Oil rises 1% on settlement amid fears of supply shortages

[yota691]

US oil inventories jump 10 million barrels per week

 

 15 November 2018 07:14 PM
Direct: Oil inventories in the United States rose for the eighth week in a row, exceeding analysts' expectations.

The US Energy Information Administration announced Thursday that oil inventories rose by 10.3 million barrels in the week ending Nov. 9 to 442.1 million barrels.

Analysts had forecast US crude inventories to rise by 2.9 million barrels last week.

While gasoline inventories in the United States fell by 1.4 million barrels last week.

By 4:00 pm GMT, the benchmark Brent crude for January delivery rose 1.4% to $ 67.03 a barrel.

US crude futures for December delivery rose 1.1% to $ 56.89 a barrel.

[yota691]

 

[yota691]

OPEC oil prices rise and record 66 dollars

 

Monday 19 November

 

 

Alsumaria News / Baghdad  , said the Organization of Petroleum Exporting Countries , on Monday, about the high price of OPEC 's basket daily to record $ 66 per barrel.  "The price of the OPEC basket of fourteen barrels of crude was $ 66 per barrel," the group said in a statement read by Alsumaria News.  "The price fell from last Friday's $ 65.28, according to the OPEC secretariat."  Composed Organization of Petroleum Exporting Countries ( OPEC ) basket of reference of the following: Mix the desert of Algeria, Girassol Angola, Ecuador Oriente, and Zafiro Equatorial Guinea, Gabon and Raby Leyte, and Iran , Iran, Basra Late Iraq , Kuwait Export Kuwait, Sceder Libya, Bonnie Light Nigeria, Qatar Marine Qatar, Arab Light Saudi Arabia, Morgan UAE and Miri Venezuela.

[yota691]

Trump thanked Saudi Arabia for falling oil prices and demanded more

21 November 2018 04:44 PM
Direct US President Donald Trump said that oil prices are on the decline, built by Bankhvadha $ 28 a barrel in the short period of time.

On Wednesday, Trump described the fall in black gold prices as "great", likening it to a significant tax cut for the United States and all the world's nations.

"Enjoy oil at $ 54 a barrel after it was just at $ 82," Trump said.

The US president thanked Saudi Arabia, but urged it to intervene to further reduce oil prices.

 

Recently, Trump asked OPEC producers to intervene to cut prices after reaching the highest level in four years, asking them to increase production.

By 1335 GMT, the price of Brent crude for January delivery rose 2.1% to $ 63.86 a barrel.

US Nymex crude futures for January delivery rose 1.3% to $ 54.71 a barrel.

[Redhorse]

I hear talk of a reset of the value of the U.S. dollar. im beginning to wonder if this happens, how would it effect the dollar and the Dinar. It would be nice to see the FED expunged.

[Redhorse]

Trump is a financial genious.

[yota691]

12 hours ago, Redhorse said:

how would it effect the dollar

It hurt for a bit....an GM DV

[nannab]

Good morning Yota  

[yota691]

Just now, nannab said:

Good morning

Good Morning nannab an Happy Thanksgiving DV.....

[nannab]

Happy Thanksgiving!  

[jeepguy]

12 hours ago, Redhorse said:

Trump is a financial genious.

could you  extrapolate  more on this ?  

[yota691]

 

[yota691]

URGENT Oil drops again to its lowest level in more than a year

Editorial Date: 2018/11/23 19:05 • 878 times read

International oil prices fell to their lowest level in more than a year on Friday and are heading towards the biggest one-month drop since late 2014, while crude producers are considering cutting production in an effort to curb a growing surplus in world supply.

Oil supplies are growing more rapidly than demand and to avoid an increase in unused fuel stocks, similar to what happened in 2015. The Organization of the Petroleum Exporting Countries (OPEC) is expected to start cutting output after a planned meeting on December 6. 
But this has so far had little impact in support of prices, which have fallen more than 20 percent since the beginning of November, after seven consecutive weeks of losses. 
London Brent crude <LCOc1> fell $ 3.34, or 5.3 percent, to $ 58.57 a barrel, its lowest level since October 2017. 
Crude fell $ 4.03, or 7.4 percent, to $ 50.60 a barrel, also the weakest since October 2017, before recovering slightly $ 51.35

[yota691]

Algeria: Saudi Crown Prince's visit has nothing to do with oil prices

Crown Prince of Saudi Arabia

 25 November 2018 07:28 PM

RIYADH: The visit of Saudi Crown Prince Prince Mohammed bin Salman has nothing to do with oil prices.

