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Commodities Briefing - Category | Oil more

Big oil counts the cost of tapping new discoveries

Posted on 07 March 2014 by VRS  |  Email |Print

“One hundred dollars per barrel is becoming the new $20, in our business.” With that pithy analysis, John Watson, chief executive of Chevron, summed up the oil industry’s plight.
As companies pursue the ever more challenging oil reserves that they need to increase or merely sustain their production, their costs have risen to the point that the most expensive projects, such as deepwater developments or liquefied natural gas plants, need an oil price of at least $100 a barrel to be commercially viable………………………………………..Full Article: Source

Iraq returns as world’s fastest-growing oil exporter

Posted on 06 March 2014 by VRS  |  Email |Print

Iraq is reclaiming its rank as the world’s fastest-growing oil exporter, cushioning consumers from Libyan supply outages for now and, perhaps, reviving OPEC market share rivalries down the road.
Despite worsening violence due to spillover from the war in Syria, Iraq - already OPEC’s second-largest producer - is likely to post one of the biggest annual output jumps in its history as BP, Exxon Mobil and other companies tap its southern fields, which are untouched by the unrest………………………………………..Full Article: Source

Italy’s Eni challenges European oil-linked gas prices

Posted on 06 March 2014 by VRS  |  Email |Print

In a deal that could eventually lead to lower gas prices for Europe, Italian oil and gas giant Eni has renegotiated the terms of a long-term gas supply agreement with Norway’s Statoil and suspended a lawsuit over high gas prices.
The new deal would see Eni pay market prices for gas, rather than inflated prices linked to oil—savings that would eventually make their way to European consumers………………………………………..Full Article: Source

Opec oil production increase in February 2014

Posted on 05 March 2014 by VRS  |  Email |Print

Opec’s oil output has risen further in February from December’s 2 and half year low, due to more shipments from Iraq and Angola, and further upward creep in Iranian exports.
According to the survey based on shipping data and information from sources at oil companies, Opec and consultants, output from the Organisation of the Petroleum Exporting Countries averaged 29.96 million barrel per day, up from a revised 29.79 million barrel per day in January………………………………………..Full Article: Source

Ukraine crisis: Europe’s stored gas high as prices soar

Posted on 05 March 2014 by VRS  |  Email |Print

Gas and oil prices have risen amid fears the Ukraine crisis could have a damaging effect on one of Europe’s main energy supply routes. But analysts say high European gas stocks will limit the turbulence.
Gas futures climbed by up to 10% in early trading, while the benchmark price for oil rose by more than 2%. Traders are worried about the stability of supplies from Russia, which provides a quarter of Europe’s natural gas, half of it through Ukraine………………………………………..Full Article: Source

Crude oil drops after big jump over Ukraine crisis

Posted on 05 March 2014 by VRS  |  Email |Print

The price of crude oil dropped sharply Tuesday after a big jump the day before over concern that Russia’s military advance into Ukraine could result in economic sanctions against one of the world’s major energy suppliers.
By early afternoon in Europe, benchmark U.S. crude for April delivery was down $1.58 to $103.34 a barrel in electronic trading on the New York Mercantile Exchange. On Monday, the contract added $2.33 to close at $104.92………………………………………..Full Article: Source

Iran hopes to end selling crude oil in five years

Posted on 05 March 2014 by VRS  |  Email |Print

Iranian Oil Minister Bijan Namdar Zanganeh expressed the hope that the country would not need to sell crude oil in the near future. The Iranian oil minister on Tuesday also expressed the hope that with investments in petrochemical and refinery sectors, Iran would stop selling crude oil by the next four to five years.
Iran sits on a massive natural resource, oil, and because of this, the country’s economy has become oil-based for decades………………………………………..Full Article: Source

Ukraine: Gas and oil prices rise amid fears of supply disruption

Posted on 04 March 2014 by VRS  |  Email |Print

Russia supplies 30pc of Europe’s gas demand, raising fears of shortages or price spikes if the Ukraine conflict escalates to war. Oil and gas prices rose on Monday amid warnings that escalation of conflict between Russia and the Ukraine could have “severe” consequences for gas supplies across Europe.
Russia supplies 30pc of Europe’s gas demand, with about half of it flowing through the Ukraine, raising fears that further war could lead to shortages and significant price spikes………………………………………..Full Article: Source

