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Oil Prices Keep Rising

Source: www.gulfoilandgas.com 12/14/2016, Location: Europe

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Oil futures settled at their highest level since July 2015 after an energy watchdog lifted its demand forecast for this year and predicted that planned output cuts by major oil-producing nations will stabilize prices.

On December 13th, the price of Brent crude oil rose to $56 per barrel, the highest level since mid-2015. The impetus Russia, Kazakhstan and a few other countries agreed to voluntarily cut their oil output, following a landmark deal in November by OPEC - which includes Saudi Arabia, UAE, Kuwait, Iraq, and Iran — to limit its own production.

OPEC in late November agreed to slash production by 1.2 million barrels a day. Over the weekend, 11 non-OPEC countries including Russia agreed to cut their output by 558,000 barrels a day. The total sum represents almost 2% of global supply.

The Qatar’s QP, Saudi Arabia, UAE’s ADNOC, Kuwait’s KPC companion’s oil production would fall from January 2017 in line with last month's agreement members to cut output. All started advising our customers of the expected reductions in oil deliveries to ensure the State's compliance with OPEC's allocations. On the other hand, Iraq & Iran announced that they shall increase their current production levels slightly.

The U.S. shale patch is expected to increase by 2,000-barrel-per-day in December 2016 and is, more importantly, the first overall monthly increase since April 2015.

Oil News in Austria >>

Saudi Arabia >>  12/11/2017 - Saudi Arabia, the world’s top oil exporter, will supply full contractual volumes of crude to five North Asian refiners in January, unchanged from the ...
Iraq >>  12/6/2017 - The head of Iraq’s state oil marketer SOMO is currently holding talks in Iran to determine a start date for oil exports from Iraq’s Kirkuk oilfields, ...

Kuwait >>  11/29/2017 - Oil requirements also increased in Kuwait and the UAE by 3% and 2%, respectively, y-o-y as growth in the transportation fuels appeared to be the main ...
Austria >>  11/21/2017 - Non-OPEC supply in 2018 was revised down by 94 tb/d compared to last month’s analysis to average 58.54 mb/d, and now is expected to grow at a slower p...

Iran >>  11/21/2017 - Iran’s oil minister said on Monday that a majority of OPEC members support extending output cuts but a final decision will be taken at their next meet...
India >>  11/20/2017 - In September, India’s crude imports dropped from a month earlier by a slight 22 tb/d, to average 4.3 mb/d. Y-o-y, crude imports reflect a drop of 57 t...

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