OPEC not interested in oil price more than 60 $ pb

Oil Surplus Returns       Both OPEC and IEA forecasts suggest stockpiles will grow again in 1H                          
                    .cha

In addition to the Opec and non-Opec production cuts of 1.8 million barrels per day (bpd) that are due to last until the end of 2018, oil prices have found support from eight consecutive weeks of U.S. crude inventory drops. That level would be the highest annual average on record, surpassing the previous record of 9.6 million b/d set in 1970.

"EIA estimates that Opec countries cut crude oil production output in 2017, but those cuts were offset by increased production in non-OPEC countries, especially the United States and Canada", John Conti, EIA acting administrator, said in a statement.

Relatively weak Chinese December oil data weighed on prices, traders and analysts said. To stabilize the oil market and stop prices from continuing to fall, a change in strategy was needed and many producers cut their production.

David Madden, market analyst at CMC Markets UK, said: "WTI and Brent crude oil have sold off in the wake of the EIA report which showed yet another decline in oil stockpiles, while gasoline inventories increased".

The rally has brought out some concerns that the market could overheat, especially as US production is expected to rise to new records.


When Russia and Saudi Arabia and its OPEC allies began limiting output in January 2017, their main goal was not necessarily to increase oil prices above $70 or even $60 per barrel, but to reduce global oil inventories.

USA demand growth of 150,000 bpd was estimated for 2017, slightly lower than previous expectations.

There are conflicting views about how sustainable the increase in US production is, and to what extent it actually exists. The average production in 2019 will rise 580,000 bpd to 10.85 million bpd, the agency said in its first outlook for next year. Demand is expected to climb an additional 340,000 bpd in 2019 to 20.65 million bpd, the agency said.

EIA said Alaska crude oil production is expected to remain flat at some 500,000 bpd in 2018 and 2019, with ongoing exploration and development drilling and the start of production from the 1H NEWS project in late 2017 and Greater Mooses Tooth in 2018 expected to keep production from declining in the state as it has in recent years. Whether it's equity gauges being led higher by oil and gas companies or gains in other commodities markets, there's been a broad-based rotation into materials and the companies that process them. The average sale price of gas in 2017 was $2.42/gal.

China, by far Asia's biggest oil consumer, is now producing so much fuel that its refiners have turned to exports to find buyers. Export price index is expected to be 0.3 percent, down from 0.5 percent a month ago.

Related News:

  • Passport Will Not Be Considered As Identity Proof of Address

    Passport Will Not Be Considered As Identity Proof of Address

    All current passports will continue to be valid, even once the new series of passports are issued, up till their expiry date. The ministry of external affairs will issue those people requiring emigration checks orange colour passports.

    What's Next for Immigration Reform After Trump Profanity?

    At first, he admitted he had used " tough " language, yet simultaneously denied using the exact words the media was reporting on. Trump, who grew up in a Presbyterian family, shot back saying it was "disgraceful" for the pope to question his faith.
    Delhi: NRI Google techie arrested for molesting U.S.  woman

    Delhi: NRI Google techie arrested for molesting U.S. woman

    On January 10, she approached the police with a complaint, following which a case was registered and the accused was arrested. Following the complaint by the victim, Kharbanda was arrested from the hotel after being interrogated.
  • United States Steel Corporation (X) EPS Estimated At $0.63

    United States Steel Corporation (X) EPS Estimated At $0.63

    The company's shares were assimilated at $3.12 per share worth to an investment of some $15,600 on account of Newport Roger K. It is positive, as 17 investors sold KEM shares while 22 reduced holdings. 76 funds opened positions while 330 raised stakes.

    Mondelez International Inc (NASDAQ:MDLZ) Institutional Investor Sentiment Is 0.84

    Acrospire Investment Management LLC lifted its position in shares of Mondelez International by 1,450.0% during the 2nd quarter. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.03.
    TRAI Slashes ISD Incoming Call Termination Rate to 30 Paise

    TRAI Slashes ISD Incoming Call Termination Rate to 30 Paise

    This is the second blow after Trai reduced domestic termination charges from 14 to 6 paisa in October previous year . An operator charges their rival an Interconnection Usage Charge when a user ends a domestic call on their network.
  • NFL Divisional Playoff Preview: Titans at Patriots

    NFL Divisional Playoff Preview: Titans at Patriots

    Rob Gronkowski (69 catches, 1,084 yards, eight TDs) will be a handful for a team that usually struggles to cover the tight end. The Titans believe, based on his performance in Kansas City, that Mariota has put his sub-par regular season behind him.
    Police chase involving Greyhound bus ends in Lake County

    Police chase involving Greyhound bus ends in Lake County

    Traffic was closed in both directiions on the interstate while police continue to investigate, the Daily Herald reported . A person on the Greyhound bus made threats to harm passengers according to public safety radio transmissions.

