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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    The Energy Economy of the IAEA sets the most important oil challenges in 2019

    Rocky
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    The Energy Economy of the IAEA sets the most important oil challenges in 2019 Empty The Energy Economy of the IAEA sets the most important oil challenges in 2019

    Post by Rocky Sat 19 Jan 2019, 1:57 am

    [size=32]
    The Energy Economy of the IAEA sets the most important oil challenges in 2019[/size]
    The Energy Economy of the IAEA sets the most important oil challenges in 2019 Oil6

     Twilight News    

     one hour ago



    The International Energy Agency said that the growth of US oil production coupled with the global economic slowdown would put downward pressure on crude prices in 2019. This is a challenge to OPEC's determination to support the market by reducing supply.

    The agency, which coordinates energy policies with industrialized countries, said it kept its forecast for world oil demand growth this year unchanged at 1.4 million bpd. The Paris-based agency said in its monthly report that the impact of rising oil prices is fading, which will help offset the decline in economic growth.

    The Paris-based group said that after the drop in demand in the last quarter of last year, oil prices would "offer some incentive to boost demand," adding that "the mood in the global economy is not very cheerful" and acknowledged that the outlook could change.

    Oil prices rose above $ 85 a barrel in the second half of 2018 on concerns about a drop in oil supplies from Iran over new US sanctions. Brent crude fell to $ 50 a barrel by the end of 2018 due to an economic slowdown and increased US supplies, prompting the Organization of the Petroleum Exporting Countries (OPEC) to cut production in an effort to keep prices above $ 60 a barrel.

    Crude prices are still 30 percent lower than their October peak in four years, amid concerns over economic growth in the United States and China, the world's two largest oil consumers, according to Bloomberg. Trade dispute between them.

    International oil supplies fell by 950,000 barrels per day (bpd) in December, or about 1 percent, led by OPEC output cuts, even before the new cut-off deal comes into force in January, the agency said.

    Production growth outside the organization is slipping to 1.6 million bpd in 2019, after a record annual growth of 2.6 million bpd in 2018. But she said the United States would continue to increase production. "The United States, which tops the list of liquid producers already, will strengthen its leadership as the world's largest crude producer. By the middle of the year. US crude production is likely to be higher than Saudi Arabia or Russia. " The agency noted that Russia increased its oil production in December to a record level near 11.5 million barrels per day, and it is not clear when the production will decline.

    For its part, the Organization of the Petroleum Exporting Countries (OPEC) published a list of new levels of oil production cuts by its members and other major producers for six months to June, as part of the agreement recently signed by the Organization to reduce production.

    The organization also called on participating countries to redouble efforts to control supplies to ensure a stable oil market in 2019. In the first half of 2019, OPEC and other major oil producers will cut 1.195 million bpd to 43.874 million bpd.

    Production adjustments will be monitored by the Joint Ministerial Oversight Committee on a monthly basis, the organization said. She added that the next meeting of the Committee will be held on March 18 in Baku, Azerbaijan.

    Analysts said the United States would probably extend exceptions to sanctions on oil imports from Iran in May, but would reduce the number of exempted countries to appease big buyers China and India, and reduce the chances of rising crude prices.

    Washington surprised oil markets after granting exemptions to eight Iranian oil buyers when sanctions on oil imports began in November. Global Brent crude futures fell 22 per cent that month.

    Reducing the number of exceptions would restrict oil exports from Iran, OPEC's fourth largest crude producer, but the United States is unlikely to achieve the goal of cutting Iran's oil exports to zero, which it had set earlier. Analysts at the US-based Eurasia Group said on Thursday that China, India, Japan, South Korea and Turkey would likely get new exceptions after the current exceptions expire in May. That could curb Iran's oil exports by about 1.1 million bpd, and Italy, Greece and Taiwan would be eliminated from the list of current exceptions.

    "There are other geopolitical priorities that will curb the administration's desire to stop Iranian exports, particularly with the biggest buyers from Iran, China and India," analysts said.

    "The cuts are likely to have a strong and negative impact on the Iranian economy, since the administration of President Hassan Rowhani is planning its budget in the context of high and unrealistic forecasts of oil revenues," they said.

    Asian imports of Iranian oil fell to their lowest level in more than five years last November when US sanctions passed. China and India continued to import Iranian oil in November, while Turkey resumed imports in December. South Korea is expected to receive condensates from Iran this month after a four-month hiatus, while shipments to Japan are still awaiting approval from banks to handle payments to Iran.

    However, the US is unlikely to remove Iranian oil from the market altogether as the loss of these supplies will likely lead to an increase in oil prices that will not be politically acceptable.

    "Given the overall impact of oil prices on President Trump and the difficulty of forcing countries such as China and India to stop imports altogether, the White House will settle on a goal that does not reach the target," said Mike Tran, an analyst at RBC Capital Markets, Zero next time, although they may be able to bring down hundreds of thousands of extra barrels. "


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