Opec


 

Stocks Gain As Global Tension Eases [-0.04]

Posted on Aug. 14, 2017, 5:45 p.m. by INO.com Traders Blog @ [source]

Hello traders everywhere. Stock markets around the globe are posting gains today as the tensions between the U.S. and North Korea have eased a bit.

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According to OPEC, global OECD oil inventories fell 22 million barrels in June to end at 3.033 billion. Production in Saudi Arabia rose by 32,000 b/d to 10.067 mmbd, which is above its production ceiling, according to secondary sources.

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Crude Oil Production Soared Again in July: IEA [-0.04]

Posted on Aug. 11, 2017, 2:59 p.m. by 24/7 Wall St. @ [source]

In its monthly Oil Market Report for August released Friday morning, the International Energy Agency (IEA) said that global crude supplies rose by 520,000 barrels per day in July, the third consecutive month that output has risen.

Organization of Petroleum Exporting Countries (OPEC) crude oil production rose by 230,000 barrels a day to 32.84 million barrels in July, led by a strong recovery in Libyan production.

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OPEC is struggling to keep its promises.

OPEC and other major producers including Russia agreed to reduce output in November, part of an attempt to eliminate a global oil glut and boost prices.

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OPEC Reports Higher Output and Higher Prices for July [-0.02]

Posted on Aug. 10, 2017, 2:05 p.m. by 24/7 Wall St. @ [source]

In its Monthly Oil Market Report for August, released Wednesday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel’s price for its reference basket rose to $46.93 a barrel (up 3.8%) in July.

The cartel said OPEC production in July, as reported by secondary sources, rose by 173,000 barrels a day to a daily average of 32.87 million barrels.

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On July 24th, Saudi energy minister, Khalid Al-Falih, announced that Saudi Arabia would limit its exports to 6.6 million barrels a day (mmbd) in August. And in fact, nominations for August had been published in this report dated July 12th.

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Oil prices plunged back below $49 a barrel on Tuesday after more reports that OPEC's output rose last month despite the cartel's deal to slash production. Analysts told CNBC crude oil futures face resistance to further gains after surging about 9 percent last week.

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Oil prices plunged back below $49 a barrel on Tuesday after more reports that OPEC's output rose last month despite the cartel's deal to slash production. Analysts told CNBC crude oil futures face resistance to further gains after surging about 9 percent last week.

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Crude oil is once again back from the dead, hitting the $50-a-barrel threshold. The development came after crude spiked nearly 9% last week, its biggest weekly rally in nearly a year.

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There also still remains a significant probability of a supply side disruption in any of the geopolitical-volatile oil producing nations, which would immediately serve upside gains. I'm speaking of the effort to reduce the regulation of banks, but I'm also looking for a lift from tax reform, which I still have confidence in despite other issues in Washington D.C. Banks have also finally overcome capital constraints and should be lending more freely moving forward, allowing for more robust home and auto sales and other spending.

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How to think of the oil market over the next several years.

It wasn't good news for oil bulls and those hoping the market was experiencing a sustainable turnaround, concerning a report from the IEA that OPEC's compliance with the production cut deal plummeted to 78 percent in June.

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This month, Ecuador joined a host of other OPEC countries in pumping over their production cut limit. This comes after, I think this came out one or two days ago, but OPEC's compliance with cuts slumped this past month.

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Oil rose as Saudi Arabia said it would make deep cuts to its crude exports in August and encourage better compliance with supply reductions from other producers.

Oil remains in a bear market amid concern that rising global output will offset curbs by members of the and its allies, including Russia.

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Saudi Arabia Takes Brunt of New OPEC Restrictions [0.02]

Posted on July 24, 2017, 1:40 p.m. by 24/7 Wall St. @ [source]

It’s no secret that the production cuts initiated in January by the Organization of Petroleum Exporting Countries (OPEC), Russia and their allies have done little to raise the price of crude oil. To combat rising production in Nigeria and Libya, the cartel is now turning its attention to crude oil exports, according to a report from Monday’s meeting in St. Petersburg.

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Meanwhile, the International Monetary Fund (IMF) retained India's economic growth projections at 7.2% in 2017-18, up slightly from 7.1% in the previous year.

Companies including Delta Corp, GIC housing Finance, Hudco, I G Petrochemicals, Indiabulls Real Estate, IRB Infrastructure Developers, Just Dial, L&T Infotech, M&M Financial, Zee Learn, Excel Crop Care, Flexituff International, Gulf Oil, Info Edge, JM Financial, Navkar Corp, NELCO, Patel Engineering, Petron Engineering Construction, Swaraj Engines, Tata Communications, Texmaco Infrastructure, Texmaco Rail, Vinyl Chemicals, Wendt India among others announce their results and stock specific action could be seen in these counters.

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When oil producers meet Monday, their alliance will look frayed, showing just how tough their goal of stabilizing the world oil market has been, analysts say.

There is much focus on the meeting of the five-member Joint Ministerial Monitoring Committee, set up to oversee compliance of the deal struck by OPEC, Russia and others as an effort to boost world oil prices.

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Oil prices fell more than 2 percent on Friday, wiping out the week's gains after a tanker-tracking firm reported supply from OPEC is rising.

OPEC's July oil supply was set to rise by 145,000 barrels per day (bpd) compared to June, Reuters reported citing data from PetroLogistics, a company that tracks OPEC supply forecasts.The increase in oil supply would push production above 33 million barrels per day.

barrel fell Friday gain oil OPEC PetroLogistics production reported supply

 

Oil prices fell more than 2 percent on Friday, wiping out the week's gains after a tanker-tracking firm reported supply from OPEC is rising.

OPEC's July oil supply was set to rise by 145,000 barrels per day (bpd) compared to June, Reuters reported citing data from PetroLogistics, a company that tracks OPEC supply forecasts.The increase in oil supply would push production above 33 million barrels per day.

barrel fell Friday gains oil OPEC PetroLogistics production reported supply

 

Oil is dropping on a report of rising OPEC supply [-0.01]

Posted on July 21, 2017, 12:03 p.m. by Finance @ [source]

U.S. crude prices fell 1 percent Friday in a sudden move after a report said supply from OPEC is rising.

barrel crude fell Friday oil OPEC production report sudden supply

 

On Wednesday the U.S. Energy Information Administration (EIA) will report the status of the country’s commercial inventories of crude oil and refined petroleum products. Oil traders are behaving Tuesday as if the party that started with rising prices last week is back in full swing.

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