    Martin Luther King Jr. Day 2018: What's open and what's closed

    Trump did not publicly address the controversy during the ceremony and ignored repeated questions about it from reporters in the room.
  • Death of judge hearing Sohrabuddin Sheikh case: SC to hear matter tomorrow

    To this, he said "the Bombay High Court is seized of the matter and in my opinion the Supreme Court should not hear this matter. If the court goes ahead with the hearing, it may have implications before the high court", the Hindu reported Dave as saying.
    ED Conducts Raids at Karti Chidambaram's Properties in New Delhi, Chennai

    ED Conducts Raids at Karti Chidambaram's Properties in New Delhi, Chennai

    The former finance minister said that the ED officials searched the place "including the kitchen and the bathroom and obviously they found nothing".
    Joshua, Parker Heavyweight Title Fight Set To Be Announced

    Joshua, Parker Heavyweight Title Fight Set To Be Announced

    TYSON FURY will get his shot at Anthony Joshua - according to newly-appointed promoter Frank Warren - and Anthony Joshua's contract situation could make it even easier.


Most liked

Kashmiri militants are our brothers: PDP MLA
If you have noticed we haven't put up a paywall unlike many news organisations, - as we want to keep our journalism open. Strongly condemning the PDP lawmaker's statement, Pradesh Bhartiya Janata Party demanded lodging of FIR against the Mir.

'Arrogant' surgeon burned his initials onto patients' livers during transplants
I accept that on both occasions you were exhausted and stressed and I accept that this may have affected your judgment. Patient A said she was shocked to discover Bramhall had branded his initials on her during a life-saving operation.

Raptors bench runs wild on Cavaliers
IN outscored Cleveland 32-16 in the third quarter to erase a 14-point halftime deficit and take a 76-74 lead after three quarters. Toronto lost to Golden State 117-112 in Oakland, Calif., on October 25, just the fourth game of the season for the Raptors.

Stocks to Track: Boston Scientific Corporation (BSX), Facebook, Inc. (FB)
Following the sale, the senior vice president now owns 24,201 shares of the company's stock, valued at approximately $671,335.74. California Employees Retirement Sys holds 0.01% in Portland General Electric Company (NYSE:POR) or 181,813 shares.

Nadal enters fearless new world at Aust Open
Djokovic said he had been convinced by doctors that he would not be doing the injury any more damage by playing in Melbourne. Djokovic had contested 51 consecutive Grand Slams from the 2005 Australian Open until he missed last year's U.S.

Durbin: Trump said 'shithole' repeatedly, comments were 'vile, racist'
Cuba's Foreign Ministry "strongly" condemned Friday night the " racist , denigrating and gross" statements by U.S. The reports prompted outrage and accusations of racism from people in the usa and the rest of the world.

Google Assistant Just Won CES 2018, and Alexa Should Be Worried
The latest device to feature Google Assistant is the smart multicooker GKM9000 that features its own 7-inch LCD touchscreen. The technology will be introduced in four new display devices this year, including JBL , Lenovo , LG and Sony.

Reading the Tea Leaves for Southwestern Energy Company (SWN)
The price at the open on 09-Jan-18 was $5.69 but as the session wore on, the stock receded, closing with a fall of -3.34%. It dived, as 42 investors sold ROK shares while 210 reduced holdings. 48 funds opened positions while 108 raised stakes.

Occidental Petroleum (OXY) Getting Somewhat Positive Press Coverage, Report Shows
Court Place Advisors Limited Liability Company has invested 0.27% of its portfolio in Fastenal Company (NASDAQ:FAST). (NYSE:VZ). National Bank & Trust Of The West stated it has 8,782 shares or 0.07% of all its holdings. (NASDAQ:AAPL) for 5,650 shares.

"Dark Souls: Remastered" Revealed for Switch, PS4, Xbox One, and PC
The resolution is reported to be "upscaled" to 4k on PS4 Pro and Xbox One X , with the enhanced consoles also supporting HDR. We're likely to hear an official announcement concerning pricing soon, as the game is set to launch on May 25.

'She would probably win': Expert backs Oprah's 2020 run
Media powerhouse Oprah Winfrey may have had the biggest impact out of anyone who spoke at the 2018 Golden Globes . I also know that after years of watching The Oprah Winfrey Show , you always have the right to change your mind.

Margaret Court should be renamed
I just think she's gotten really derogatory. "I wouldn't say too many players have spent time thinking about it". Australian ace Sam Stosur suggested there was little locker room chatter about the divisive issue.

Man Utd consider shock move for Leicester ace Vardy
Hernandez was sold by Manchester United to Bayer Leverkusen back in 2015 when Louis van Gaal was manager at Old Trafford. The England global would bring goals and has 10 for the season already for the Foxes.

After sh*thole comment, reporter April Ryan asks Trump if he's racist
Milliardaire Syverain, owner of the Shasa Medical Group, a skincare and weight loss clinic in Redwood City. Why would people from Norway immigrate to the United States? It's not how a president should behave.

Pokemon Go's Newest Timed Event is Bullshit
Other bonuses such as increased XP, Stardust, and Lure Modules may be available during every Community Days event. This day's event session will take place at a different time dependent on each trainer's region of the world.