Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Face value for OPEC deal lifts oil prices
by Daniel J. Graeber
New York (UPI) Jan 17, 2017


disclaimer: image is for illustration purposes only

The outlook for a sustained price point for crude oil prices in the mid-$50 range offset questions about OPEC commitments to send markets higher early Tuesday.

Crude oil prices sank lower in trading Monday softened by a federal holiday in the United States. Saudi Arabia said it might not need to extend a production agreement deep into 2017 just as most of the parties to a November deal were eager to show compliance.

Broader markets, meanwhile, are reacting to sentiments from the sidelines of the World Economic Forum in Davos, Switzerland. The situation was compounded further by sentiments on growth from the International Monetary Fund, which forecast global growth for 2017, but widespread uncertainty given the lack of clear policies expressed by U.S. President-elect Donald Trump.

Bob Dudley, the CEO at British energy company BP, told Bloomberg Television from Davos that volatility was expected, though the November production agreement from the Organization of Petroleum Exporting Countries was acting as a market stabilizer.

"If you look at what is happening around the world in terms of reductions of output, it does appear real," he said. "The countries are coordinating and they are working to reduce output -- and we're at $55 [per barrel], $56 versus $45 beforehand, so it's significant for countries and companies in our industry."

Dudley's comments offset the pessimism that greeted statements Monday from Saudi Arabia. The price for Brent crude oil was up 2 percent about a half hour before the start of trading in New York to $56.56 per barrel. West Texas Intermediate, the U.S. benchmark price, was up 1.5 percent to $53.18 per barrel minutes before the open.

From his point of view, Dudley said BP was planning on oil prices averaged about $55 per barrel.

Market direction this week will be fluid, with a monthly report from OPEC this week expected to offer a hint on compliance and supply and demand factors for 2017. Broader markets will be influenced in part by the inauguration of a U.S. president who already lobbed critiques at long-standing precedence on China, Russia and global trade measures.

Tamas Varga, an analyst at broker PVM, said 2017 could be dramatic given the geopolitical issues at stake.

"The global political and economic crises experiences last year will continue well into 2017," Varga said in an emailed report. "If this, in fact, will be the case, global oil demand will likely be negatively affected."


Comment on this article using your Disqus, Facebook, Google or Twitter login.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Trudeau says Canada's oil sands must be phased out
Ottawa (AFP) Jan 14, 2017
Canada must "phase out" Alberta's oil sands and end the country's dependence on hydrocarbons, Prime Minister Justin Trudeau said on Friday. "We can't shut down the oil sands tomorrow. We need to phase them out," he said. "We need to manage the transition off our dependence on fossil fuels." He was responding to a question at a town hall event about his decision in late November to author ... read more


OIL AND GAS
Iowa State engineer helps journal highlight how pyrolysis can advance the bioeconomy

Handheld sensor unit determines biofuel content of diesel blends

Dual-purpose biofuel crops could extend production, increase profits

Species diversity reduces chances of crop failure in algal biofuel systems

OIL AND GAS
Renewable energy investment value fell 18% in 2016: study

CWRU directly measures how perovskite solar films efficiently convert light to power

U.S. solar groups to speak after Trump inauguration

Report details how renewables can decarbonise the energy sector

OIL AND GAS
DONG Energy makes wind energy debut

New York sets bar high for offshore wind

The answer is blowing in the wind

French power group aims to double wind capacity

OIL AND GAS
AREVA to supply refueling equipment upgrades to TVA reactors

Portugal protests against Spain nuclear waste near border

France sells off Engie stake to finance Areva rescue

UK asks regulators to assess Chinese nuclear reactor

OIL AND GAS
On climate, top diplomat nominee says US must stay engaged

Obama again defends climate deal

Global warming hiatus disproved yet again

Scientists disprove global warming took a break

OIL AND GAS
China 2016 auto sales surge at fastest in three years

Oslo temporarily bars diesel cars to combat pollution

US deal won't end 'dieselgate' pain for Volkswagen

NAVYA Self-driving shuttle goes to work in Las Vegas

OIL AND GAS
Life and business return to parts of Iraq's Mosul

IS resistance in Mosul is weakening: commander

Suicide bombers kill 18 in Baghdad market attacks

Iraq launches offensive on IS near Syria border

OIL AND GAS
N. Korea has plutonium for 10 nuclear bombs: S. Korea

Trump, top diplomat pick differ on nukes

Russian strategic missile forces to go fully digital by 2020

Final Iran nuclear talks before Trump takes office









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.