UAE says not seeing oil investments at right level yet
UAE says not seeing oil investments at right level yet
Pump Up The Jam: Oil Rises Near USD62 Despite US Output
22 February, 2018, 17:20
OPEC and non-OPEC oil producers, including Russian Federation, will discuss extending their cooperation for many more years when they meet in June as they seek to avoid major market shocks, the United Arab Emirates´ energy minister told Reuters.
Both Citigroup and Goldman Sachs, for example, see the current oil market as already balanced for the most part.
Speaking at an energy conference in London, Mazrouei, who holds the OPEC presidency this year, said the exporting group was not targeting a specific oil price but rather seeking a balanced oil market.
Over the past week, the International Energy Agency (IEA) also reported a quickening pace of OECD commercial stock drawdowns, saying that the OECD stocks are now just 52 million barrels over the five-year average, and oil products stocks are actually below the benchmark.
Nearly everyone is in agreement that the market is expected to be in balance before the OPEC/NOPEC deal is expected to end.
West Texas Intermediate, WTI, oil futures on NYMEX, extends its upward correction into a fifth day, with thin markets fuelling the gains while ongoing supply reductions from Canada to the U.S. due to pipeline reductions also remain supportive of the USA oil. OPEC said their compliance in January was 133 percent, meaning they were cutting more than pledged and a figure which Al Qahtani said was a record high.
'Oil and gas together are still expected to provide more than half of the world's energy needs from 2016 to 2040, with their combined share relatively stable between 52-53 percent, ' said OPEC secretary general. How do we deal with non-OECD inventory?
"He said it was too early to say how cooperation will work exactly and whether oil production management would be maintained".
While OPEC and friends have managed to almost erase the oil glut, they now face another tough discussion: when and how to start exiting the cuts.
They do not want to tempt the USA oil drillers to increase output, but USD70 oil could work for everyone, according to media citing Saudi officials.
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