Mustafa Qitouni said on Sunday that the upcoming visit by Crown Prince Mohammed bin Salman to Algeria and neighboring countries has nothing to do with the rise or fall in oil prices, according to the Middle East News Agency (MENA).

Qitouni's remarks came on the sidelines of the inauguration of the solar power station in Hassi Masoud in the state of Ouargla.

"Such decisions are taken at the Vienna meeting only," he said.

Crude oil prices fell sharply on Friday, ending the day at $ 58.80 a barrel, while crude oil futures fell 7.7% to $ 50.42 a barrel.

It is worth mentioning that the Algerian media reported that the Saudi Crown Prince will make his first visit to Algeria in early December as part of his tour to a number of Arab countries.

[yota691]

26-11-2018 09:44 AM

"Bloomberg": Oil prices for 2019 will be determined at the G20

 

 

 

 

Baghdad / News:

The next meeting of the Organization of the Petroleum Exporting Countries (OPEC), which will determine the direction of world oil markets in 2019, will be in Buenos Aires on the sidelines of the G20 summit by the end of this month.

"The three people who govern the world oil market now are Saudi Crown Prince Mohammed bin Salman, Russian President Vladimir Putin and US President Donald Trump, who will be at the G20 summit," Bloomberg said.

"It was Bin Salman and Putin who set oil prices over the past two years as their oil-producing country, while Trump formed the heaviest global pressure force in Opec's call on Twitter to reduce oil prices."

Bloomberg quoted Bob McNally, head of the energy consulting firm, as saying that the US president would "hold talks on the G-20 side with Bin Salman and Putin to balance production with prices in energy markets."

Saudi and Russian energy ministers

Saudi Energy Minister Khalid al-Falih and his Russian counterpart will also be at the G-20 summit, boosting the impression that the two countries will agree on a specific formula to be brought to the OPEC meeting in Vienna a week later, the agency said.

"This will not be the first time that the G-20 has decided to define the oil market," Bloomberg said. This happened at the Hanzo Summit in China in 2016 when Putin and Bin Salman met and agreed on a formula for the revitalization of oil prices, which was then adopted at the OPEC conference. "

The Buenos Aires summit comes at the end of this month, following a consecutive drop in oil prices, which reached 6.1% last week and ended with Brent prices at $ 58.8 a barrel last Friday.

The total decline in oil prices in a month to 22% amid convictions that the global market saturated.

Bloomberg quotes Hallima Corvette, chief commodities strategist at the former CIA analyst, as saying that the Saudi crown prince "is keen to calm global oil markets, but he believes in the end that Saudi Arabia first, like Trump believes that America First ".

[Sage449]

Wonder how this will fit into the SA's decision regarding price setting:

 

Saudi Arabia pumps record amount of oil as Trump piles on pressure

www.msn.com

DHAHRAN, Saudi Arabia (Reuters) - Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, as U.S. President Donald Trump piled pressure on the kingdom to refrain from production cuts at an OPEC meeting next week.

The meeting, at which OPEC members will consider how to arrest a decline in oil prices, comes days after leaders of top global oil producers - Russian President Vladimir Putin, Saudi Crown Prince Mohammed bin Salman and Trump - travel to Argentina for a G20 summit this week.

Saudi Arabia agreed to raise supply steeply in June, in response to calls from consumers, including the United States and India, to help cool oil prices and address a supply shortage after Washington imposed sanctions on Iran.

But the move backfired on Riyadh after Washington imposed softer than expected sanctions on Tehran. That triggered worries of a supply glut and prices collapsed to below $60 per barrel on Friday from as high as $85 per barrel in October.

The industry source, who is familiar with the matter, said Saudi crude oil production hit 11.1-11.3 million barrels per day (bpd) in November, although it will not be clear what the exact average November output is until the month is over.

Those levels are up around 0.5 million bpd - equal to 0.5 percent of global demand - from October and more than 1 million bpd higher than in early 2018, when Riyadh was curtailing production together with other OPEC members.

Non-OPEC Russia, which teamed up with Saudi Arabia in the first OPEC joint production cuts since 2016, has also raised production steeply in recent months to a post-Soviet high of 11.4 million bpd.

Analysts at Goldman Sachs, one of the most active banks in commodities, said the G20 meeting could be a catalyst for prices to rebound.

"We expect an OPEC cut and its announcement to lead to a recovery in (Brent) prices," the bank said in a note.

KHASHOGGI FACTOR

Saudi oil industry sources have signaled they wanted prices to stay above $70 per barrel and Saudi energy minister Khalid al Falih said this month global oil supply could exceed demand by over 1 million bpd next year, requiring OPEC to take action.

