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xResearch

Active Member
Apr 9, 2017
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#21
Oil prices build on gains on expectation of extended crude supply cut

Oil prices rose on Tuesday, extending gains after a joint announcement by top producers Saudi Arabia and Russia to push for an extension of supply cuts until the end of March 2018. n order to rein in a glut, Saudi Arabia and Russia said on Monday that they agreed the need for a 1.8 million barrels per day (bpd) crude supply cut to be extended for nine months, until the end of March 2018.However, there is no final deal yet despite the pledge by Saudi Arabia -the world's top exporter and de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC) - and top producer Russia, as the 12 remaining OPEC members and other producers participating in the cuts have to agree to the extension during a meeting on May 25. Click here for more
 

xResearch

Active Member
Apr 9, 2017
1,537
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#22
Oil drops on rising U.S. crude inventories, defies expected supply cut extension
Oil prices fell 1 percent on Wednesday after data showed an increase in U.S. crude inventories, stoking concerns that markets remain oversupplied despite efforts by top producers Saudi Arabia and Russia to extend output cuts. U.S. crude oil inventories rose by 882,000 barrels in the week ending May 12 to 523.4 million, compared with analyst expectations for a decrease of 2.4 million barrels, data from industry group the American Petroleum Institute (API) showed on Tuesday. Click here for more
 

xResearch

Active Member
Apr 9, 2017
1,537
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#23
OPEC set to prolong oil cuts as delegates predict smooth meeting
OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the deal reached in December in which OPEC and 11 non-members, including Russia, agreed to cut output by about 1.8 million barrels per day (bpd) in the first half of 2017.The decision pushed prices back above $50 per barrel, giving a fiscal boost to major oil producers.
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xResearch

Active Member
Apr 9, 2017
1,537
1
38
#24
OPEX extends oil output cut by nine months

OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years. By 1050 GMT, Brent crude had fallen 1.5 percent to around $53 per barrel as market bulls were disappointed OPEC would not deepen the cuts or extend them by as long as 12 months. OPEC oil ministers were continuing their discussions in Vienna Click here for more
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#25
Crude oil upside capped at $55 as Opec disappoints investors

Oil prices saw very choppy action last week and ended up closing lower despite the Opec extending its output cuts for another nine months. The selloff was partly due to fact that the cuts were not deepened and partly because a 9-month extension was already factored in before the actual announcement. US rig count continued to increase and its oil production is now near the highest since August 2015. Click here for more
 

xResearch

Active Member
Apr 9, 2017
1,537
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38
#26
US crude settles at $48.32, down 2.7%, as rising Libya output stokes supply fears
Brent crude oil prices fell to a three-week low on Wednesday on news that Libyan output was recovering.

Libya's oil production has risen to 827,000 bpd, climbing above a three-year peak reached earlier this month, the National Oil Corporation said U.S. output has climbed to more than 9.3 million bpd, close to top producers Saudi Arabia and Russia. Click here for more
 

xResearch

Active Member
Apr 9, 2017
1,537
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#27
Saudi’s oil price hike to Asia may be self-harming

Saudi Arabia´s dilemma is shown quite neatly by its decision to raise crude oil prices for Asian refiners even though the kingdom is steadily surrendering market share in China, its biggest customer.

Saudi Aramco, the state-owned oil company, lifted the official selling price (OSP) for its benchmark Arab Light grade to Asian refiners by 60 cents a barrel for July shipments, according to a statement released on Sunday. Arab Light cargoes for July will now be sold at a discount of 25 cents a barrel to the Oman-Dubai crude price, up from a discount of 85 cents for June shipments.

The increase in the OSP had been expected by the market, although it was by a wider margin than forecast in a Reuters survey of six Asian refiners and traders, with the increase of 60 cents beating even the top estimate of 50 cents in the poll.

Saudi Aramco sets the OSP based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.

https://www.thenews.com.pk/print/208778-Saudis-oil-price-hike-to-Asia-may-be-self-harming
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#28
Energy exports a lifeline for boycott-hit Qatar
A Saudi-led diplomatic and economic blockade against Qatar may threaten food imports but the tiny emirate still has a lifeline through its gas and oil exports, experts said Tuesday. Click here for more
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#29
Oil edges down as OPEC sees market rebalancing at slower pace
Oil prices edged down on Tuesday after OPEC reported an increase in its production for May despite a supply cut agreement and said the oil market was rebalancing more slowly than expected. Click here for more
 

xResearch

Active Member
Apr 9, 2017
1,537
1
38
#30
Saudi stocks rise after new heir named
The Saudi stock market was up four per cent Wednesday on news that King Salman had named his powerful son as heir and that the exchange had moved closer to joining a major global index. The Saudi Tadawul index, the largest in the Middle East, surged 4.12pc in early afternoon trading after Salman ousted his nephew as crown prince and installed his son Mohammed bin Salman. Click here for more

Oil falls again, despite decline in US crude supplies
Oil prices fell further Wednesday, with the international benchmark for crude sliding below $45 a barrel. Click here for more