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Oil prices decrease as US production increases

Oil prices decreased on Thursday 3 of May, as a rise in US crude inventories and a record weekly US production was reported, This increase is opposing to the efforts made by OPEC to decrease supplies and tighten the market. The prices were reduced after a report by EIA, which showed that US crude inventories increase by 6.2 million barrels to 435.96 million barrels.

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Oil prices to average $65 in 2018

The World Bank expects oil prices to average $65 a barrel over 2018, increasing from $53 a barrel in 2017. This will be caused by strong demand from consumers and a simultaneous restraint by oil producers. Metals prices are expected to rise 9% in 2018, because of the same reasons. Prices for energy commodities, including oil, natural gas, and coal, will increase by 20% this year.

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OPEC production hit its highest level this year

Above Market Needs OPEC Tuesday disclosed that its members continue to pump oil at levels not seen since 2008 as the most recent production figures show the group's output rising to its highest level this year, leaving the market amply supplied.In its latest monthly market report, the Organization of Petroleum Exporting Countries said its crude production was 32.964 million barrels a day in April, up 631,000 barrels a day from the previous month.The number, based on disclosures by OPEC members, is above market requirements, which the group pegs at just over 30 million barrels a day. The high production level indicates the group continues to act to dampen prices which have remained well above its ideal level of $100 a barrel for much of the year amid mounting tensions between the West and Iran, which have dented the Islamic Republic's oil exports.More recently, concerns over the global economy have overshadowed the risks presented by the loss of Iranian oil and sent prices plummeting, helped in part by ample production by OPEC members intended to offset declining Iranian exports.However, if prices continue to decline the group may face strong internal pressure from some members to reduce production levels, a subject that ...

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Rising oil exports from Saudi Arabia support crude freight rates

Saudi Arabia offered more crude to Asian refiners in July Rates for crude oil tankers on key Asian freight routes are seen mixed with the Middle East benchmark route supported by rising exports from Saudi Arabia, while intra-Asia trade stays under pressure due to an oversupply of tonnage.For clean tankers, rates are expected to stay at weak levels due to limited oil products demand in Asia and the arrival of more vessels to the market, shipbrokers said on Tuesday.Rates for long-haul crude shipments were expected to find support from rising exports from Saudi Arabia. The world's top oil exporter offered more crude to Asian refiners in July, evidence that it is taking steps to unilaterally increase supplies after OPEC talks collapsed last week.Rates on the benchmark Very Large Crude Carrier (VLCC) export route from the Middle East to Japan rose to W58.53 on Monday from W55.07 last week. The market hit a two-month high of W58.60 on Friday."Saudi is providing some much needed good news to an otherwise weak market," said a Singapore-based shipbroker."But the added supplies will still not be enough to cover all the new arrivals, so we will only see a small rise in rates for a ...

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