ESAI Energy: demand not inventories should drive OPEC+ decision
In an excerpt from its Global Crude Oil Outlook, ESAI Energy argues that inventories should not be used to justify further production restraint.
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In an excerpt from its Global Crude Oil Outlook, ESAI Energy argues that inventories should not be used to justify further production restraint.
The supposed cut of 1.2 million bpd by OPEC+ is larger than some had expected, although still some way of what is really required to bring the market back into balance.
Highlights include crude oil price movements, world oil supply and stock movements.
The historic OPEC agreement from late 2016 to curb production has recently exceeded targeted compliance by 152%.
BP has signed a deal with the Iraqi government to begin revitalising the Kirkuk oilfield, as reported by the Financial Times on Friday.
WorleyParsons has been awarded the project management and front end engineering and design (FEED) services for the offshore oil and gas facilities portion and the onshore upstream and downstream pipelines portion of Saudi Aramco’s Marjan Oil Field Development Program.
EIA now forecasts Brent crude oil spot prices to average US$51/bbl in 2017 and US$52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be US$2/bbl lower than Brent prices in 2017 and 2018.
In its annual account of global oil resources, Rystad Energy finds that Saudi Arabia has added enough recoverable oil resources to regain its top position ahead of the United States and Russia.
Amec Foster Wheeler has announced that it has been awarded a contract by Saudi Aramco, for facilities required as part of the integrated oil and gas expansion of the Marjan offshore and onshore oilfield in the Eastern province of Saudi Arabia.
Nizam Hamid, Head of Strategy in Europe at WisdomTree, considers how today's OPEC meeting will affect the volatility of the oil price.
Sam Wahab, director of oil & gas research at Cantor Fitzgerald Europe, comments on this week’s Opec meeting and the planned listing later this year of Aramco by Saudi Arabia.
Oil prices could touch highs last seen in April when the Organisation of the Petroleum Exporting Countries (Opec) convenes its next meeting in Vienna on 25 May, WisdomTree’s Nizam Hamid has said.