OPEC | - Part 5

Oil Rises as U.S. Stockpiles Seen Falling While OPEC Starts Cuts

LAGOS (Capital Markets in Africa) – Oil rose amid estimates that U.S. crude stockpiles declined, adding to signs that global crude markets are tightening as OPEC implements an agreement to cut production. Futures climbed as much as 1.2 percent in New York after tumbling 2.6 percent Tuesday. U.S. inventories probably dropped by 2.25 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report Thursday. Libya, exempt from the OPEC deal to cut supply,…

OPEC Deal Creates Chance for $70 Oil Next Year, Citigroup Says

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LAGOS (Capital Markets in Africa) – OPEC’s agreement to reduce oil production may help send prices above $70 a barrel next year, according to Citigroup Inc. Output cuts agreed by the Organization of Petroleum Exporting Countries and other producers may reduce swollen inventories as early as the first quarter, reducing the surplus by about one-third, the bank predicts. OPEC finalized a deal with 11 fellow producers, including Russia and Kazakhstan, on Dec. 10 to curb output by…

How much will OPEC’s decision to cut 1.2 million b/d bolster oil price?

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LAGOS (Capital Markets in Africa) – In what has been described as a ‘historic decision,’ OPEC member nations have agreed to cut production by 1.2 million barrels per day (b/d) for six months, beginning 1 January 2017. The group has stated that to rebalance the oil market, cuts are necessary not only from OPEC, but also from other key producers. OPEC stated that these non-OPEC producers can achieve at least 600,000 b/d in additional production cuts, with…

Early Signs of OPEC Supply After Algiers Deal Show Saudi Dilemma

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ALGIERS (Capital Markets in Africa) – Just days after OPEC agreed the framework for its first production cut in eight years, initial estimates of the group’s output this month show the potential bind faced by its most powerful member. While Saudi Arabia lowered output this month — following the typical seasonal shift as local consumption sags at the end of summer — the group’s overall output remained steady as Nigeria and Libya restored disrupted supplies and Iran continued its…

U.A.E. Warns OPEC Against Any Hasty Decision on Oil in Algiers

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ALGIERS, Capital Markets in Africa: OPEC must find a “sustainable” way to stabilize oil markets in any agreement its members may reach when they meet next week in Algeria, the United Arab Emirates’ energy minister said. The group’s 14 members may discuss proposals to limit production in an attempt to shore up crude prices at talks planned on Sept. 28. Oil-producing countries previously considered freezing output to counter a global supply glut that cut prices…

OPEC May Hold Formal Meeting in Algiers as Oil Glut Persists

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ALGIERS, Capital Markets in Africa: OPEC may turn its planned informal meeting in Algiers next week into a formal session as it seeks ways with other producers to cut crude supplies by 1 million barrels a day to re-balance markets and stabilize prices, Algerian Energy Minister Noureddine Bouterfa said. OPEC will hold an informal meeting after the closing session of the International Energy Forum conference in Algiers on the afternoon of Sept. 28, Bouterfa said on public radio….

Oil Climbs as OPEC May Hold Formal Meeting Next Week in Algiers

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ALGIERS, Capital Markets in Africa: Oil rose after Algeria said OPEC may turn its planned informal meeting in Algiers next week into a formal session. The 14-member group may hold a formal meeting as it seeks ways with other producers to cut crude supplies by 1 million barrels a day to re-balance markets and stabilize prices, Algerian Energy Minister Noureddine Bouterfa said. “The comments that OPEC may hold an extraordinary meeting next week give the…

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