International Organizations
OPEC
*Asia showing signs of stronger demand in H2 2017. Brent crude futures, the international benchmark for oil prices, were at $51.12 per barrel at 0711 GMT, up 9 cents from their last close but still set for a weekly drop of some 2 percent. The Organization of the Petroleum Exporting Countries, together with non- OPEC producers like Russia, has pledged to restrict output...
Rising crude oil output from U.S. shale fields will continue to disrupt OPEC efforts to rebalance supply and demand, says John Driscoll, chief strategist, JTD Energy Services.
"If inventory declines continue at this pace, stocks will fall back below the five-year average in around two months," said William O'Loughlin, investment analyst at Australia's Rivkin Securities. "The pace of the declines indicates that the OPEC production cuts are having an effect, although the current oil price suggests that the market is skeptical about the...
U.S. crude stocks fell for the seventh consecutive week last week.
*Iraq says it's complying with OPEC- led cuts. DUBAI/ LONDON, Aug 16- Oil exports from Iraq's southern terminals have fallen so far this month, suggesting the country is trying to step up compliance with OPEC output cuts, but it has a long way to go to match its peers in the producer group. If sustained, this would mean exports are down for a second month, giving weight to...
DUBAI, Aug 16- OPEC member Iraq has formed a joint venture with a shipping company owned by Arab states to transfer, store and trade crude and oil products, according to official documents and industry sources. AISSOT is owned by state firm Iraqi Oil Tankers Co and Arab Maritime Petroleum Transport Co, a pan-Arab company in which Arab oil producers such as Saudi...
LONDON, Aug 16- The rebalancing of the oil market desired by the leading producers has been a stubborn process, the International Energy Agency wrote in its latest monthly oil market report. Front-month WTI futures are currently trading at $47.87 per barrel which is almost unchanged from $46.58 on Aug. 16, 2016. For all the meetings of OPEC and non- OPEC ministers,...
CNBC's Jackie DeAngelis discusses the day's activity in the oil markets.
- US crude dips 4 cents to fresh 3-week low, settling at $47.55, on demand concern and dollar strength
The oil market extended losses from the previous session, when the dollar surged and a drop in Chinese refining activity raised concerns.
*OPEC production remains stronger despite promised cuts. LONDON, Aug 15- Oil prices fell on Tuesday, extending a heavy sell-off after a surge in the dollar and weighed down by signs of weaker demand in China, the world's second-largest consumer. Ample supply from big oil exporters, including members of the Organization of the Petroleum Exporting Countries and...
*OPEC production remains stronger despite promised cuts. LONDON, Aug 15- Oil prices slipped on Tuesday, extending a heavy sell-off after a surge in the dollar and weighed down by signs of weaker demand in China, the world's second-largest consumer. Ample supply from big oil exporters, including members of the Organization of the Petroleum Exporting Countries...
*OPEC production remains stronger despite promised cuts. LONDON, Aug 15- Oil prices slipped on Tuesday, extending a heavy sell-off after a surge in the dollar and weighed down by signs of weaker demand in China, the world's second-largest consumer. Ample supply from big oil exporters, including members of the Organization of the Petroleum Exporting Countries...
*OPEC production remains stronger despite promised cuts. LONDON, Aug 15- Oil prices steadied on Tuesday after a heavy sell-off following a surge in the dollar, and weighed down by signs of weaker demand in China, the world's second-largest consumer. Ample supply from big oil exporters, including members of the Organization of the Petroleum Exporting Countries...
*OPEC production remains stronger despite promised cuts. LONDON, Aug 15- Oil prices steadied on Tuesday after a heavy sell-off following a surge in the dollar, and weighed down by signs of weaker demand in China, the world's second-largest consumer. Ample supply from big oil exporters, including members of the Organization of the Petroleum Exporting Countries...
*China, Russia to get priority for Venezuelan oil if U.S. sanctions hit. SINGAPORE/ HOUSTON, Aug 15- Asia would be the biggest beneficiary of any potential sanctions by the United States on Venezuela's oil sector, said traders and analysts, as exports from the South American OPEC member could be redirected to the region, filling a vacuum left by producer supply cuts.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.
Automated trading has made it difficult to produce returns in the oil market with fundamental analysis, Andy Hall said.
DUBAI, United Arab Emirates— Kuwait says an oil spill has struck its waters in the Persian Gulf. Kuwait's state-run KUNA news agency reported late Saturday that emergency responders were working toward containing the spill near Kuwait's southern Ras al-Zour. Tiny Kuwait, an OPEC member nation, has the world's six-largest estimated oil reserves.
*IEA sees strong demand but weakened OPEC compliance with cuts. NEW YORK, Aug 11- Oil prices fell slightly on Friday after the International Energy Agency said weak OPEC compliance with production cuts was prolonging a rebalancing of the market despite strong demand growth. Brent crude was down 11 cents at $51.79 a barrel at 11:53 a.m. EDT, having earlier fallen...
Oil producers are losing their resolve to cap output just as their supply cuts are starting to rebalance the market, the IEA says.
