Domingo, 24 Setiembre, 2017

Can Opec weather the storm over oil?

Reuters Reuters
Montez Delgado | 17 Julio, 2017, 17:03

However, crude oil price broke its streak of seven consecutive higher daily highs, falling to $46.10/b on Friday.

OPEC has no control over the revolution caused by the production of shale oil in the United States, which is not a member of the cartel. Libyan crude oil production gained 17.5 percent.

Libya, Nigeria, and Iraq are reported to be among the worst offenders of OPEC's attempt to rebalance the market. US West Texas Intermediate crude futures settled up 46 cents, or 1%, at $46.54 per barrel, Reuters reported.

Opec and the non-cartel members party to the deal will meet in Russian Federation on July 24 to review the deal's effects.

Meanwhile, on a longer term horizon, the focus has switched from when "peak oil" will be reached - the moment oil extraction starts to decline due to dwindling resources - to when demand itself could fall. They have risen about 3.5 percent so far this week.

Cae el primer despido en el caso del socavón de Cuernavaca
Ruiz Esparza explicó que el accidente fue ocasionado por la erosión de una alcantarilla afectada por el exceso de basura y la acumulación de agua por las lluvias recientes.

The oil industry was confronted by market forces, "which are strong and stubborn, and as a result we are here today with prices that are stuck. where they were six months ago", said International Energy Agency director Fatih Birol. OECD stocks are still 266 million barrels above the five-year average, the IEA said.

A ministerial committee from OPEC and non-OPEC countries, which is headed by Gulf OPEC member Kuwait, meets in Russian Federation on July 24 to discuss compliance with the cuts, from which Nigeria and Libya are exempted due to years of output-sapping unrest.

"Each month something seems to come along to raise doubts about the pace of the rebalancing process", the IEA report said.

Analysts at Commerzbank said the subsequent reduction in the developed world's oil stocks was likely to continue "so long OPEC does not significantly increase its output any further".

Combined, Libya and Nigeria have increased output from 2.048 million bpd in April to 2.585 million bpd in June, and a cap would merely hold steady these levels of production, and would still take away from OPEC/NOPEC production quotas that promised to cut production by 1.8 million bpd.

Odisha Congress MLAs Pledge Support To Presidential Candidate Meira Kumar
The relationship between the two parties soared so much that, Congress has even accused MIM of acting hand in glove with BJP . The party had severed ties with its former ally Congress in the State after the formation of Telangana in 2014.

That came despite a pledge by OPEC to curb production by about 1.2 million bpd between January this year and March 2018, while Russian Federation and other non-OPEC producers say they will hold back about half as much.

The cuts were planned for six months and extended for three.

OPEC said last Wednesday the world would need only 32.2 million bpd of its crude next year, down 60,000 bpd from this year and about 400,000 bpd less than it pumped in June.

USA oil production has also risen by more than 10% over the past year to 9.4 million bbl/d.

Prices responded only minimally to data Wednesday showing that USA crude oil inventories dropped last week by the most in 10 months.

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