Barclays ups 2014 crude oil prices above forecast

Posted on 04 March 2014 by VRS  |  Email |Print

Barclays raised its 2014 crude oil price forecasts on expected higher oil demand and investor interest levels, coupled with low inventory figures and high geopolitical risks. The bank raised its average WTI price forecast for 2014 to $99 per barrel from the earlier estimated $97, and its average 2014 Brent price rose to $106 per barrel from $105.
“Global supply trends have also been supportive recently,” the bank said, adding that the high level of OPEC outages have been “cushioning downward price pressure and supporting the economic viability of extra incremental US oil”………………………………………..Full Article: Source

Speculators boost bullish oil bets to record on cushing

Posted on 04 March 2014 by VRS  |  Email |Print

Hedge funds increased their bullish bets on West Texas Intermediate oil to a record as rising flows of domestic crude to Gulf Coast refineries cut demand for more costly foreign grades.
Money managers bolstered net-long positions, or wagers on rising prices, on the U.S. benchmark by 2.2 percent in the week ended Feb. 25, Commodity Futures Trading Commission data show. The positions climbed to the highest level in CFTC data going back to 2006………………………………………..Full Article: Source

OPEC oil output drops to lowest level in 2.5 years

Posted on 04 March 2014 by VRS  |  Email |Print

Oil production from OPEC dropped to its lowest level in 2 1/2 years, according to a Bloomberg survey. Production dropped by 11,000 barrels per day from January to February, down to an average of 29.877 million barrels per day. OPEC’s production hasn’t been that low since June 2011.
Much of the lost production was due to a decrease in production in Saudi Arabia, as well as the ongoing political conflict in Libya and Nigeria that has forced capacity offline. Libya’s oil production dropped by 120,000 bpd in February, marking the ninth out of eleven months in which oil production dropped. Its daily output now stands at 350,000 barrels — the country has the ability to produce around 1.5 million bpd, as it did before its civil war………………………………………..Full Article: Source

Speculators boost bullish oil bets to record on cushing

Posted on 03 March 2014 by VRS  |  Email |Print

Hedge funds increased their bullish bets on West Texas Intermediate oil to a record as rising flows of domestic crude to Gulf Coast refineries cut demand for more costly foreign grades.
Money managers bolstered net-long positions, or wagers on rising prices, on the U.S. benchmark by 2.2 percent in the week ended Feb. 25, Commodity Futures Trading Commission data show. The positions climbed to the highest level in CFTC data going back to 2006………………………………………..Full Article: Source

Ukraine war could cause huge oil price spike

Posted on 03 March 2014 by VRS  |  Email |Print

It has been over a year since the near-collision of Israel and Iran, then in the midst of enhancing its nuclear stockpiles, drove oil prices up. As Ukraine’s Crimea region is invaded by Russian troops, the chances that oil prices will rise, and rise sharply, due to a regional conflict are back again.
It takes very little in terms of global political conflicts, weather, or tightened supply to press the price of crude higher. One big hurricane in the Gulf of Mexico, racing toward Texas refineries can trigger it. So can any hint that OPEC might throttle supply. Tensions in the Middle East seem to affect oil prices almost annually, if not more often………………………………………..Full Article: Source

OPEC oil output drops to lowest level in 2 ½ years

Posted on 03 March 2014 by VRS  |  Email |Print

Oil production from OPEC dropped to its lowest level in 2 ½ years according to a Bloomberg survey. Production dropped by 11,000 barrels per day from January to February, down to an average of 29.877 million barrels per day. OPEC’s production hasn’t been that low since June 2011.
Much of the lost production was due to a decrease in production in Saudi Arabia, as well as the ongoing political conflict in Libya and Nigeria that has forced capacity offline. Libya’s oil production dropped by 120,000 bpd in February, marking its ninth out of eleven months in which oil production dropped. Its daily output now stands at 350,000 barrels – the country has the ability to produce around 1.5 million bpd, as it did before its civil war………………………………………..Full Article: Source

OPEC February crude production falls to 2 1/2-year low in survey

Posted on 28 February 2014 by VRS  |  Email |Print

OPEC crude production dropped to the lowest level in more than two years in February, led by declines in Libyan and Saudi Arabian output, a Bloomberg survey showed.
Output by the 12-member Organization of Petroleum Exporting Countries decreased 11,000 barrels to an average 29.877 million barrels a day from 29.888 million in January, the survey of oil companies, producers and analysts showed. It was the least since June 2011. Last month’s total was unrevised………………………………………..Full Article: Source

Israel to join OPEC?

