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Why oil predictions are so wild right now–from $42 to $100 a barrel

Predictions range from a 20-percent reduction (to roughly $42 a barrel) to an exuberant 100-percent increase ($100) by next year. It’s enigmatic that perceptions of market experts are so enormously divergent with regard to the price of any commodity. It is doubly disconcerting given the disproportionate impact energy prices have on economies — especially economies in desperate need of fuel-injection themselves. While securing a solid grip on future oil prices is not a new dilemma, the current diversity and disparity of opinion is. It’s a situation exacerbated by President Donald ...

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Shale oil ‘a form of non-Opec competition’, says al-Attiyah

Shale oil is “a form of non-Opec competition just as any other non-Opec oil producer is”, said HE Abdullah bin Hamad al-Attiyah, former Deputy Prime Minister and Minister of Energy and Industry. On a global liquids supply level of around 95mn barrels a day, shale (tight crude and unconventional NGL) represents around 7%, al-Attiyah said at the ‘Abu Dhabi Roundtable’ hosted by New York University (NYU) Abu Dhabi Institute in collaboration with the University of Oslo. The chairman of Abdullah Bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development ...

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Expert: Oil prices can reach $60-65 per barrel

Dmitry Marunich, Co-Chair of the Energy Strategies Foundation expected the crude prices to reach $60-65 per barrel by the end of the year. Marunich told Trend that most of the participants in the negotiations on the limitation of oil production will most likely support the extension of the agreement. The expert is sure that the deal on oil output cut can be extended in case there is no demarche of any of the largest producers. The OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output ...

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Mexico Seeks New Home for Oil Amid Weak Gulf Coast Demand

Shipments of crude to the U.S. from Mexico fell to a new low last week, extending a trend that goes back to when the Energy Information Administration began compiling preliminary weekly import data in June 2010. Imports totaled 290,000 barrels a day, a 43 percent weekly drop, amid weather-related closings at Mexico’s key export ports between April 5 and April 7, according to Mexico’s state-owned oil company, Pemex. Volumes returned to normal levels the following week, indicating that the fall was due to port closures, said a Pemex spokesman who ...

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Oman storage deal with Iraq boosts oil-trading strategy

Oman is set to sign a strategic oil storage deal with Iraq this week, part of the sultanate’s broader aim to expand as an oil-trading hub with easy access to Asian trade routes. The memorandum of understanding will not specifically commit Iraq’s state oil company to any commercial terms but it adds another element to Oman’s plan, set out in last year’s royal decree, to expand the Duqm special economic zone by 15 per cent to 2,000 square kilometres, including storage facilities at the Ras Markaz Crude Oil Park and ...

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Russia Reduces Oil Production by 250,000 Barrels Daily in April – Novak

The Russian energy minister said that Russia had cut down its oil price production by 250,000 barrels daily in April as compared to its October output. Russia has cut down its oil price production by 250,000 barrels daily in April as compared to its October output, Russian Energy Minister Alexander Novak said. “We have reached the level of oil production reduction of 250,000 barrels daily to date. According to the plan, we shall reach the level of 300,000 barrels by end of April,” he told reporters. Novak added that Russia ...

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API: Petroleum Demand Last Month Highest For March Since 2008

Total petroleum deliveries in March moved up 0.2 percent from March 2016 to average nearly 19.7 million barrels per day. These were the highest March deliveries in nine years, since 2008. For the first quarter of 2017, total domestic petroleum deliveries, a measure of U.S. petroleum demand, were up 0.4 percent compared with the first quarter of 2016 to average 19.5 million barrels per day. These were the highest first quarter deliveries since 2008. According to the U.S. Bureau of Labor Statistics (BLS) April 7, 2017 report, the U.S. added ...

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Canada’s oil sands acquisition pool dwindles as global firms flee

As international energy companies retreat from the Canadian oil sands sector because of depressed oil prices, a fast-shrinking universe of potential buyers may leave some stranded in the high-cost, capital-intensive sector. Global producers are bailing on their oil sands investments due to higher development costs, limited export pipeline capacity to get crude to market and concerns about high carbon emissions in the sector. International companies once drawn by the long-life assets that can produce for up to 50 years during the oil sector boom are discovering the economics do not ...

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Will Shale Keep the Lid on Oil Prices?

When OPEC agreed to cut production to help start reducing the global glut of crude oil, the markets cheered and prices started to stabilize around $50 a barrel. But the decision also spurred U.S. shale-oil producers to start drilling again, and drilling they have been. Data from Baker Hughes showed that at the beginning of April, the U.S. oil rig count rose 683 units. This is the highest level since April 2015, according to Commerzbank. While the International Energy Agency estimates the global crude market is close to balance, the ...

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U.S. drillers add oil rigs for 14th week in a row -Baker Hughes

U.S. drillers added oil rigs for a 14th week in a row, extending an 11-month recovery that is expected to boost U.S. shale production in May in the biggest monthly increase in more than two years. Drillers added five oil rigs in the week to April 21, bringing the total count up to 688, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That is more than double the same week a year ago when there were only 343 active oil rigs. U.S. crude futures ...

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Next Opec meet crucial for oil market stability

The global energy industry has its eyes set on the next month’s crucial meeting between Opec and oil producers outside the organisation, as a global pact to cut production is very much on the cards. The Organisation of the Petroleum Exporting Countries (Opec), Russia and other producers agreed to cut production by 1.8mn barrels per day (bpd) for six months from January 1 this year to support the market. However, an Opec and non-Opec technical committee is believed to have recommended that producers extend a global deal to cut oil ...

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OPEC panel recommends 6-month extension of global output cuts – source

An OPEC and non-OPEC technical committee recommended that producers extend a global deal to cut oil supplies for another six months from June, a source familiar with the matter said, in an effort to clear a glut of crude that has weighed on prices. The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers originally agreed to cut production by 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market. Compliance numbers were also reviewed at the meeting in Vienna on Friday ...

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Goldman Says Ignore the Technical, Savor the Fundamental on Oil

Goldman Sachs Group Inc. says there’s no fundamental evidence in the oil market to justify this week’s selloff in prices. The bank finds the pace of declines in U.S. crude inventories encouraging, with an acceleration in draw downs expected through the second quarter as OPEC cuts output and demand grows, according to a report dated April 20. Meanwhile, a mid-week slide in prices was driven by crude trading through its 50-day and 100-day moving averages, Goldman said. Goldman is reiterating its confidence in oil at a time when investors are ...

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Middle East Crude-Medium grades sink further into discount

The Middle East crude market weakened on Friday with medium grades sinking further into discounts despite demand from refiners in Taiwan, India and Thailand. Brent’s premium to Dubai slipped for a third session to 73 cents a barrel, a new low since August 2015 and down 13 cents from Thursday, and is likely to spur demand for arbitrage supplies in Asia. *ARBITRAGE Oil buyers in South Korea are expected to take advantage of relatively cheap Brent against Dubai and step up purchases of low-sulphur crude in early third quarter, reducing ...

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Weak Diesel Recovery in 2017 and 2018

The recovery of diesel price spreads to crude that started this year will continue in 2018, according to ESAI Energy’s newly published Global Diesel Two-Year Outlook. But the recovery will remain sluggish, as global demand grows slowly. Exporters in Russia and the Middle East will have no trouble keeping up with the growth of Europe’s deficit, while Asian markets will remain similarly well-supplied. As the Outlook explains, global diesel demand growth will be weaker than the particularly strong annual average of 450,000 b/d in 2011-2015. Exporters should easily cover demand ...

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