(FREE) Opec has offered its first forecast for global oil demand next year, predicting an increase of 2.7mn b/d to 103mn b/d on the back of "healthy global economic growth" and "improvements in geopolitical developments" -
#OOTT
#OPEC
#oil
Hi folks! Shifted gears and joined the breaking news desk of
@CNBCi
. Will be keeping an eye on markets - yes,
#oil
too! - and EMEA politics. DM inbox still open for tips. Happy Thursday!
Ending my last day at Argus with a lot of love for the swarm of talented, persistent and patient (they put up with me, sooooo) reporters and editors I've had the fun & delight of working with. A few links within for great folks to follow for your
#OOTT
needs -
#SaudiArabia
#oil
minister Abdulaziz bin Salman describes last night's extended
#OPEC
meeting involved "squashing the heads, squeezing the brains"
#OOTT
#Libya
's El Sharara has restarted output, with flows near 180kbd and some availabilities in Zawia stock + repairs on the Sarir-Tobruk pipeline have also finished -- four sources
#OOTT
Venezuelan crude has unloaded in Europe for the first time in almost two years, raising the possibility that one or more Mediterranean refiners have been granted US sanctions waivers to restart imports -
#Venezuela
#Europe
#OOTT
#oil
(FREE) Opec and non-Opec producers will hold an emergency video conference tonight to finalise a landmark two-year
#oil
output restraint plan that was drafted late last week, according to four
#Opec
sources.
#OOTT
with
@ncitayim
,
@RowenaCaine
(Free) Opec+ crude production increased last month but fell short of the 400,000 b/d agreed rise in quotas, as several members struggled to keep pace: Argus output survey -
#OOTT
#OPEC
#oil
(FREE) The 19 participants to the
#Opec
+ deal increased their collective crude
#oil
production by roughly 100,000 b/d in August, with higher output from Russia and Middle East producers offsetting declines in
#Kazakhstan
and
#Nigeria
- Argus survey:
Our
#OPEC
production estimates for January show the group's
#oil
output at a nearly four-year low, with compliant among the 11 deal participants at 88pc:
And talking about 20 years. With this OPEC 'meeting', I'm celebrating two decades covering OPEC gatherings. I blame OPEC for a lot of my grey hair |
#OOTT
(That picture I think is circa 2001 when the late Ali Rodriguez was secretary general. We used very chunk tape recorders!!)
Re Bazil +
#OPEC
- minister: "It is important that our technical crew analyzes the content of the document that we just received, the charter of the cooperation. It is part of our government protocol to do this."
#OOTT
More
#Libya
protests.
#Oil
loadings okay as of now - talk of the Es Sider port gate being closed (this does not have to ultimately affect terminal operations and exports -- protests at gates often don't).
#OOTT
Argus
#OPEC
#oil
production figures for December - many deliberate and involuntary reductions, while Venezuela saw a rare increase and Iraq climbed to a new high
#OOTT
#Libya
's crude
#oil
production has slipped below 800,000 b/d as maintenance in the east of the country compounds blockade-led shutdowns at four fields in the west -
#OOTT
Hi folks - just a small reminder, given spike in such DMs recently: I'm an
#oil
journalist. I'm not authorised to give financial advice, predict prices, mediate trade, procure or distribute commodities, buy/sell financial stock or, sometimes, tie my own laces. Thanks.
Happy New Year from Bucharest, Romania! Strength, luck, laughter, happiness and health to everyone, but particularly to those who've lost anyone to the pandemic.
May we all not run into the 'challenging' and 'unprecedented' times cliches in dark alleys in 2021 again.
#Opec
+ delegates have played down renewed calls for the producer group to accelerate the increase in its crude output, reiterating that the current
#oil
price rally is rooted in geopolitical tensions and underinvestment in new supply -
#OOTT
(free) The
#OPEC
+ coalition fell roughly 800,000 b/d short of its January target, an Argus production survey finds. Our latest figures within:
#OOTT
#oil
#SaudiArabia
's Abdulaziz bin Salman, asked when he will disclose if the kingdom's voluntary 1mn b/d July cut will be extended: "Why do you deny me the right to keep people in suspense? It’s a privilege."
(free)
#OPEC
production plunged to the lowest on Argus record in June, when three Mideast Gulf countries volunteered additional cuts and other producers improved their output restraint.
Our OPEC June crude
#oil
output survey figures & copy below:
#OOTT
#Opec
+ statement adjusts two-year output plan as follows:
- 9.7mn b/d cut for May-June
- 7.7mn b/d for July-Dec
- 5.8mn b/d for Jan 2021-April 2022
#OOTT
#Opec
output rose to a three-month high in March, in the final month of the Opec+
#oil
production restraint agreement -- our March survey figures below:
#OOTT
Wave of further cuts from several OPEC member countries today. Move co-ordonated but 'voluntary' - unilateral, not group-wide - meaning it's not an official OPEC policy. JMMC meets tomorrow. There is precedent, but not to this scale.
#OPEC
#UAE
Suhail al-Mazrouei, on whether Russia can be trusted to implement cut: "Some of the things that we have seen from Russia on a technical basis (...) doesn’t add up from some of the independent sources, and we will be reaching out to those independent sources."
Back in (beautiful) Vienna for a hopefully not breakneck two days of
#OPEC
ministerials. Pleased to report the population to bakeries ratio remains roughly 1:1. Will pay careful respects to the OPEC stairwell.