Posted on 28 February 2014 by VRS  |  Email |Print

An enterprising American named Gideon Tadmor has made a discovery which will put Israel seriously on the energy production map. 30 trillion cubic feet of natural gas reserves, not 50 miles off the coast of Israel, set the tiny Middle Eastern nation in a position to, if not actually join OPEC, certainly compete with them.
Even better, for the one nation in the region absolutely aligned with American interests, the USGS says there is at least twice that much, still to be discovered………………………………………..Full Article: Source

The petro states of America

Posted on 28 February 2014 by VRS  |  Email |Print

The Keystone XL pipeline should be an open-and-shut case from a climate perspective, the criterion President Obama has set for judging it. In a speech in June, he said he would approve the pipeline “only if this project does not significantly exacerbate the problem of carbon pollution.”
By that standard, this should be an easy, data-driven call to make. It hasn’t been. And the core reason the Keystone saga has dragged on inconclusively for years has little to do with the well-aired talking points both sides of the debate trot out on cable TV talk shows………………………………………..Full Article: Source

Report reveals benefit of lifting U.S. crude oil ban

Posted on 27 February 2014 by VRS  |  Email |Print

A Washington-based think-tank believes lifting a ban on U.S. crude oil exports will reduce gasoline prices. A team of economists and energy experts was assembled by Alan Krupnick, director for the Center for Energy Economics and Policy of the group Resources for the Future.
“Current U.S. policy to ban oil exports has taken on a lot of importance in U.S. energy policy circles in recent months,” said Stephen Brown, professor of economics at the University of Nevada Las Vegas. “We believed that we could contribute some valuable work to better understanding the issue.”……………………………………….Full Article: Source

Dream of U.S. oil independence slams against shale costs

Posted on 27 February 2014 by VRS  |  Email |Print

The path toward U.S. energy independence, made possible by a boom in shale oil, will be much harder than it seems. Just a few of the roadblocks: Independent producers will spend $1.50 drilling this year for every dollar they get back. Shale output drops faster than production from conventional methods.
It will take 2,500 new wells a year just to sustain output of 1 million barrels a day in North Dakota’s Bakken shale, according to the Paris-based International Energy Agency. Iraq could do the same with 60………………………………………..Full Article: Source

Oil prices end lower in anticipation of winter’s end

Posted on 26 February 2014 by VRS  |  Email |Print

Oil prices slipped Tuesday as analysts predicted a sixth-straight weekly increase in U.S. crude stockpiles and as traders anticipated lower demand for heating-related fuel as the end of winter approaches.
Light, sweet crude for April delivery fell 99 cents, or 1%, to $101.83 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, also fell 1%, declining $1.13 to $109.51 on the ICE Futures Europe exchange………………………………………..Full Article: Source

Domestic oil production continues to improve trade picture

Posted on 26 February 2014 by VRS  |  Email |Print

New data from the Energy Information Administration illustrates the improving trade picture for the United States due to a rapid increase in oil production. Rising production, flat demand, and increasing exports of refined petroleum products reduced the U.S. trade deficit to its lowest level in November 2013 since the aftermath of the financial crisis in 2009.
However, the quantity of oil imported dropped a lot more than its price tag. In other words, U.S. oil imports peaked in 2005 at around 10 million barrels per day………………………………………..Full Article: Source

Here’s why gas prices are surging

Posted on 25 February 2014 by VRS  |  Email |Print

The average cost of gasoline nationwide rose 12 cents to $3.41 during the past two weeks, according to a survey released Sunday. The increase was partially due to changes in crude oil dude to violence in petroleum-producing nations Venezuela and South Sudan, according to industry analyst Trilby Lundberg, reports the Associated Press.
The current price is still 38 cents per gallon lower than last year, but Lundberg said she expects further increases. The average price for a gallon of premium gas was $3.60, while premium gas was $3.75 and diesel averaged $4.01 per gallon. ……………………………………….Full Article: Source

Oil price volatility but within bounds

Posted on 24 February 2014 by VRS  |  Email |Print

The last time I wrote about oil prices I said the outlook in 2014 is for more of the same as far as prices were concerned. The last few weeks consolidates this view though oil prices have been more volatile.
The average price for the Opec basket of crude oils so far this year is $104.71 a barrel as compared to the 2013 average of $105.87 a barrel. The latest price for the basket is about $107 a barrel. Therefore, prices are still expected to be in a range of $100-110 a barrel, an acceptable range to producers and consumers according to a recent interview with Abdullah Salem Al Badri, Opec’s secretary-general………………………………………..Full Article: Source

OPEC and oil prices: Leaky barrels

Posted on 21 February 2014 by VRS  |  Email |Print

Seen one way, economic recovery in Europe and America is good for the Organisation of the Petroleum Exporting Countries (OPEC). Oil stocks in industrialised countries are at their lowest for five years; the latest monthly report from the International Energy Agency (IEA), a club of oil-consuming countries, anxiously urges producers to keep pumping to replenish them.
But the longer-term future for OPEC, which produces about a third of the world’s daily consumption of 90m barrels of crude oil, is another matter. Often described as a cartel, it is better seen as an anti-glut group. When demand is weak, its members can curb production to prevent the price plummeting. But when demand is healthy, its ability to curb new producers is limited. And new producers abound………………………………………..Full Article: Source

US to be world’s biggest oil supplier by 2016

Posted on 21 February 2014 by VRS  |  Email |Print

As the US economy continues to grow, experts say it will rely less on the world’s major oil exporters in Africa and the Middle East, regions largely sustained by U.S. imports.
According to the International Energy Agency, the economy will grow by 2.8 percent in 2014, higher than the 2.6 percent it previously forecasted. The International Monetary Fund predicts the global economy will grow in the same direction by 3.7 percent………………………………………..Full Article: Source

Upside for oil appears limited, but investments in oil markets aren’t

Posted on 20 February 2014 by VRS  |  Email |Print

Oil prices have rallied back to the $100.00-per-barrel level on some near-term supply and inventory concerns. While the upside move is rewarding the buyers of oil stocks, I don’t think oil prices are set for an extended rally.
The chart of the West Texas Intermediate (WTI) crude oil shows oil prices bouncing higher after the formation of a bullish double bottom, based on my technical analysis. And while oil prices can head higher on the chart, I just don’t see any moves being sustainable………………………………………..Full Article: Source

Oil boss urges overhaul of Brent oil price benchmark

Posted on 20 February 2014 by VRS  |  Email |Print

The head of the world’s largest oil trading firm has called for an overhaul of the Brent Crude benchmark oil price. Ian Taylor, the chief executive of Vitol, says Brent is no longer efficient as a price and should include other global oil grades.
A leading oil analyst at Citigroup, Seth Kleinman, has also called Brent a “broken” benchmark. Platts, the price reporting agency, says change may be necessary, but not yet………………………………………..Full Article: Source

Which is it, crude oil price, features oil price, or spot price of oil?

Posted on 20 February 2014 by VRS  |  Email |Print

I work at a place that is set up to represent and improve the livelihood of the underrepresented, marginalized, and middle class of our society. To see public and private actions and policies that are deepening their unenviable plight and not comment on them will amount to a serious betrayal of not only my conscience but the tenets of this noble country and its founding principles advocate.
Based on the inscription on the Statute of Liberty, we have and hear, “Give me your tired, your poor, your huddled masses yearning to breathe free.” What is the call for, to increase their poverty and pain or lift them up out of poverty and deprivation?……………………………………….Full Article: Source