Falih said earlier this month that state oil giant Saudi Aramco would ship 0.5 million bpd less crude in December than in November as demand from customers was lower.

Possibly complicating Saudi decisions on oil output is the crisis around the killing of journalist Jamal Khashoggi at Riyadh's consulate in Istanbul last month.

Trump stood behind Saudi Crown Prince Mohammed bin Salman despite calls from many U.S. politicians to impose stiff sanctions on Riyadh. Prince Mohammed is the ultimate Saudi oil policy maker and Saudi watchers have said the Prince will try to avoid confrontation with Washington, including on oil prices.

The United States is not a member of OPEC and is not participating in the output reduction. Trump has repeatedly called on OPEC to refrain from cuts and has raised pressure on the group in the last few days.

On Sunday, Trump thanked himself for lower oil prices and compared it to a big tax cut for the U.S. economy.

"So great that oil prices are falling (thank you President T)," Trump tweeted, referring to himself.

Last week, Trump tweeted: "Oil prices are getting lower... Thank you Saudi Arabia but let's go lower".

(Reporting by Rania El Gamal; Writing by Dmitry Zhdannikov; Editing by Dale Hudson and Kirsten Donovan) 5 hrs ago 26/11/2018

[yota691]

Oil is rising ahead of OPEC's 20 meetings

 

Wednesday, November 28

 

 

BAGHDAD (Reuters) -  Oil prices rose on Wednesday ahead of a meeting of the Organization of the Petroleum Exporting Countries next week, in which members are expected to decide some form of production cuts to counter a looming looming.  Brent crude <LCOc1> was up 68 cents, or 1.13 percent, at $ 61.09 a barrel.  US WTI also rose 52.23 dollars a barrel after rising 76 cents, or 1.36 percent.   Despite the increase, oil prices have fallen by more than 30 percent since early October under pressure of oversupply and weak financial markets on a large scale.  OPEC meets on December 6 in Vienna to discuss production policy with some producers from outside, including Russia .  Saudi Arabia is pushing for a mass cut in output and is discussing a proposal to cut OPEC and its allies by up to 1.4 million bpd.  The OPEC meeting comes in the wake of a summit of the leaders of the Group of Twenty in Buenos Aires on 30 November and first of December , on top of its agenda trade war between Washington and Beijing , as well as oil policy.  While most analysts expect the OPEC meeting to bring about a cut in production, sentiment in oil markets remains negative.

[yota691]

Energy minister: Saudi Arabia will not cut oil production alone

 

Arab and international Economy News _ Baghdad Saudi Energy Minister Khalid al-Faleh said on Wednesday that his country would not cut oil production alone to stabilize the market, while OPEC member Nigeria also said it was too early to say whether it would participate in any decision to cut output. Faleh is in Abuja to meet with Nigerian Oil Minister Emmanuel Ebe Kachiko. The Saudi minister said there were positive signs from Iraq, Nigeria and Libya, OPEC members, ahead of the December 6 meeting of the Organization of the Petroleum Exporting Countries in Vienna, as all ministers were keen to restore stability to the oil markets. Kaczko said it was too early to say whether Nigeria would participate in any cuts. Al-Faleh said in November that the abundance of oil supplies may require OPEC and its allies to take steps to cut production in 2019. Nigeria was exempted from the previous round of cuts, which began in 2017, due to significant output declines caused by unrest. The country's output has since recovered. Views 9   Date Added 11/28/2018

[yota691]

MOSCOW: Oil prices are acceptable and we will not give up the dollar

28/11/2018 05:43 PM | Number of readings: 305

MOSCOW (Reuters) - Russian President Vladimir Putin said on Wednesday that trying to separate Russia from the dollar would damage himself first, saying that the price of the current barrel of oil ($ 60) is acceptable for Moscow. Putin said in remarks reported by local media on Wednesday that Russia " "The instability in payments in dollars creates the desire of many global economies to create reserve currencies and create separate payment systems for the dollar. Putin disclosed that his country imports 70 percent of imports, And 30% in local currency "ruble" Putin said that the price of a barrel of oil at the level of $ 60 is acceptable for Russia, because the budget expenditures estimated at slightly higher than $ 40. Brent crude was about $ 26 per barrel in less than a month and a half, down from $ 86 a barrel to the average $ 60 at the moment.