#China
's Zhenhua books giant 48mn bl/year five-year Basrah term tender from
#Iraq
's Somo: six trade sources. Tender included a prepaid one-year period estimated at $2bn. Story link upcoming.
#OOTT
The Swedish government has asked parliament to approve a cut in gasoline and diesel taxes, the latest in a string of state interventions around the world this month to sustain demand as energy prices soar -
#OOTT
#Sweden
#oil
#Libya
's GNA has agreed to pay the salaries of Petroleum Facilities Guard currently on strike at Marsa el-Hariga. Tomorrow, to see the situation at Es Sider / Ras Lanuf.
#OOTT
#oil
#Libya
's
#Oil
production currently at 1.15mn b/d, according to industry sources. The level is above Libya's Argus-estimated 980kb/d for its January average.
#OOTT
#OPEC
Some
#OPEC
+ delegates say nothing heard on the output cut plan in the wake of
#G20
talks. One says talks likely ongoing among producers. Happy Saturday,
#OOTT
.
You can hear the horrified anticipation of PUBLISH buttons worldwide, waiting to be battered by a battalion of editors the second Brent crosses $90/bl.
OPEC Secretary General, HE Mohammad Sanusi Barkindo, passed away yesterday in his home country Nigeria. He was the much-loved leader of the OPEC Secretariat and his passing is a profound loss to the entire OPEC Family, the oil industry and the international community.
#Libya
's Mesla field back online after a technical hiccup forced shutdown last night. Still 30,000 b/d of crude
#oil
production targeted for the 10,000 b/d Sarir refinery + storage.
#OOTT
Four European refiners have asked to leave their annual Saudi crude term contract volumes unchanged in 2022, while another in the region has requested an increase, trading sources said -
#OOTT
#oil
#SaudiArabia
#Brazil
's state-run producer Petrobras said it has signed an agreement to supply 12mn bl of crude to Indian refiner IOC over a six-month period -
#OOTT
#oil
#Libya
's 300kbd El Sharara field is in the process of shutting down because of another valve closure along the pipeline linking it to Zawia, sources say. Force majeure has not been declared at this time -
#OOTT
#oil
#SaudiArabia
's Aramco Trading (ATC) is operating a crude-for-products swap with Greek refiner Motor Oil Hellas, in a deal that will help diminish the kingdom’s reliance on crude for domestic use and increase its
#oil
export availabilities -
#OOTT
#OPEC
The two-year output restraint plan forged by the
#Opec
+ group during emergency talks yesterday could boost
#oil
prices by $15/bl in the short term,
#Nigeria
's oil minister
Timipre Sylva said today -
#OOTT
#US
Donald Trump presser response on helping with
#Mexico
's
#OPEC
+ production cut quota - thread, if I figure out how:
#OOTT
“I explained, you’re going to be selling it for $5 or $10/bl, so in the end it’s bad. But he did have some political difficulty with it, frankly" -
Our
#OPEC
production figures for February below.
Noteworthy - Venezuela shedding its January gains, more MidEast losses, Iran output still considerable and Iraq's slip from the record high of December-January:
#oil
#OOTT
Marsa el-Hariga port closed by protesters, shipping sources say. Bear in mind these outages can be very short-lived and important to see if it's a long-term stop.
#OOTT
#Libya
#oil
Hi. Another rare serious note, and a regular reminder: please do not approach journalists (or at least me) with requests for financial advice. We can't and should not issue it. We have privileged access to financial information, and it would be ethically unsound to advise.
One Opec+ delegate said Russia's concerns about further cuts are linked to its belief that falling global oil demand growth can be resolved through financial stimulus packages, and not reactionary oil market measures.
#US
president Donald Trump touched on
#oil
in talks with
#Russia
's Vladimir Putin and
#SaudiArabia
's MbS, says might join a 'get-together' if need be.
Quotes in thread
#OOTT
#Libya
's NOC has just declared force majeure on Hariga exports, following reductions in Agoco production. Sarir and al-Bayda both believed down -
#OOTT
#oil
#Libya
's Agoco-operated 200,000 b/d Sarir field shut down roughly two days ago. Total Agoco
#oil
output is now below 90 kb/d, with the 8 kb/d Hamada online and the Mesla field at 79 kb/d. Al-Bayda is also shut down, Nafoora field status uncertain -
#OOTT
The Caspian Pipeline Consortium, operator of the pipeline used by
#Kazakhstan
to export most of its crude, has reported a "significant decrease" in shipments through the Tengiz-Novorossiysk pipeline system -
#OOTT
#Saudi
Arabia's energy minister Prince Abdulaziz bin Salman said further releases from strategic petroleum reserves are in US hands. Global
#oil
prices are above levels that pushed key buyers to announce a co-ordinated draw in Nov - w
@ncitayim
-
#OOTT
(free) Protesters have shut down Libya's El Feel
#oil
field, with state-owned NOC now declaring force majeure. Further demonstrations at Zueitina port also threaten output, if the latest vessel is not allowed to load -
#OOTT
Breaking from
#OPEC
for a bit of ship nerdery:
#Iraq
's BOT has started its Basrah Medium crude
#oil
loads & co-loads, with a Basrah Medium & Heavy co-load sailing even yesterday 😍
#OOTT
#Libya
's
#oil
production drop deepens, with a 450kb/d loss attributed to the Ras Lanuf and Es Sider outages, while technical faults at Agoco fields add another unspecified volume decline on top -- NOC's Sanalla
#OOTT