|Arab and international|
Economy News _ Baghdad
Oil prices rose above $ 55 for the first time since last April, strongly supported by the latest reports of the International Energy Agency, which revealed the success of the plan, "OPEC" in cooperation with independent producers to restrict the supply of oil and expected a corresponding surge in growth in demand for crude oil to accelerate the restoration of balance In the market. The US Petroleum Institute said US oil inventories rose nearly double the levels expected last week, refineries cut production after Hurricane Harvey while gasoline stocks and distillates fell. Crude oil inventories jumped by 6.2 million barrels in the week ending September 8 to 468.8 million barrels, while analysts had forecast a 3.2 million barrel increase. Oil inventories at the Kashing delivery center in Oklahoma rose 1.3 million barrels .
Crude oil consumption fell 424,000 bpd, and gasoline stocks fell 7.9 million barrels last week, while analysts polled forecast a 2.1 million barrel decline. "Distillate stocks, including diesel and heating oil, fell by 1.8 million barrels while 1.5 million barrels were expected to fall, and US crude oil imports last week fell by 95,000 barrels to 7.1 million bpd," the institute said. The US Forbes report said Houston-based energy companies and other companies were currently experiencing minor delays, not a major delay as Southeast Texas accelerated recovery from hurricane damage, officials said. Executives in the energy industry and bankers in investment banks.
Houston is home to 500 energy companies, including ConocoPhillips, and is a major hub for ExxonMobil, Royal Dutch Shell and Chevron. The report also revealed the ongoing impact assessment of the impact of the hurricane on the conditions of energy companies, as well as examining and helping people in their work affected by the destructive force of the hurricane. "The impact of the Hurricane hurricane in the company was very small," said Kevin Boyle, CFO of Florex, a Houston-based company. "Fluoresx distributes specialized industrial pipes, valves, Equipment and related technical solutions for the energy and crude oil industries. "
"The major energy companies were damaged by the hurricane's production disruptions, but the hurricane did not destroy its operations in the oil fields of the Gulf of Mexico and South Texas," the report quoted a banker specializing in energy investment in upstream projects as saying. "The biggest factor we focus on It strongly is currently the people and meet their personal needs before focusing again on the resumption of full-capacity work. " The International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC) have agreed on good demand growth over the next two years, especially in Asian and European markets. The five ministers on production control are preparing for a new meeting in Vienna on November 22 to discuss opportunities. Raise compliance with production reduction quotas and conduct preparatory and high-level contacts and consultations for this purpose.
"The report of the International Energy Agency (IEA) has been broadly positive and supportive of the OPEC plan of action and reinforces the agreement to reduce production, despite the widespread skepticism campaigns that have taken place," said Ross Kennedy, managing director of the UK's Keha Petroleum Services Group. suffered from the start in its application in January.
Kennedy said that "rapid demand growth in parallel with the restriction of oil supply would achieve producers goals in a stable and balanced market in the near term, especially that US production will continue to face the consequences of hurricanes Harvey and Irma for several months to come reducing factors The negative pressure and the idle plan OPEC and its independent partners.
"Opportunities for extension of production cuts have become very favorable and enjoy almost complete consensus among producers, which resulted from several talks held in recent days, including talks between the Venezuelan president and Iran, where the latter was likely to expand the agreement by adding new producers and approving this at the expanded producers meeting in Vienna, Next November. " Amrita Eng, Energy and Petrochemicals Manager at Aya Singhjour, explained that the extension of production cuts beyond March is almost certain in the light of Saudi and Russian consensus on this matter. Most of the speculation is in favor of extending the production reduction agreement to about Three months to the end of the second quarter of next year.
"Core countries have already announced their support for production cuts and Saudi Arabia, Russia, the UAE, Venezuela and Eran, which means that everyone is feeling good results to go ahead with the plan to cut production as prices recover relatively well above $ 50 a barrel and are likely to rise further before the end of the year, And countries have succeeded in achieving GDP growth despite a larger cut in quotas than Russia, whose output has increased 1.7 percent. " The strength of demand growth will lead to rapid erosion in stock levels and therefore the surplus stocks can be treated quickly to the appropriate levels at the average in five years, which began with its verification at the start of the agreement nine months ago, Eng said.
Oil prices are above $ 55 for the first time since April
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