 

 

 

 

[yota691]

Putin: We will not give up the dollar and oil prices are acceptable to Russia

05:23 - 28/11/2018

 

 

 

Follow - up - the balance News 
said Russian President Vladimir Putin, on Wednesday, that of trying to separate Russia from the dollar but damage himself first, considering that the current price of a barrel of oil ($ 60) is acceptable for Moscow. 
Putin said in remarks quoted by local media on Wednesday that Russia "does not give up the dollar, but there are those who try to prevent his arrival." 
The instability in payments in dollars generated the desire of many global economies to create reserve currencies and to create payment systems independent of the dollar. 
Putin revealed that his country imports 70 percent of imports, and exports 30 percent in local currency "ruble". 
In another context, Putin considered that the price of a barrel of oil at the level of $ 60 is acceptable for Russia, because budget expenditures estimated at a little over $ 40.
Brent crude lost about $ 26 a barrel in less than a month and a half, down from $ 86 a barrel to an average of $ 60 at the moment. 
A production cut-off agreement - to be implemented in early 2017 - expires in December, with members of OPEC and independent producers led by Russia. 
Putin said Russia and OPEC had committed themselves to 100 percent production commitments, stressing that all agreements had been fully implemented. 
He continued: "Russia is in contact with OPEC, and is ready to continue cooperation with them if necessary."

 

 

 

[yota691]

UPDATE 1-Oil cuts losses to 1.5% as exploration activity data await

 

 30 November 2018 02:38 PM Last updated: 30 November 2018 02:38 PM
Mubasher: Oil prices deepened losses of about 1.5% on Friday, in conjunction with speculation about an agreement between OPEC and Russia to reduce crude production next week amid the escalation of US supplies.

Investors are also expected to release crude oil activity data from US companies later in the day.

The performance of the black gold comes in line with the approach of the Organization of Petroleum Exporting Countries "OPEC" and Russia to agree on an additional reduction of crude production during their meeting scheduled for early December.

On the other hand, US production stabilized at the highest level in its history of 11.700 million barrels per day and oil inventories are the tenth consecutive increase.

By 11:22 GMT, the price of Brent crude for January delivery fell 0.9% to $ 58.98 a barrel.

During the same period, US crude futures for January delivery fell more than 1.4% to $ 50.72 a barrel.

[yota691]

After Iran .. Iraq second down OPEC oil production for this reason

 

 Twilight News    
 2 hours ago

OPEC crude oil production fell in November from its highest level in two years due to US sanctions on Iran, although a survey by Reuters showed that Saudi Arabia and the United Arab Emirates had blocked most of the gap in Iranian production in response to calls from US President Donald Rumsfeld. Trump.

The 15 members of the Organization of the Petroleum Exporting Countries (OPEC) pumped 33.11 million barrels per day (bpd) this month, down 160,000 barrels per day (bpd) from October, the highest level of OPEC production since December 2016, the survey showed on Friday.

The survey adds to signs that OPEC production remains plentiful despite US sanctions imposed on Iran this month. Oil prices have fallen 30 percent since early October on fears of a new supply crunch. OPEC and its allies, including Russia, are scheduled to meet on Dec. 6 and 7 to discuss supply cuts.

With Saudi Arabia and Russia pumping record oil, rising US production and expectations of falling demand in 2019 because of the economic slowdown, analysts doubt producers will avoid causing a surplus.

"The most likely outcome of the OPEC meeting next week is a deception," said Steven Brinock of BPM Brokerage. "Russia and Saudi Arabia will agree to cut output but less than necessary to prevent supply disruption in early 2019."

OPEC, Russia and other non-OPEC producers agreed in June to return to the 100 percent commitment level of production cuts that began in January 2017, months after a decline in production from Venezuela and Angola pushed compliance to more than 160 percent.

The survey concluded that in November, OPEC's 12 members committed to a cut production agreement increased compliance to 120 percent as production in Iran fell from an average of 110 percent in October.

Promoted content

* Iran's production declined

OPEC's biggest drop this month came from Iran, according to the survey.

Sources in the survey said that Iran's exports sometimes fell to less than one million barrels a day as the return of US sanctions discouraged companies from buying Iranian oil, although the quantities rose later in the month. Analysts say exemptions from sanctions for eight buyers could lead to increased exports in December.

The second-largest drop came from Iraq, with bad weather curbing exports from Iraq's southern ports despite some exports from Kirkuk in the north after a year-long hiatus.

There were limited declines in the production of Libya and Nigeria, two countries excluded from the production agreement. OPEC is considering the inclusion of one or both of them in a supply agreement for 2019.

The biggest increase was in Saudi Arabia, where production hit a record 11 million bpd. Trump urged the kingdom and other producers to pump more oil to curb rising prices and offset supply shortages from Iran.

The UAE's output, after a jump in October, rose to 3.35 million bpd. The UAE says its oil production capacity will rise to 3.5 million bpd by the end of the year.

