.7 "Within 2 months" - Lots of smoke & mirror articles surfacing already.

I'm taking a BIG leap of faith here . . . My "money" is on Abadi & his cohorts to get it done " within the 2 months. " It would be a HUGE disappointment if the RV and Ch.7 were to be "delayed" beyond the timeframe Abadi has set - however, we're not there - yet.

No more disappointments Iraq - Git R Done Pronto !

[ChuckFinley]

I know what you mean. In times like this I can only hope that were there is smoke there is FIRE.