oil market heads towards smooth rebalancing opec
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil market heads towards 'smooth rebalancing': OPEC

Arab Today, arab today

Arab Today, arab today Oil market heads towards 'smooth rebalancing': OPEC

After long years of punishingly low oil prices, the global oil market is moving closer to reaching a healthy balance
Paris - Arab Today

After long years of punishingly low oil prices, the global oil market is moving closer to reaching a healthy balance between supply and demand, OPEC said on Thursday.

In its monthly oil market report, the Organization of Petroleum Exporting Countries said there were "growing indications that the oil market is heading smoothly toward rebalancing."

Prices were being buoyed by lower crude oil stocks, healthy demand and geopolitical tensions, the cartel said.

Oil prices have risen in recent months, after OPEC and a clutch of countries outside the cartel struck a landmark deal at the end of 2016 to cut back production to combat a global oil glut.

At a meeting in Vienna at the end of November, the oil-producing nations agreed to extend that deal until the end of 2018.

As a result, oil prices have recently moved above the $70 mark, after hitting a 10-year low of less than $30 in January 2016.

"In December, oil futures improved further to levels not seen since late 2014," OPEC said.

The agreement to extend the cutbacks, "as well as supply turbulences in the North Sea buoyed the sustained gains" in futures prices, it wrote.

The Forties pipeline system, which normally carries 40 percent of UK oil and gas production in the North Sea, was recently hit by a cracked pipe.

In its report, OPEC raised its estimate for global oil demand growth for last year, and said oil output would also continue to expand.

The cartel said it expects world oil demand to have averaged 96.99 million barrels per day (bpd) last year, an upward revision that was "broadly a result of better-than-expected data for Europe and China."

For 2018, global oil consumption was projected to reach 98.51 million bpd.

On the supply side, OPEC said that the world oil supply was projected to have expanded to an average 57.79 million bpd in 2017. And it would grow further to 58.94 million bpd in 2018.

"The US remains the key driver of non-OPEC supply growth," as shale producers in the US ramp up production, OPEC said

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil market heads towards smooth rebalancing opec oil market heads towards smooth rebalancing opec

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil market heads towards smooth rebalancing opec oil market heads towards smooth rebalancing opec

 



GMT 14:30 2017 Sunday ,22 October

Abe coalition wins resounding victory in Japan vote

GMT 09:44 2017 Tuesday ,17 October

Morocco arrests 11 suspects linked to ISIS

GMT 13:09 2015 Tuesday ,09 June

Slaven Bilic returns to West Ham as manager

GMT 16:04 2017 Saturday ,30 September

Got a yacht? Proposed French tax break makes waves

GMT 13:06 2016 Saturday ,31 December

Syrian passport trade becomes unlikely cash cow

GMT 04:47 2017 Wednesday ,30 August

Mark Zuckerberg welcomes second daughter in Facebook

GMT 00:59 2014 Saturday ,07 June

January 19 - February 17

GMT 10:53 2017 Wednesday ,05 July

AU Summit gives priority to youth empowerment

GMT 17:26 2017 Wednesday ,15 February

Russian jets in ‘unsafe’ encounters with destroyer

GMT 17:53 2017 Wednesday ,25 October

Erdogan: Turkey ready to give Iraq full support

GMT 14:05 2017 Thursday ,23 November

Actor Ahmed Ezz appreciates Hind Sabry

GMT 16:04 2017 Wednesday ,14 June

Sadara expands its suite of specialty chemicals

GMT 01:01 2017 Monday ,06 February

Garcia wraps up dominant win at Dubai Desert Classic

GMT 17:39 2018 Sunday ,09 September

President of Abkhazia, concludes visit to Syria
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday