Heroes of Ukraine

«Market Leader» - news and previews making you rich.

Monday, 27 March 02:36 (GMT -05:00)



Stock and commodities markets

OPEC's Oil Production Saw Record Highs In September 2016


According to the recent research conducted by Bloomberg, OPEC’s oil production reached a new high in September 2016. To be more specific, OPEC is reported to have been producing 33,75 million barrels a day over the reporting period.
 
 
The record high production of crude oil within the scope of cartel has to do with considerable production growth seen in Libya and Nigeria over the reporting period. For those of you who don’t know, the similar data taken for the previous month report 33,24 barrels a day, which means that OPEC’s oil production increased by as much as 170 thousand barrels a day in a matter of 4 weeks.
 
According to Masterforex-V Academy, the increase took place mainly thanks to the mentioned production hikes in Nigeria and Libya by 190K barrels a day and 340k barrels a day respectively. At the same time, Angola and Saudi Arabia saw their production shrink a little bit 40K and 60K barrels a day respectively. As for Iran, local oil companies only increase their production by 10K barrels a day, all the way up to 3,63 million barrels a day.
 
However, this seem to be the end of it, at least for the near future. OPEC members are not going to set new production highs in the coming months. The thing is that they reached an agreement to cut their production in order to back a stronger market. This happened on September 28th, during the unofficial summit in Algeria.
 

 

All in all, the cartel decided to cut the total production from 33 million down to 32,5 million barrels a day. For now, this is all we know about the agreement. Still, this agreement is yet to be signed officially during the forthcoming official summit this fall. They say that Nigeria, Libya, and Iran are the only OPEC members to be allowed to avoid production cuts since their production used to be limited for years. They will still be producing crude oil at the same level, but if they decided to increase it, this is definitely going to be capped.

 

You are free to discuss this article here:   forum for traders and investors

 

Add to blog
Got a question? – Ask it here »
 

Brent Oil Drops Below $50/b For The First Time Since November 2016

Today, on March 22, the price of one barrel of Brent oil dropped below $50 for the first time since November 2016. The thing is that crude oil prices crashed almost instantly after another weekly report indicated an increase in U.S. crude oil inventories, Market Leader reports.

 

 
Publication date: 22 March 11:57 AM

WTI Oil Prices Drop Below $50/b

The cost of the WTI crude oil produced in the United States has dropped below the threshold of 50 dollars per barrel. This is reported to be the lowest price level since December 2016. Strange as it may seem, all of that happened despite the attempts made by the world’s leading oil producers to cut their oil production according to the so-called Vienna Accord aimed at restoring the market balance and push oil prices higher.
 
Publication date: 11 March 03:32 AM

OPEC Doesn't Like Russia's Pace of Oil Production Cut

As expected by international experts, the ambitious plan of cutting oil production by OPEC and other oil producers led by Russia are seeing some difficulties during the implementation phase. The OPEC is indicating slower-than-expected oil production cuts in 4 non-OPEC countries participating in the agreement.

 

 

 

Publication date: 19 February 08:29 PM

Mexico & US Cotton Trade Post-NAFTA - Dukascopy TV

2017 is a good year for Cotton farmers.

Louis Rose, President of Risk Analytics

Publication date: 15 February 03:29 AM

«A Trump Weak USD Good For Gold» - Dukascopy TV

Have fundamental drivers for gold changes since Donald Trump gained presidency?

Alasdair Macleod, Gold Money

Publication date: 15 February 03:25 AM

A Macro Insight to Moving Crude Prices - Dukascopy TV

Will Shell producers keep pumping oil?

Chris Kairinos, Rand Merchant Bank

Publication date: 15 February 03:22 AM

Economic Calendar by Dukascopy 15.02.2017

Wednesday, the 15th of February, is a busy day, so let's take a closer look with the Economic Calendar.
UK Labour Report for January is up first at 9:30 AM. The unemployment rate has stood at the same low level for the past 3 months, although it has had little effect on monetary policy.

Publication date: 15 February 03:17 AM

Economic Calendar by Dukascopy 14.02.2017

Tuesday brings plenty of high importance news releases, so let's take a closer look with the Economic Calendar.
The closely watched preliminary reading of German fourth quarter GDP is up first at 7. The third quarter data surprised on the downside, posting the weakest growth in 2 years.

Publication date: 14 February 05:00 AM

Could Canada Get Silicon Valley From Trumps H1B Visa Policy - Dukascopy TV

Policies that discourage immigration to the usa could be good for Canada if our policy makers take advantage of them.

USD/CAD Krishen Rangasamy, National Bank of Canada

Publication date: 13 February 07:21 AM

Economic Calendar by Dukascopy 13.02.2017

Hello traders, you're watching the Dukascopy Economic Calendar for Monday, the 13th of February.
The schedule actually starts on Sunday, as the closely watched preliminary fourth quarter Japanese GDP is out at 11:50 PM. The third quarter data came in stronger than expected, following a point 2% gain the previous quarter.

Publication date: 13 February 06:04 AM