News Oil 

All the world a stage: Rising U.S. oil clout on show in Houston

“HOUSTON (Reuters) – A glance at the attendee list at one of the world’s largest energy industry events in Houston this week left little question about the growing influence of the United States over global oil politics” writes Midwest Communications Inc for 95kqds.com. Washington’s growing influence, she added, has already started to shift oil politics among allies and adversaries across the world.It turned out to be an empty threat, and a reflection of how OPEC had struggled to deal with the surge in U.S. energy production.So far, that bet has…

Read More
News Oil 

Oil edges back after IEA monthly report, but crude set for sharpest weekly rise in a month

“The EIA also reported that total domestic crude production inched down from record territory, down 100,000 barrels to 12 million barrels a day” writes Mark Decambre for marketwatch.com. On Wednesday, the Energy Information Administration reported that U.S. crude supplies unexpectedly fell by 3.9 million barrels for the week ended March 8.Last week, that weekly data showed oil-rig counts falling by nine, representing the third straight such weekly drop. Source: marketwatch.com

Read More
Markets News Oil 

Venezuela’s falling oil supply is a major ‘challenge’ to global energy markets

“A major advisor to energy producing nations has suggested that the continued fallout from Venezuela could present a “challenge” for global oil markets” writes Callum Burroughs for businessinsider.com. State-owned oil producer PDVSA’s bonds rose sharply in January after some of the world’s biggest economies backed the leadership challenge.The International Energy Agency (IEA) has warned that crude supplies from Venezuela are at risk of falling sharply in the midst of an electricity crisis which has paralyzed the country recently.Other OPEC and non-OPEC nations have stepped in to plug the gap in…

Read More
News Oil 

Oil prices stable amid sanctions and OPEC cuts, but economic concerns drag

“Oil prices were steady on Friday amid support from ongoing supply cuts led by OPEC and U.S. sanctions on Venezuela and Iran, but weighed down by concerns that an economic slowdown will soon start denting growth in fuel demand” writes Lucy Nicholson for cnbc.com. Crude oil use by China’s refineries in the first two months of 2019 rose 6.1 percent from a year earlier to a record 12.68 million bpd, official data showed this week.Meanwhile, a political and economic crisis in Venezuela combined with U.S. sanctions against Venezuela as well…

Read More
News Oil 

Here’s what may shake OPEC’s commitment to production cuts

“The Joint Ministerial Monitoring Committee, which monitors compliance with output cuts, will hold its next gathering on Monday, March 18” writes Markets Commodities Reporter for marketwatch.com. However, the cuts eventually may run head-on into the effects of increased U.S. shale production and more output from other sources.Year to date, U.S. CLJ9, +0.46%  and global oil futures LCOK9, -0.55%  have rallied by more than 20% as of Thursday after dropping by 20% or more in 2018.The 11 OPEC members under the quotas achieved 79% of their committed cuts in February, with…

Read More

Trump’s sanctions on Venezuela have managed to reduce the country’s oil production by 100,000 barrels a day from January to February, enough to drive up oil prices for 2019, the federal government forecast Wednesday.

“The Energy Information Administration, which issued the forecast, is closely tracking the effects of the administration’s sanctions on oil prices, along with OPEC’s production cuts” reports washingtonexaminer.com. Nevertheless, EIA is tracking dramatic oil production cuts in Saudi Arabia of levels not seen for nearly two years.The Brent oil price rose $5 to $64 per barrel from January to February.EIA increased its 2019 crude oil forecast by nearly $2 per barrel to $63 per barrel. Source: washingtonexaminer.com

Read More
News Oil 

Oil prices rise on OPEC supply cuts and healthy demand

“Oil prices rose on Tuesday, lifted by output cuts led by producer group OPEC as well as healthy demand, although analysts said economic headwinds posed downside risks to crude markets” writes Morgan Brennan for cnbc.com. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.99 per barrel at 0012 GMT, up 20 cents, or 0.4 percent, from their last settlement.It added that supply cuts this year by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia — known as the OPEC+ alliance — aimed at…

Read More
Futures Markets News Oil 

Oil prices rise amid broad market rally, OPEC supply cuts

“Oil prices have been receiving broad support this year from supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia aimed at tightening markets” writes Midwest Communications Inc for 95kqds.com. Traders also pointed to the political and economic crisis in OPEC-member Venezuela as a driver for oil prices.U.S. West Texas Intermediate (WTI) crude oil futures were at $56.97 per barrel at 0054 GMT, up 18 cents, or 0.3 percent, from their last settlement. “The decrease in net crude oil imports (December, 2018) was driven…

Read More
News Oil 

IEA sees U.S. leading global oil supply growth to 2024

“Global oil demand growth is set to ease as China slows, but will still rise by an annual average of 1.2 million bpd to 2024 when it will reach 106.4 million bpd” writes Midwest Communications Inc for 95kqds.com. Goldman Sachs has said oil demand could peak by 2024 under some circumstances.The IEA forecasts demand for OPEC crude will drop in 2020 and then rise to average 31.3 million bpd in 2023.Even so, the IEA does not expect moves such as greater adoption of electric cars to put a cap on…

Read More
Markets News Oil 

Oil rises on OPEC-led supply cuts, but slowing economy restricts gains

“U.S. West Texas Intermediate (WTI) crude oil futures were at $56.29 per barrel at 0156 GMT GMT, up 22 cents, or 0.4 percent from their last close” writes Midwest Communications Inc for 95kqds.com. Saudi oil minister Khalid al-Falih told Reuters on Sunday it would be too early to change OPEC+ output policy at the group’s meeting in April.SINGAPORE (Reuters) – Oil prices rose on Monday, lifted by Saudi oil minister Khalid al-Falih saying an end to OPEC-led supply cuts was unlikely before June and a report of falling U.S. drilling…

Read More