Author Topic: Oil  (Read 97644 times)

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Offline M&M

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Re: Oil
« Sticky post on: January 13, 2012, 08:40:26 PM »


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« Last Edit: September 21, 2012, 03:32:45 PM by M&M »
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Re: Oil
« Reply #879 on: January 13, 2012, 08:40:26 PM »

Offline Moazzam

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Re: Oil
« Reply #880 on: September 29, 2016, 09:52:36 AM »
OPEC agrees modest oil output curbs in first deal since 2008

ALGIERS (Reuters) - OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.
"OPEC made an exceptional decision today ... After two and a half years, OPEC reached consensus to manage the market," said Iranian Oil Minister Bijan Zanganeh, who had repeatedly clashed with Saudi Arabia during previous meetings.
He and other ministers said the Organization of the Petroleum Exporting Countries would reduce output to a range of 32.5-33.0 million barrels per day. OPEC estimates its current output at 33.24 million bpd.
"We have decided to decrease the production around 700,000 bpd," Zanganeh said.
The move would effectively re-establish OPEC production ceilings abandoned a year ago.
However, how much each country will produce is to be decided at the next formal OPEC meeting in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia.
Oil prices (LCOc1) jumped more than 5 percent to trade above $48 per barrel as of 2015 GMT. Many traders said they were impressed OPEC had managed to reach a compromise after years of wrangling but others said they wanted to see the details.
"This is the first OPEC deal in eight years! The cartel proved that it still matters even in the age of shale! This is the end of the ‘production war' and OPEC claims victory," said Phil Flynn, senior energy analyst at Price Futures Group.
Jeff Quigley, director of energy markets at Houston-based Stratas Advisors, said the market had yet to discover who would produce what: "I want to hear from the mouth of the Iranian oil minister that he’s not going to go back to pre-sanction levels. For the Saudis, it just goes against the conventional wisdom of what they’ve been saying.".
Saudi Energy Minister Khalid al-Falih said on Tuesday that Iran, Nigeria and Libya would be allowed to produce "at maximum levels that make sense" as part of any output limits.
That represents a strategy shift for Riyadh, which had said it would reduce output to ease a global glut only if every other OPEC and non-OPEC producer followed suit. Iran has argued it should be exempt from such limits as its production recovers after the lifting of EU sanctions earlier this year.
The Saudi and Iranian economies depend heavily on oil but in a post-sanctions environment, Iran is suffering less pressure from the halving in crude prices since 2014 and its economy could expand by almost 4 percent this year, according to the International Monetary Fund.
Riyadh, on the other hand, faces a second year of budget deficits after a record gap of $98 billion last year, a stagnating economy and is being forced to cut the salaries of government employees.
OIL PRICE PRESSURES
Saudi Arabia is by far the largest OPEC producer with output of more than 10.7 million bpd, on par with Russia and the United States. Together, the three largest global producers extract a third of the world's oil.
Iran's production has been stagnant at 3.6 million bpd in the past three months, close to pre-sanctions levels although Tehran says it wants to ramp up output to more than 4 million bpd when foreign investments in its fields kick in.
Saudi oil revenue has halved over the past two years, forcing Riyadh to liquidate billions of dollars of overseas assets every month to pay bills and cut domestic fuel and utility subsidies last year.
"The Iranians have lived with a very tough macro backdrop for many years..." said Raza Agha, chief Middle East economist at investment bank VTB Capital. "So a sustained drop in oil prices has a more difficult social impact on Saudi."
However, with unemployment in double digits, Tehran is also facing calls to maximize oil revenues and President Hassan Rouhani is under pressure from conservative opponents to deliver a faster economic recovery.
Oil prices are well below the budget requirements of most OPEC nations. But attempts to reach an output deal have also been complicated by political rivalry between Iran and Saudi Arabia, which are fighting several proxy-wars in the Middle East, including in Syria and Yemen.
OPEC sources have said Saudi Arabia offered to reduce its output from summer peaks of 10.7 million bpd to around 10.2 million if Iran agreed to freeze production at around current levels of 3.6-3.7 million bpd.
Riyadh has raised production in recent years to compete for market share while Iran's output was limited by sanctions. Minister Zanganeh has said Iran wanted an output cap of close to 4 million bpd. Saudi output drops in winter when it needs less fuel than during summer, when cooling requirements spike.
When investing, pessimism is your friend, euphoria the enemy.

Offline Salammembers

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Offline Moazzam

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Re: Oil
« Reply #882 on: December 01, 2016, 08:58:45 AM »
OPEC members reach deal to cap oil output at 32.5 million bpd

Investing.com - The Organization of the Petroleum Exporting Countries reached an agreement on a deal to curb oil output following crunch talks in Vienna on Wednesday.
OPEC agreed to cap output at 32.5 million barrels per day, a cut of 1.2 million barrels a day.
In September, the producer cartel reached a preliminary agreement to cut production to between 32.5 million and 33 million barrels per day from current levels of 33.6 million barrels per day.
But rubber stamping a deal on the first OPEC supply cut since 2008 proved problematic during weeks of often strained negotiations, amid disagreements over which producers should cut and by how much.
The output deal will come into effect on January 1, 2017. The accord will last for six months, but can be extended and a decision will be made on May 25, 2017 when it is planned to review the agreement.
The 14-member cartel, which is responsible for a third of global oil production, is reining in output in a bid to reduce a global supply glut that has seen prices more than halve since mid-2014.
Confidence in non-OPEC participation in output reduction
The organization said the agreement was subject to Russia and other non-OPEC countries contributing a cut of another 0.6 million barrels per day.
In the press conference, OPEC president Mohammed bin Saleh al Sada said Russia has indicated that it will cut output by 300,000 barrels per day and that he was confident that the 600,000 total would be reached based on previous pledges by non-OPEC members.
Al Sada indicated that a meeting was scheduled in Doha for December 9 with non-OPEC producers to get the finalized rubber stamps, explaining that as those members did not belong to the cartel, OPEC could not personally make the agreement official. He insisted that he was confident of their agreement with the deal.
Member-agreed quota cuts
In response to a question, Al Sada further confirmed that Saudi Arabia had undertaken the largest cut, specifically 486,000 barrels per day.
According to the table showing the agreed cuts, that left Saudi Arabia's daily production at 10.058 million barrels per day (mpbd).
Furthermore it was agreed to Iran allow production to increase by 90,000 barrels to pre-sanction levels of 3.797 million barrels per day in a deal that was seen as a victory for Tehran.
Libya and Nigeria were also exempted from output cuts as their production has been hit by sanctions and attacks on oil installations.
In the second largest reduction in output, Iraq agreed to cut production by 210,000 barrels per day.
It was followed by the United Arab Emirates’ 139,000 barrel per day cut.
Among the rest of the members in decreasing order, Kuwait agreed on a 131,000 barrel reduction, Venezuela on 95,000, Angola by 87,000, Algeria by 50,000, Qatar by 30,000, Ecuador by 26,000, and Gabon by 9,000.
Of note, Indonesia voluntarily suspended its membership in the cartel. Al Sada explained that the country was a net exporter and that the other members had taken on the task of cutting to reach the 32.5 million target.
When investing, pessimism is your friend, euphoria the enemy.

Offline valueinvestorpakistan

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Re: Oil
« Reply #883 on: December 27, 2016, 07:08:25 PM »
The Pakistan Stock Exchange seems to have been the center of the oil industry performing well this year with a return of approximately 23.6% for the year. Here is what drove the oil industry on the Pakistan Stock Exchange to do so well - http://fintext.stocksfm.com/pakistani-oil-companies-bright-future-ahead/

Offline valueinvestorpakistan

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Re: Oil
« Reply #884 on: January 05, 2017, 08:34:05 PM »
With the recent spike in crude oil, Pakistani Oil & Gas Companies have given investors a lot of hope. Oil price (Arab Light) has rebounded by +70% in CY16TD to stand at USD 52.5/bbl after bottoming out at USD 21/bbl in Jan-16. Oil prices have surged up by +26% to USD 52/bbl since OPEC members first agreed on a production freeze to Aug-16 level, while recent uptick in oil price emanated from successful OPEC’s meeting in Vienna (Nov-16) to curb oil production to 32.5mn’bopd and allocation of cut for each member (effective from Jan-17). In addition, as per OPEC press release, an understanding has been reached where non-OPEC members will cut production by 0.6mn’bopd. This is the first production cut by OPEC members since 2008.

Watch these three oil companies: http://fintext.stocksfm.com/buy-oil-gas-companies-pakistan-stock-exchange/

Offline Farzooq

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Re: Oil
« Reply #885 on: March 11, 2017, 10:29:49 AM »
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