How change in Venezuela could hit oil price

Posted on 19 February 2014 by VRS  |  Email |Print

Venezuela is in an economic crisis. Inflation is running at more than 50%. There are shortages of basic goods including water and toilet paper. Last month, the central bank was forced to restrict the amount of dollars that it sells at the official exchange rate, a de facto devaluation.
The current crisis may lead to a regime change in Venezuela. That could push down the oil price. It could also open new opportunities for Western oil companies in Venezuela………………………………………….Full Article: Source

Oil price above $100 on China credit growth

Posted on 18 February 2014 by VRS  |  Email |Print

The price of oil extended gains above $100 a barrel Monday as a rebound in Chinese credit growth suggested steady demand in one of the world’s largest petroleum consumers.
Benchmark U.S. crude for March delivery was up 47 cents to $100.77 a barrel at 0630 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 5 cents to close at $100.30 a barrel Friday………………………………………..Full Article: Source

Iranian oil exports increase after nuclear deal

Posted on 18 February 2014 by VRS  |  Email |Print

Shaking off some of the restrictions of international sanctions, Iran managed to boost its oil exports by 100,000 barrels per day in January. According to the IEA, Iran was able to export 1.32 million barrels per day last month, with the increased flow going to China, Japan, and India.
To be sure, Iran used to export 2.5 million barrels per day before sanctions were implemented in 2012, but the interim nuclear deal with the United States and its western allies has breathed some life into Iran’s oil sector. It removes the requirement of buyers of Iranian crude to further reduce purchases in order to avoid penalties. The value of Iran’s exports at current prices is worth about $4 billion per month………………………………………..Full Article: Source

Why WTI crude oil is well supported above $95/bbl

Posted on 18 February 2014 by VRS  |  Email |Print

Before we delve into the wider aspects of WTI crude oil, let us just get into the real reasons behind the Barclays’ belief that the said variety is poised to maintain a level above $95/bbl in the days to come. In fact, the bank rules out the possibility of WTI exhibiting any weakness in the first quarter of 2014, thanks to the healthy nature of US crude oil demand and the situation of product inventories.
The bank notes in a report that PADD II (Petroleum Administration for Defense Districts II) refinery runs stand close to 94% of capacity even as the maintenance for refineries in the said district is low for Q1: the figure runs into 30,000 barrels/day………………………………………..Full Article: Source

Natural gas: What to expect by February-end

Posted on 18 February 2014 by VRS  |  Email |Print

Barclays is of the opinion that storage deficit in natural gas, when compared to last year would start narrowing by the end of February even as the temperature by that time, beginning its climb from the second half of the month, would put pressure on the prices.
This is to be read in the context of the visible expectation that “sustained prices at about $5/MMBtu will…further decrease natural gas’s competitiveness against coal in the power stack.”……………………………………….Full Article: Source

$100-110 per barrel is acceptable to producers and consumer: Opec

Posted on 17 February 2014 by VRS  |  Email |Print

The Organisation of Petroleum Exporting Countries (Opec) has long recognised the importance of dialogue and cooperation with other producers and stakeholders in the industry and is always “ready to talk” in this regard to ensure market stability and order.
That was the view put forward by Opec Secretary General, Abdullah Salem Al Badri, in a question and answer interview with the Caspian Energy Journal. Al Badri observed that, in 2013, prices had generally moved within the $100 110/b, a range that was acceptable to producers and consumers alike………………………………………..Full Article: Source

Non-OPEC production lauded by IEA

Posted on 17 February 2014 by VRS  |  Email |Print

Outside the Organization of Petroleum Exporting Countries helped with the increase in oil output since last year, the IEA said Thursday from Paris.The International Energy Agency said in its monthly market report oil supplies since last January are up because of “steep growth” from non-OPEC members.
The IEA, however, said global oil supplies in January declined by 290,000 barrels per day to 92.1 million bpd because of lower non-OPEC output………………………………………..Full Article: Source

Speculators boost bullish U.S. oil wagers on supply drop: Energy

Posted on 17 February 2014 by VRS  |  Email |Print

Hedge funds became the most bullish on U.S. crude oil in more than five months as a new pipeline from Oklahoma to Gulf Coast refineries eased a supply bottleneck, driving prices above $100 a barrel.
Money managers increased net-long positions, or wagers on rising prices, for benchmark West Texas Intermediate crude by 11 percent in the week ended Feb. 11, U.S. Commodity Futures Trading Commission data show………………………………………..Full Article: Source