Venezuela's supply to the market unexpectedly increased as two tanker tracking sources recorded an increase in exports, which fell for months due to the economic crisis in the South American country.

Before Congo joined Opec this year, the organization had an implicit target of 2018 production at 32.78 million barrels per day, based on cuts to details by late 2016, excluding Nigeria and Libya from the 2018 production agreement.

OPEC, with the exception of Congo, pumped almost the same amount in November, according to the survey.

The survey aims to trace the supplies that are being pumped into the market and is based on offshore data provided by external sources, data flows on Recanitiv Akon and information provided by sources in oil companies, OPEC and consulting firms.

Keywords: 

[yota691]

Three Arab countries, including Iraq, are the only major OPEC producers able to balance their budgets

11:05 - 01/12/2018

 

 

 

BAGHDAD - 
Iraq, Qatar and Kuwait are the only major producers in the organization that can balance their budgets, the Wall Street Journal reported. 
"According to current prices of $ 58 a barrel, Iraq, Kuwait and Qatar are the only major producers in the organization who can balance their budgets," the paper said. 
"Kuwait needs $ 48 to reach a break-even point, while Qatar can balance its budget by a barrel of oil by about $ 47," the newspaper said, quoting IMF data. 
"Iraq requires $ 55 a barrel to achieve a break, while Saudi Arabia needs $ 88, the UAE $ 71, Oman 77, Bahrain $ 111 and Libya $ 114."
"With oil prices falling by nearly a third in less than two months, officials in many Opec countries say the need for collective action to stem oil prices is greater than the anger of US President Donald Trump, who publicly accused them of plotting to keep prices," the Wall Street Journal said. High". 
Before the global oil price fell to around $ 60 a barrel, Trump persuaded OPEC and its allies not to take any action to halt price declines. But for many OPEC countries, current prices are insufficient but far below what they need to balance their budgets. Ending 29 / a 43

[yota691]

Iraq, Kuwait and Qatar are the only major OPEC producers able to balance their budgets

 

Saturday 1 December

 

 

Alsumaria News / Baghdad  The newspaper The Wall Street Journal , that Iraq and Qatar and Kuwait , the major producers only in the organization who are able to balance their budgets.  "According to current prices of $ 58 a barrel, Iraq, Kuwait and Qatar are the only major producers in the organization who can balance their budgets," the paper said.  "Kuwait needs $ 48 to reach a break-even point, while Qatar can balance its budget by a barrel of oil by about $ 47," the newspaper said, quoting IMF data.     "Iraq requires $ 55 a barrel to achieve a break, while Saudi Arabia needs $ 88, the UAE $ 71, Oman 77, Bahrain $ 111 and Libya $ 114."  "With oil prices falling by nearly a third in less than two months, officials in many Opeccountries say the need for collective action to stem oil prices is greater than the anger of US President Donald Trump, who publicly accused them of plotting to keep prices ," the Wall Street Journal said. High".  Before the global oil price fell to around $ 60 a barrel, Trump persuaded OPEC and its allies not to take any action to halt price declines. But for many OPEC countries, current prices are insufficient but far below what they need to balance their budgets. These fears will weigh on OPEC officials as they set the course for the 2019 Global Alliance at a meeting in Vienna next week.

[yota691]

01-12-2018 01:02 AM

Oil prices continue to fall due to oversupply

 

 

 

 

Baghdad:

Oil prices have fallen on concerns of oversupply and the dollar's rise, but expectations that OPEC and Russia will agree to cut crude production next week will curb losses.

The benchmark crude, Brent crude from the North Sea and the US Light crude, posted the weakest monthly performance in more than a decade in November, falling by more than 20 percent as global supply exceeded demand.

Brent crude futures closed 80 cents lower, or 1.3 percent, to settle at $ 58.71 a barrel, while US crude fell 52 cents, or 1 percent, to $ 50.93 a barrel.

Energy Minister Alexander Novak met with his Saudi counterpart Khalid al-Faleh on the sidelines of the G20 summit in Argentina, the Energy Ministry said. Earlier, the RIA news agency said they would discuss a reduction in oil production in 2019.

Russia's oil output in 2019 is expected to remain at the same level this year, but it may be adjusted according to an agreement between OPEC and non-OPEC producers, Novak was quoted as saying.

A significant increase in oil production in the United States, Russia and some Opec members, dominated by producers in the Middle East, has helped fill global stocks and oversupply in some markets.

The US Energy Information Administration said in a monthly report that the average US crude production rose about 129 thousand barrels per day in September to a new record of about 11.5 million barrels per day.