Heroes of Ukraine

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

Saturday, 21 July 01:38 (GMT -05:00)



Stock and commodities markets

OPEC Nations Don’t Want $60/b


The OPEC doesn't seem to be interested in oil prices above $60/b. At least this is what the Iranian Minister of Oil said the other day. By the way, Iran is the OPEC’s third-biggest producer of crude oil.
 

According to Bloomberg, the OPEC is afraid that prices above 60 dollars per barrel will favor international shale oil producers, especially American ones.

 

However, Masterforex-V Academy experts say that shale oil companies are not the only thing the OPEC should be afraid of. They should watch out for conventional oil producers form the USA as well. This is a major threat for both the OPEC and the oil nations participating in the OPEC+ deal.
 
Today, the Bureau of Ocean Energy Management published the draft bill aimed at canceling the veto on offshore oil production. They are planning to quintuple the amount of offshore oil rigs over the next 3-4 years. The areas supposedly store 90 billion barrels of crude oil and 319 trillion cubic feet of natural gas.
The entire U.S. offshore area both in the Atlantic and Pacific Oceans, as well as in the Mexican Bay, have been closed for oil production since 1988. The tenders are expected to start in 2019.
 
The BOEM's plan is said to be based on Donald Trump’s decree signed in April 2017. The decree is aimed at strengthening the USA’s role in the global energy market while keeping energy sources relatively cheap. So, the plan is designed to turn the United States into the world’s strongest energy superpower. At this point, the USA is producing almost as much oil as Russia and Saudi Arabia, the world’s leaders in terms of crude oil production. In 2017, it the USA produced 9,2 million barrels a day while this year they are going to produce 10 million barrels a day.

 

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

 

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

Oil Prices May Skyrocket to $400/b if Iran Blocks the Strait of Hormuz

Blocking the Strait of Hormuz will inevitably trigger a global energy crisis while pushing oil prices to unseen heights, maybe even all the way up to $400/b. This is what the experts interviewed by PRIME think about the situation.

Publication date: 19 July 09:45 AM

Higher OPEC+ Production Quotas Won’t Raise Oil Prices, Kudrin Says

Chairman of the Russian Accounts Chamber Alexei Kudrin assumes that the OPEC+ participants’ decision to increase the daily oil production quotas won’t affect international oil prices.

Publication date: 16 July 09:58 AM

Trump Urges OPEC to Raise Their Daily Oil Production by 2M Barrels

Donald Trump claims that the OPEC should raise their daily oil production by 2 million barrels. During his interview to Fox News, he accused the oil cartel of manipulating oil prices.

Publication date: 05 July 11:47 AM

OPEC+ Participants Want to Make the Deal Indefinite but Without Quotes

According to Russian Minister of Energy Alexander Novak, the leaders of Russia and Saudi Arabia decided to extend the OPEC+ deal. The minister said that this decision to make the deal indefinite in time took place not so long ago in Moscow. 

Publication date: 27 June 11:27 AM

Saudi Arabia Raises Oil Prices for Asian and European Buyers

Saudi Arabia is reported to have raised oil prices for Asian and European importers. This is confirmed by Bloomberg.

Publication date: 09 June 10:26 PM

Market Players Play Oil Price Guessing Games

The international market of crude oil seems to be in panic. Yet, the panic is snowballing. The reason for that is said to be the statement made by Russian Energy Minister Alexander Novak about the possibility of easing the OPEC+ deal in June 2018, which came as a surprise to the international trading community.

 
Publication date: 29 May 01:41 PM

USA Outpaces Russia to Become World’s Biggest Oil Producer

In March 2018, the United States outpaced Russia in terms of oil production. This means that the USA is now the biggest producer of crude oil in the world.

Publication date: 24 May 11:26 AM

Crude Oil Goes Above $80/b, Morgan Stanley Improves Oil Forecast

On Thursday, May 17th, Brent oil exceeded $80/b for the first time in 3,5 years. The last time the price reached this level was on November 25th, 2014.

Publication date: 17 May 11:20 AM

Oil Prices At $79/b, Russian Ruble Still Weak. Why?

On Tuesday, May 15th, Brent oil reached $79/b. Strange as it may seem, the Russian Ruble hasn’t reacted to this so far, even though this always has been a positive sign for Russia’s national economy and currency heavily reliant on crude oil prices. Moreover, the currency has been going slightly down for a while despite being backed by higher oil prices.

Publication date: 15 May 01:19 PM

Russia Isn’t Interested In OPEC+ Anymore

Right in advanced of the forthcoming OPEC+ summit some experts doubt that Russia is still interested in the agreement. The strategic objectives of the OPEC+ deal are almost reached. The imbalance in the global oil market has almost been eliminated. The cost of a barrel of Brent oil has increased by more than 100% since late 2016. At this point Brent oil is trading above 70 dollars per barrel. On Q1 2018, the OPEC made 400 million dollars a day more than 12 months before.

Publication date: 28 April 07:57 AM