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Wednesday, 22 November 04:47 (GMT -05:00)



Stock and commodities markets

OPEC Increases Oil Production To Highest Volume Since Early 2017


The OPEC’s average daily level of oil production saw another high in June 2017. To be more specific, they produced 260K barrels a day more than in May 2017. The biggest gainers in term of oil production were Libya and Nigeria. Those are the OPEC members that didn’t sign the so-called Vienna Accord, which is why they are not obliged to freeze their oil production.

 

 

 

 
In particular, Libya produced over 1 million barrels of crude oil a day in June. This is the highest production level seen over the last 4 years. By the way, in early 2017, this used to be 690K barrels a day.
 
At the same time, Iran produced over 3,9 million barrels of crude oil a day in June. This is the highest production level seen ever since the Western world canceled the sanctions against Iran and let it go back to the global market of crude oil.
 
At the same time, the experts interviewed by Bloomberg assume that both Libya and Iran still have reserves to boost their oil production even higher. The experts are concerned over the possibility of reducing to nothing the OPEC’s effort to curb the oversupply and support declining oil prices.
 

 

On July 4, crude oil got slightly cheaper against $49.5/b seen a day before. The thing is that American markets were closed for the holiday (the Independence Day in the USA). Another reason is that the market is waiting for the U.S. crude oil inventories report scheduled for July 6.

 

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Saudi Arabia Doesn’t Want Oil Prices to Grow Too Fast

Reuters reports that Saudi Arabia doesn’t want oil prices to grow too fast. This is what Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid A. Al-Falih told during his speech at the UN Climate Change Conference 2017 in Bonn, Germany.

Publication date: 19 November 08:58 AM

What’s the Fair Price of Crude Oil Today?

For many economies out there, especially those dependent on the export of crude oil, oil prices have always been a major indicator to monitor. These days, the international expert community is divided over the future of the global oil market. 

Publication date: 18 November 09:36 AM

Crude Oil Stops Being a Lifeline for the Russian Ruble

 The U.S. Dollar is getting more expensive against the Russian Ruble again as the Russian currency is feeling pressure from the new round of the Western sanctions. Crude oil seems to have stop saving the day for the Russian economy and national currency.

Publication date: 18 November 09:33 AM

Oil Market Shows No Reaction To Optimistic OPEC Report

Oil market showed almost no reaction to the annual OPEC oil report released on November 13th, even though the report happened to be fairly optimistic. In particular, while WTI oil futures for December delivery increased in price by as little as 0,11% up to $56,80/b, Brent oil futures for January delivery lost 0.09% and moved down to $63,46/b.

Publication date: 18 November 09:26 AM

Russia Is Still Dependent On Crude Oil

Is the Russian economy getting rid of its dependency on crude oil? Even though Russian politicians say that’s really the case, famous Russian economist Igor Nikolaev tried to find out the truth backed by figures.

Publication date: 17 November 11:52 AM

High Oil Prices Threaten OPEC+

 Today’s oil prices, which are relatively high, as well as some tensions in Saudi Arabia, may hinder the prolongation of the OPEC+ agreement signed last year, PRIME reports.

Publication date: 17 November 11:49 AM

Oil Prices Won’t Exceed $75/b, BofA Experts Say

Even if the geopolitical situation is the most favorable for the global oil market, oil prices are still never going to exceed the $75/b threshold again, Bank of America Merrill Lynch (BofA) experts believe.

Publication date: 17 November 11:13 AM

Wall Street Banks Improve Their Oil Forecasts

For the first time in 6 months, Wall Street banks seem to be optimistic about the near future of crude oil, The Wall Street Journal reports.

Publication date: 10 November 07:06 AM

Cryptocurrency Market Cap Goes Above $200 Billion

Last week, the cryptocurrency market capitalization exceeded the $200 billion threshold for the first time in history. According to Coinmarketcap, a resource monitoring 1254 digital currencies on 6400 online exchanges, Bitcoin was the biggest market driver of the market-cap rally. 

Publication date: 10 November 01:12 AM

CME Group Announces Bitcoin Futures

CME Group, the world’s biggest operator of futures exchanges, has announced Bitcoin futures, the world’s first and most popular cryptocurrency to date. The information was first made public by The Financial Times.

Publication date: 10 November 01:08 AM