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Business wary of 2020 oil projections

Business wary of 2020 oil projections

While global oil supplies in 2019 were vulnerable, the fluctuations have not affected long-term petrol prices, yet business plans for some in the market in 2020 remain complicated. As per the West Texas Intermediate oil pricing benchmark, the price per barrel decreased by 4.6 per cent to $59.70, the lowest price since December 16. Previously, shortly after skirmishes between Iran and the ...

2019 Marks Nadir of Oil Demand Growth

2019 Marks Nadir of Oil Demand Growth

  This year will mark the nadir of oil demand growth over the next five years, according to a new report from Fitch Solutions Macro Research (FSMR). “We forecast demand to grow by around 0.5 percent this year, rising to 0.8 percent in 2020. While this puts our growth forecasts significantly below consensus, it is consistent with the excessive weakness we have seen in monthly ...

IEA: Strong policymaker leadership needed to shape energy’s future

IEA: Strong policymaker leadership needed to shape energy’s future

In its 2019 World Energy Outlook (WEO), the International Energy Agency projects in its “current policies” scenario that energy demand rises by 1.3%/year to 2040, with increasing demand for energy services unrestrained by further efforts to improve efficiency. While below the 2.3% growth seen in 2018, IEA said, it would result in a relentless upward march in energy-related emissions, as well ...

EIA: Recent crude oil market risks starting to diminish

EIA: Recent crude oil market risks starting to diminish

  Crude oil markets traded in a relatively narrow range in October following heightened volatility in September stemming from the attack on Saudi Arabian crude oil processing facilities. Crude oil markets traded in a relatively narrow range in October following heightened volatility in September stemming from the attack on Saudi Arabian crude oil processing facilities. ...

Crude oil prices hit the $70 dollar mark

Crude oil prices hit the $70 dollar mark

Crude oil prices in the international market witnessed a robust leap, hitting the $70 dollar mark on Thursday, the first time since November, 2018. This is coming amidst expectations of a tight global supply of the product despite pressures arising from increasingly rising U.S production. Brent futures went up by 69 cents, to $70.01 a barrel around, touching its highest since ...

U.S. crude production will set record in 2018, 2019

U.S. crude production will set record in 2018, 2019

The Energy Information Administration forecasts total U.S. crude oil production to average 10.8 million barrels per day (MMBPD) in 2018, up 1.4 MMBPD from 2017. In 2019, crude oil production is forecast to average 11.8 MMBPD. If realized, the forecast for both years would surpass the previous record of 9.6 MMBPD set in 1970, Kallanish Energy reports. Crude oil production at these forecast ...

OPEC says oil glut almost gone

OPEC says oil glut almost gone

Crude Oil Price Movements In April, the OPEC Reference Basket (ORB) rose by $4.67, or 7.3%, month-on-month (m-o-m), to average $68.43/b, with Dated Brent and Dubai rising by nearly 9% each, while spot WTI increased by 6%. Year-todate (y-t-d), the ORB value was $13.85, or 26.7%, higher at $65.67/b, compared with the same period a year earlier. Geopolitical concerns, tightening product ...

Woodmac predicts 30 major upstream projects to be sanctioned in 2018

Woodmac predicts 30 major upstream projects to be sanctioned in 2018

Analysts Wood Mackenzie say around 30 major oil and gas projects are expected to reach final investment decisions (FIDs) this year. A major project is considered to have commercial reserves of more than 50 million barrels of oil equivalent. Rystad Energy has already forecasted that 13 projects will sanctioned for the North Sea this year, including Buzzard phase 2 and Shell’s Penguins ...

Analyst warns we should be more worried about oil

Analyst warns we should be more worried about oil

  Here's a question hanging over oil markets: Should traders be paying more attention to geopolitical risk? A few recent analyses on the topic, spurred by escalating conflict between Saudi Arabia and Yemen's Houthi rebels (and by extension Iran), caught my eye...   The warning: "With MBS soon heading home from his US tour, the gloves may be set to come off and we believe the market ...

Drillers boost rig activity again as crude production soars

Drillers boost rig activity again as crude production soars

Shale drillers boosted drilling activity in the U.S. oil patch to the highest in three years even as American crude output touched unprecedented levels. U.S. working oil rigs rose by 11 this week to 808, the highest since March 2015, according to data from Baker Hughes. It’s the ninth increase in the past 11 weeks. Oil explorers are expected to crank up spending in the U.S. by 37% to $134 ...

Russia open to a long-term formal alliance with Opec

Russia open to a long-term formal alliance with Opec

The alliance between Opec and Russia that co-ordinated historic oil-output cuts could last “indefinitely” and be formalised by setting up a new organisation including other major producers, said Russian Energy Minister Alexander Novak. The production limits agreed by Opec, Russia and allies including Mexico and Kazakhstan have efficiently relieved a global oversupply, Novak told reporters ...

Brent crude to average $67 in Q2 2018: BMI Research

Brent crude to average $67 in Q2 2018: BMI Research

“Our bullish outlook on prices rests heavily on a positive story for demand,” BMI Research in a recent report, adding that the OPEC-led output cut deal has played a key role in supporting market recovery. The agency, however, warned that the reduced supply could return to market in 2019 after the output deal expires at the end of this year. The continued growth in US shale is also ...

Global economic outlook remains positive

Global economic outlook remains positive

At this time of the year, I’ll give my 10 predictions for 2018, covering the macro economy, interest rates, currencies, stock markets and housing markets over next three weeks. For next year, the global economic outlook remains promising, but growth in China may moderate in the first half of the year. Various traditional and alternative economic indicators show that global economic growth ...

Oil prices and budgets:The OPEC countries most at risk

Oil prices and budgets:The OPEC countries most at risk

Plunging oil prices have left many crude-exporting countries with budgets that simply won't balance. For many of the biggest producers — places like Saudi Arabia, Venezuela and Algeria — oil accounts for the majority of the country's exports and gross domestic product. Collapsing prices have meant dramatic declines in government revenue at a time when many political leaders are working ...

Swept Under The Rug - The Story Of 2015's Booming American Oil Demand

Swept Under The Rug - The Story Of 2015's Booming American Oil Demand

Summary Oil demand in 2015 isn't weak, it is strong especially in the United States where consumption has surged. Relative to 2013, oil demand in 2015 has increased by over 800,000 barrels per day which is nearly equal to a full year of global growth. This demand surge has been greatly underestimated by the IEA and is a major reason for the "missing barrels" in the IEA ...