Commodities & Oilprice

Russia concerns keeps market guessing ahead of OPEC meeting

November 28, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC

  OPEC is expected to extend its deal with Russia and other oil producers to keep 1.8 million barrels a day off the market, but what’s not clear is for how long OPEC ministers head to Vienna on Thursday to decide whether to extend output cuts beyond March next year. The prospect, however, of an alliance breakdown between the world’s two largest oil producers threatens to scupper the cartel’s plans. OPEC is expected to extend its deal with Russia and other oil producers to keep 1.8 million barrels …

Saudi Arabia says oil deal with Russia helping market, demand healthy

October 05, 2017 | Commodities & Oilprice, Eastern Europe & Russia, Energy Trading & Markets

Moscow, Russia | – World energy markets can handle supplies of U.S. shale oil next year as demand is rising and deals between Russia and Saudi Arabia have helped stabilize crude prices, Saudi Arabia said on Thursday, suggesting confidence about the outlook. Saudi Arabia and Russia, the world’s biggest producers of crude, helped secure a deal between OPEC and 10 rival suppliers to cut output until the end of March 2018 in an effort to reduce a price-sapping glut. Saudi Energy Minister Khalid al-Falih, whose …

Russia’s oil cut deal with OPEC may be extended to end of 2018 – Putin

October 05, 2017 | Commodities & Oilprice, Eastern Europe & Russia, OPEC

London, UK | – President Vladimir Putin said Russia is open to extending a deal with OPEC to curb oil supplies to the end of 2018, though he’ll wait to make a decision until nearer the expiry of the existing pact in March, Bloomberg reports. The comments are the strongest signal yet that the Kremlin is willing to redouble efforts to lift global energy prices, coming as Putin prepares to welcome King Salman Bin Abdulaziz of Saudi Arabia to Russia for the first time this week. …

OPEC’s long-sought success spoiled by 2018 oil supply worry

August 15, 2017 | Commodities & Oilprice, OPEC

London, UK | – Oil investors are already worrying over the potential fallout when OPEC’s deal to cut output expires, marring emerging signs that the accord to shrink a glut is finally succeeding. Uncertainty about how supplies curbed by OPEC and its allies will be returned to the market in 2018 is clouding the outlook for crude, according to BMI Research. Prices remain vulnerable even though demand is strong, production gains are largely exhausted in Libya and Nigeria, and U.S. shale output is slowing, the …

Nigeria to compel oil firms to lower high oil production cost

August 03, 2017 | Commodities & Oilprice, Government & Regulations, Nigeria

Abuja, Nigeria |  – The Federal Government of Nigeria  is set to compel international oil companies (IOCs) to cut the cost of producing oil in Nigeria. Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu, who confirmed the plan said at the present low price of crude oil, it makes economic sense to cut cost. Consequently, he stated that the cost, which the National Petroleum Policy put at $28.99 per barrel, would be reviewed downward with the IOCs in order to arrive at an acceptable …

Oil steady as tighter U.S. market balances OPEC supply

August 03, 2017 | Commodities & Oilprice, OPEC

London, UK |  – Oil prices rose steadied on Thursday, supported by signs of a tightening U.S. market but weighed down by ample supplies from OPEC producers. Benchmark Brent crude LCOc1 was up 5 cents at $52.41 a barrel by 1145 GMT. U.S. light crude CLc1 was 5 cents higher at $49.64. Strong demand in the United States has been supporting prices. The U.S. Energy Information Administration reported record gasoline demand of 9.84 million barrels per day (bpd) for last week, and a fall in …

Russia to work with OPEC on oil market re-balancing

July 22, 2017 | Commodities & Oilprice, OPEC

London, UK | –  Russia is ready to continue working with OPEC to help rebalance oil markets, a Russian energy source said on Wednesday, adding that Moscow welcomed a flexible approach by OPEC’s leader Saudi Arabia to accommodate rising output from Nigeria and Libya. “We welcome the constructive approach and flexibility of our partners in addressing the challenges which arise on the path towards a balanced market,” the source, who is close to the Russian delegation negotiating with OPEC, said. “Russia itself is fully committed …

Oil heads for third weekly loss as U.S., Nigeria prolong glut

June 12, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC

New York, US | – Oil headed for a third weekly drop as rising supplies from the U.S. and Nigeria showed that OPEC is still struggling to clear a global oil surplus. Futures were little changed in New York Friday, returning to the sub-$50 levels traded when OPEC first agreed to output curbs in November. U.S data released Wednesday showed total crude and product stockpiles rose by the most since 2008 last week, surprising a market that had been expecting further declines. American output is also …