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Friday, 21 July 02:42 (GMT -05:00)



Stock and commodities markets

Russia Is Against Further Oil Production Cuts, Bloomberg Says


Moscow is against cutting their oil production any further if there is such an offer further down the road. They know that if they have to meet with OPEC members anytime in the near future, and given the fact that the recent extension of the Vienna Accord seems to be failing to do what it’s meant to do, such an offer may really be the case. By the way, Bloomberg reports that another Russia-OPEC meeting is scheduled for July 24, 2017 in Saint Petersburg, Russia.
 

 

 

 

According to some Russian representatives interviewed by Bloomberg, even the very process of discussing the possibility of further production cuts my set the markets a negative signal by giving them to understand that both Russia and the OPEC believe that the extended agreement is not enough to achieve the desired results in the near future.
 
For now, the Russian Ministry of Energy has refused to comment on the situation. The only thing they said was about reiterating their commitment to stick to the extended agreement until it expires in March 2018.
 
By the way, those interviewed by Bloomberg believe that despite the speculative decline of oil prices, the global oil market has been restoring the balance ever since the agreement was extended in May, which is confirmed by the fact that the amount of functioning oil rigs around the world keeps on going down, and so do the global oil inventories.
 
This is something that Russian Energy Minister Alexander Novak told previously. He assumes that the market still has upward potential in the second half of the year. He also assures us that Russia cut their oil production more than agreed with the OPEC – by 306-308K barrels a day in June.
 
By the way, Market Leader previously reported that the OPEC had actually increased their oil production all the way up to the highest level seen this year. Today, the market reacted to the news by accelerating the downtrend. In particular, the Brent oil futures for September delivery depreciated by 0,97% down to $49,12 per barrel. At the same time, the WTI oil futures for August delivery depreciated by 1,25% down to $46,49 per barrel. NordFX analysts say that the whole market environment is getting worse of oil prices and the overall bias is turning more and more bearish, especially given the latest news coming from the OPEC.
 

 

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Pavel Krymov on the New Look of Venture Investing

Not so long ago, Ukraine hosted the first conference dedicated to block-chain business. The event was visited by some of the most popular representatives of the crypto-currency industry, including the owners of crypto exchanges, top managers, investment fund managers, developers, and the owners of other related financial projects.

 

Pavel Krymov, who is a well-known and respected expert in financial marketing, investing, and the author of several exclusive strategies of promoting financial services, was also among those who visited the conference.

Publication date: 16 June 09:22 PM

Nobody Can Predict Today’s Crude Oil Market

Today’s global market of crude oil keeps on bringing new surprises. This means it more and more difficult for international experts to predict future oil prices.

 

 
In his articles, oil market observer Sergei Shelin says that the representatives of the so-called international expert community failed on their forecasts once again the other day. To be more specific, nobody could have thought that the recent decision to extend the so-called Vienna Accord during the recent OPEC summit in the capital of Austria would eventually result in lower oil prices instead of pushing those prices higher.
Publication date: 08 June 07:11 AM

Bitcoin Crashes

Bitcoin has crashed by more than 600 dollars per 1BTC. This is confirmed by Coinbase. To be more specific, the exchange rate dropped all the way down to 1961 dollars per 1BTC. Experts say that this is not the end, and the crypto currency may well continue getting cheaper in the near future.
 
Publication date: 01 June 07:26 AM

Experts Don’t Believe That OPEC Will Push Oil Prices Higher

The average price of crude oil is still around 45 dollars per barrel. Some experts believe that no further production cuts will managed to change the situation and make the prices reach new local highs.

Publication date: 24 May 10:00 AM

OPEC-Russia Deal Hits Russian Oil Companies

Since Russian oil companies had to cut down on their daily oil production as the result of the so-called Vienna Accord signed in November 2016 by the OPEC and some non-OPEC producers led by Russia, those companies eventually lost a lot of profit, even though the production cuts seem to have had positive impact on the Russian budget. Apparently, the agreement was designed to reduce the oversupply and make oil prices grow to let the exporters gain more money as the result of higher oil prices in the global market.

 

 
Publication date: 22 May 05:06 AM

OPEC’s Unlikely to Make Further Oil Production Cuts, Expert Says

According to Vladimir Milov, President of the Russian Institute of Energy Politics, OPEC members and their partners have failed to trigger higher oil prices by cutting their daily oil production. At the same time, he believes that the cartel is not ready to implement further production cuts.
 
Publication date: 22 May 03:56 AM

Vienna Accord May Be Extended by 9 Months

During the recent press conference, Saudi Arabian Minister of Energy, Industry, and Mineral Resources Khalid A. Al-Falih told the reporters that the OPEC and non-OPEC oil producers are now actively discussing the possibility of extending the so-called Vienna Accord until March 2018, with the same quota of 1,8 million barrels a day.

Publication date: 15 May 11:01 AM

Morgan Stanley Reveals New OPEC Tactics

It looks like OPEC members declared a hybrid war on their rivals in the global oil market. The say something but do the opposite. This is what Morgan Stanley experts think on the matter.

 

 
For instance, previously the OPEC announced oil production cuts a number of times. On the one hand, there are no reasons to question their announcements. Maybe at times they do cut their oil production. On the other hand, their oil delivery is still the same. This means that despite all the promises and expectations, the international market of crude oil keeps seeing the same oversupply, which in its turn keeps on capping oil prices. Morgan Stanley experts assume that OPEC members are selling out their oil inventories. Indeed, if the inventories are full, why not benefit from this and manipulate rivals with higher oil production costs. The OPEC announces production cuts, everyone waits for oil prices to rally but nothing considerable actually happens.
Publication date: 09 May 10:50 PM

Crude Oil at $30/b Again?

The unexpected crash in the global market of crude oil seen over the last few days has made the international community worried about the future of crude oil. Now, traders and investors are not the only ones worried. Financiers, economists, bankers, officials and many others are concerned about this since their financial well-being also depends on crude oil prices.

Publication date: 05 May 09:48 AM

OPEC and Russia’s Failed Oil Production Cut Expectations

Hoping for higher oil prices, last year the OPEC and some oil nations outside the cartel decided to get united and unanimously cut their oil production. That was done to curb the overproduction and prevent oil prices from going further down. They believed that the prices would reverse and regain some of the lost ground. Even though the prices did really go slightly higher, the overall plan now seems to have failed since there have been no major gains since then. Now the prices are going down again and have already lunged below $50/b.

Publication date: 05 May 09:12 AM