China’s oil addiction growing

Posted on 17 February 2014 by VRS  |  Email |Print

Unless the Chinese government takes steps to cut oil consumption, China’s oil consumption may increase by 60% by 2030. Even worse, over 75% of its oil consumption will have to come from imports.
That comes from a new study out by China’s Development Research Center, which highlights China’s alarming trajectory – oil demand will continue to rise and meeting that demand will have to come increasingly from foreign sources. Li Wei, the Director of the Development Research Center, said that China must transform itself to avoid the security and environmental challenges this would bring………………………………………..Full Article: Source

Robust demand tightening oil market, IEA says

Posted on 14 February 2014 by VRS  |  Email |Print

Stronger-than-expected demand has drained oil inventories to the lowest level since 2008, tightening the market and defying predictions of a glut, the West’s energy watchdog said on Thursday.
The International Energy Agency (IEA) said oil inventories in the developed world plummeted by 1.5 million barrels per day (bpd) in the last three months of 2013, the steepest quarterly decline since 1999………………………………………..Full Article: Source

Oil inventories declined most since 1999 in IEA estimate

Posted on 14 February 2014 by VRS  |  Email |Print

Oil inventories in advanced economies tumbled in the fourth quarter by the most since 1999 because of “surprising robustness” of demand in the U.S. and other developed nations, the International Energy Agency said.
The IEA, a Paris-based adviser to oil-consuming nations, also boosted forecasts for global fuel demand this year and the amount of crude that will be required from the Organization of Petroleum Exporting Countries………………………………………..Full Article: Source

International Energy Agency urges Opec to sustain oil production

Posted on 14 February 2014 by VRS  |  Email |Print

Opec will need to sustain production at its current level of almost 30m barrels a day if badly depleted oil inventories in the developed world are to be rebuilt, according to the International Energy Agency.
In its widely followed monthly report, the west’s energy watchdog said stronger than expected demand in the US and other industrialised nations had drained oil stocks to the lowest level in five years, tightening the market and supporting prices………………………………………..Full Article: Source

Opec: Demand growing quicker than predicted

Posted on 14 February 2014 by VRS  |  Email |Print

Opec has announced that global energy demand is growing faster than predicted, according to Reuters. Opec are now forecasting that global demand will increase by 1.09 million barrels per day (bpd) in 2014, up around 40,000 bpd from previous estimates.
Opec has become the second major forecaster to revise its estimates this week, after the US’s Energy Information Administration revised its estimates for 2014 by a similar amount………………………………………..Full Article: Source

Betting on the next oil boom? You’re grasping at straws

Posted on 14 February 2014 by VRS  |  Email |Print

Unplanned interruptions in the global oil supply chain last year were about 30 percent higher than in 2013, the U.S. Energy Department said. Much of the problem was blamed on Libya, though sputtering from Kazakhstan’s giant Kashagan field played a factor as well. This year could be North America’s to lead in terms of secure production, but the story for 2014 is as certain as market predictions themselves.
The U.S. Energy Information Administration said crude oil supply disruptions from OPEC averaged 1.8 million barrels per day, but actually hit the 2.6 million bpd by the end of the year because of on-again off-again supplies from Libya………………………………………..Full Article: Source

The economics of shale oil: Saudi America

Posted on 14 February 2014 by VRS  |  Email |Print

The benefits of shale oil are bigger than many Americans realise. Policy has yet to catch up. Until the early 1970s, America was the world’s largest oil producer and the Texas Railroad Commission stabilised world prices by dictating how much the state’s producers could pump.
When Arab states slapped an oil embargo on Israel’s Western allies after the six-day war in 1967, Texas cushioned the blow by allowing a massive production boost………………………………………..Full Article: Source

