(Bloomberg) — OPEC and its allies are considering cutting oil output by more than the 1 million barrels a day Saudi Arabia proposed earlier this week as the group is increasingly worried about the potential for oversupply, people familiar with the matter said.
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OPEC expects global oil demand to grow at a daily rate of 1.5 million bpd this year, further slowing down to 1.29 million bpd in 2019, the organization said in the latest issue of its Monthly Oil Market Report. This is 40,000 bpd and 70,000 bpd lower in demand growth projections for 2018 and 2019, respectively, from last month’s report.
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The market is still relatively in a state of balance and there is no cause for alarm.
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The time has come for the Organization of Petroleum Exporting Countries (OPEC) to start worrying.
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There was a hint that something like this could happen, and now it’s here. When oil prices were spiking at the beginning of last month, hitting four years highs, with global bench mark Brent breaking the psychologically important $85 price per barrel point, and U.S. bench mark West Texas Intermediate (WTI) hitting the mid $70s point, there were predictions that prices could even hit $100 per barrel by late 2018 or the start of next…
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(Bloomberg) — OPEC is enduring one of the most head-spinning years in its history, swerving from cutting oil production to boosting it as quickly as possible. It may need to reverse course again.
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OPEC’s crude production climbed to the highest level since 2016 as increases by Saudi Arabia and Libya offset losses stemming from impending U.S. sanctions on Iran. The group’s 15 members boosted output by 430,000 barrels a day to 33.33 million a day in October, according to a Bloomberg survey of officials, analysts and ship-tracking data. That’s the highest since November 2016, just before the Organization of Petroleum Exporting Countries implemented production cuts to clear a…
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(Bloomberg) — OPEC and its allies are likely to keep oil-production policy steady when they meet in December as current prices near $70 a barrel suit all members, Nigeria’s oil minister said.
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OPEC signaled it could cut output in 2019 due to concerns about rising oil inventories and economic uncertainty, lurching away from a pledge made just days ago to pump flat out.
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OPEC has urged all its members not to mention specific oil prices, to instead stick to the ‘market stability’ narrative in public comments about oil policies to avoid the risk of potential U.S. antitrust lawsuits for manipulating the market if the United States passes a proposed legislation, Reuters reported on Wednesday, citing sources close to OPEC.
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