Monday, 28 May, 2018

Opec ties to oil allies will stretch through 2019

IEA: Oil prices to squeeze over shale boom Opec ties to oil allies will stretch through 2019
Preston Stone | 22 January, 2018, 12:38

Crude futures have climbed to highs not seen since the early days of a slump in December 2014, prompting some analysts to suggest the recent price rally could hasten the process of OPEC devising an exit strategy. The futures on USA light WTI crude oil with delivery in February rose by 0.17% to 63.48 Dollars per barrel, while the Brent variety with delivery in March appreciated by 0.20% to 68.75 USD per barrel.

Nonetheless, he did not expect the 14-member cartel to end its deal with 10 other allied producers in June. WTI marked a December-2014 peak of $64.89 a barrel on Tuesday.

OPEC's fear that another surge of shale oil could neutralize its production cuts might be coming true.

Saudi Energy Minister Khalid Al-Falih said that the main countries-participants in the agreement of the Vienna OPEC + deal agreed to continue cooperation after 2018, adding that the mechanism has not yet been determined.

Instead of agreeing an exit strategy, however, Opec and Russian Federation yesterday said they would maintain close ties to monitor the market's recovery as it emerges from one of its deepest ever oil price routs through next year too.

Explosive device detonates at Lake Wales mall, authorities say
Smoke billowed out from a corridor near one of the stores at Eagle Ridge Mall, in central Florida , following the blasts. They discovered an IED that ignited or detonated inside that service corridor as they went inside.

"There is a readiness to continue cooperation beyond 2018".

US drillers cut five oil rigs in the week to January 19, bringing the count down to 747, energy services firm Baker Hughes said on Friday. However, the number of working platforms in 2017 and at the beginning of the year is still higher than in 2016, resulting in a 16% increase in U.S. oil production from mid-2016 to 9.75 million barrels per day.

"During the last four quarters, the underlying global growth dynamic began to shift".

For now, OPEC's own analysis of the oil market isn't flashing any warning signs.

Bernstein Energy said on Monday that oil inventories might start rising soon due to a slowdown in demand that typically happens at the end of the northern hemisphere winter.

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