Natural gas: 2013’s top commodity performer

Posted on 14 February 2014 by VRS  |  Email |Print

How dramatically things can change in a decade. We’ve talked about how volatile resources can be, and 2013’s top commodity performer is an excellent example. Per our latest Periodic Table of Commodities Returns, natural gas increased the most in 2013.
However, the commodity is still the worst performer over the past 10 years. You can see several times when gas fell toward the bottom: in 2006, 2009, 2010 and 2011. However, by 2012, gas climbed to the top half of the chart, clamoring for the top spot in 2013………………………………………..Full Article: Source

OPEC joins U.S. in predicting stronger 2014 oil demand

Posted on 13 February 2014 by VRS  |  Email |Print

World oil demand will rise slightly more than expected in 2014, OPEC said on Wednesday, becoming the second major forecaster this week to predict higher fuel use as economic growth picks up in Europe and the United States.
The Organization of the Petroleum Exporting Countries, in a monthly report, said global demand will rise by 1.09 million barrels per day (bpd) this year, up about 40,000 bpd from its previous forecast. The group, which pumps a third of the world’s oil, also sees potential for further rises………………………………………..Full Article: Source

OPEC oil output rises as group sees more demand growth

Posted on 13 February 2014 by VRS  |  Email |Print

OPEC crude production gained for a second month in January as the group boosted its forecast for global oil-demand growth this year. The Organization of Petroleum Exporting Countries, responsible for 40 percent of the world’s oil, said that supply from its 12 members increased by 28,000 barrels a day to 29.71 million barrels a day in January as Libya pumped more, according to its monthly report.
That compares with 29.68 million barrels a day in December, OPEC said, citing data from secondary sources. The group raised its estimate for global demand growth amid an improving outlook for the world economy………………………………………..Full Article: Source

OPEC says North Sea oil output to hit new lows

Posted on 13 February 2014 by VRS  |  Email |Print

North Sea oil production forecast to fall this year, blowing hole in Alex Salmond’s economic plan for an independent Scotland. Britain’s oil production from the North Sea is expected to fall this year to new lows not seen since the early 1970s in a fresh blow to Alex Salmond’s economic plans for Scottish independence.
In its latest closely watched market report published Wednesday, the Organisation of Petroleum Exporting Countries (Opec) said that projected output from the North Sea in 2014 could fall to an average of 800,000 barrels a day (b/d) of crude, a fall of 70,000 b/d from 2013 when output hit its lowest average since 1977………………………………………..Full Article: Source

Oil: Price back above $100 on China data, OPEC outlook

Posted on 13 February 2014 by VRS  |  Email |Print

The price of oil rose above $100 a barrel Wednesday as OPEC predicted faster growth in oil demand this year and China reported record imports of crude oil. The gains were tempered by an increase in U.S. supplies.
Benchmark U.S. crude for March delivery rose 43 cents to $100.37 a barrel on the New York Mercantile Exchange. Oil rose as high as $101.38 in morning trading………………………………………..Full Article: Source

Platts survey: OPEC pumps 29.87 mln barrels of crude oil per day

Posted on 12 February 2014 by VRS  |  Email |Print

Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) rose 150,000 barrels per day (b/d) to 29.87 million b/d in January from 29.72 million b/d in December as an increase of 280,000 b/d in still-beleaguered Libyan production more than offset drops in Angola, Iraq and Saudi Arabia, a just-released Platts survey of OPEC and oil industry officials and analysts showed Monday.
“The Libyan situation has a long way to go to play out but this is clearly good news,” said John Kingston, Platts global director of news. “Steady increases in Libyan output will help the country recover and will help bring stability to a market that is getting hit by various outages around the world.” Libyan production climbed to 530,000 b/d in January from 250,000 b/d in December after the restart of production at the 340,000 b/d-capacity Sharara field at the beginning of the month. (Press Release)

3 reasons investors should applaud the falling price of oil

Posted on 12 February 2014 by VRS  |  Email |Print

United States Oil, a major exchange traded fund for oil, is down for the last week, six months, and year of market action. It is also off by more than 1 percent for 2014.
With crude oil falling in price, more price declines should be ahead for United States Oil and other securities in the sector. There are three reasons why long term investors should be pleased by this price movement. It makes it easier for the world to recover from The Great Recession………………………………………..Full Article: Source

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