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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 ...

OPEC’s Bad Bet By The Numbers

OPEC’s Bad Bet By The Numbers

What will happen to the economic fortunes of OPEC members if it turns out the Saudis and their Gulf Arab allies (UAE, Kuwait, and Qatar) bet on the wrong horse in November 2014? With the wager Saudi Oil Minister Al al-Naimi announced on market forces as the cure for the pressures on OPEC’s global market—a wager which their fellow OPEC members questioned and only reluctantly supported – ...

Pouring oil on troubled waters: 'Surplus until 2017'

Pouring oil on troubled waters: 'Surplus until 2017'

Tanzeel Akhtar, special to CNBC.com As the price of oil continues its decline, economists have warned on a lack of upward price pressures for the commodity for at least another two years. David McNew | Getty Images News | Getty Images Thomas Pugh economist at Capital Economics predicts oil could hit $55 per barrel for Brent crude ...

Why 'midstream' energy mergers are booming

Why 'midstream' energy mergers are booming

Tom DiChristopher Dealmaking among companies that process, store, and transport oil and gas reached $63.5 billion in the third quarter, accounting for more than two-thirds of mergers and acquisitions activity in the U.S. energy sector, according to a new report by PricewaterhouseCoopers. Justin Solomon | CNBC Pipelines and oil storage ...

A $70 oil floor? Opec price plan may be first step

A $70 oil floor? Opec price plan may be first step

The safe money for oil traders is betting that Venezuela's plan to resurrect Opec's old price band mechanism, attempting to set a $70 floor for the battered market, will be doomed from the start. Saudi Arabia, the group's de facto leader, has shown zero interest in returning to a strategy of supporting prices; big producers outside the Organization of Petroleum Exporting Countries ...

Regional Report: MENA

Regional Report: MENA

  worldoil.com Pramod Kulkarni, World Oil With the industry facing low crude oil prices for the foreseeable future, the Middle East and North Africa (MENA) region remains an oasis of increasing oilfield activity, due to minimal lifting costs. Saudi Aramco has budgeted $50 billion to double crude oil and liquids production from ...

We just got the first significant sign Saudi Arabia is hurting for cash

We just got the first significant sign Saudi Arabia is hurting for cash

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