57775
Oil Prices Slide
Energy

Oil Prices Slide

Oil prices fell on Wednesday on expectations that US producers would boost output.
Brent crude futures, the international benchmark for oil prices, were down 82 cents $54.65 a barrel. US West Texas Intermediate crude oil futures were trading down 80 cents at $51.68 per barrel, Reuters reported.
US shale production is set to snap a three-month decline in February, the US Energy Information Administration said on Tuesday, as energy firms boost drilling activity with crude prices hovering near 18-month highs.
February production will edge up 40,750 barrels per day to 4.748 million bpd, the EIA said. In January, it was expected to drop by 5,900 bpd.
"It's the eternal question about the current flat price and what it does to US crude oil production," Petromatrix oil strategist Olivier Jakob said.
Representative Ryan Zinke of Montana, US president-elect Donald Trump's nominee for interior secretary, on Tuesday said he would consider expansion of energy drilling and mining on federal lands but would ensure sensitive areas remain protected.
Oil has drawn support from top crude exporter Saudi Arabia's commitment to cut output under the agreement between OPEC and other producers. A committee responsible for monitoring compliance with the agreement meets in Vienna on Jan. 21-22.
Under the agreement, OPEC, Russia and other non-OPEC producers have pledged to cut oil output by nearly 1.8 million bpd, initially for six months, to bring supplies back in line with consumption.
The output cuts agreed by OPEC and others are likely to come largely from field and refinery maintenance, BMI Research said in a note. It said oil producers are expected to use lower volumes needed for domestic power generation in a bid to maintain export volumes.
"Sticking to output targets is important but export volumes from the participating countries are a much better indicator of how the cuts will affect the market," it said.
"Participating members are keen not to sacrifice vital export revenue so are trying to find ways to limit domestic crude usage in order to prioritize filling their contracts to foreign refiners."

 

Short URL : https://goo.gl/k49feh
  1. https://goo.gl/4fj3A1
  • https://goo.gl/jll5at
  • https://goo.gl/gTx5kM
  • https://goo.gl/j6FzCQ
  • https://goo.gl/xyifl0

You can also read ...

Shell in Talks to Sell $2b Worth of Nigeria Assets
Royal Dutch Shell Plc is in talks to sell two Nigerian oil...
Germany Suggests India Continue Iran Oil Imports
Speaking to Indian TV, Germany voiced hope that India would...
Japan Will Face Higher Gasoline Prices After Halting Iranian Crude Purchase
Japan’s major oil distributors are considering halting oil...
Argentina to Export Natural Gas to Chile
Argentina will begin exporting natural gas to Chile from...
Egypt Hikes Gas Price by 75%
Egypt said on Saturday it was raising the price of natural gas...
Cheap Fossil Fuels Hinder Renewables Development
The key factor hindering renewable energy development in Iran...
NIDC Indigenizes  Eco-Friendly Well Test Burner
The National Iranian Drilling Company's experts have designed...
NPC Earns $3b in Q1
The National Petrochemical Company earned $3.1 billion in...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus