Kurzweil
JF-Expert Member
- May 25, 2011
- 6,622
- 8,397
Bei ya mafuta yaanza kupanda baada ya Mataifa yanayozalisha mafuta (OPEC) kukubaliana kwa pamoja kati ya nchi wazalishaji 14 kukubaliana kupunguza uzalishaji wa mafuta ghafi.
Uzalishaji uanatarajiwa kudhibitiwa kwa kiwango cha mapipa milioni 32.5 mpaka mapipa 33 milioni kwa siku moja.
Msimamo huo umetolewa na Mohammed Bin Saleh Al- Sada amabye ni waziri wa nishati wa taifa la Qatar ambaye pia ndiye rais wa OPEC.
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Cartel says it will limit production, but lack of details fails to convince trader
Despite reports Iran had rejected overtures from its regional rival Saudi Arabia, an informal meeting of oil ministers from the 14 countries in the Opec cartel ended with a "preliminary deal to limit production", says the BBC.
Output from the bloc would be limited to between 32.5 million and 33 million barrels a day, said Mohammed Bin Saleh Al-Sada, Qatar's energy minister and current president of Opec.
That would equate to between a decrease of between 240,000 and 740,000 barrels per day from the 33.24 million Opec pumped in August, says the FT. The agreement still needs to be formalised at the cartel's regular November gathering.
International oil price benchmark Brent crude surged more than six per cent on the news, passing $49 a barrel. US counterpart West Texas Intermediate (WTI) jumped more than five per cent to above $47.
Nigerian oil minister Emmanuel Ibe Kachikwu said it was a "very positive deal", while Algerian energy minister Noureddine Boutarfa said the decision "was unanimous and without reservations".
"The cartel proved that it still matters even in the age of shale," Phil Flynn, an analyst at Chicago-based brokerage Price Futures Group, wrote in a market commentary, reported by The Guardian. "This is the end of the 'production war' - Opec claims victory."
However, traders are doubtful – the deal is not finalised and contains no detail on how much each country will limit production, leaving the potential for dissent at the November meeting.
As a result, oil prices dipped this morning, with Brent shedding half a dollar to around $48.50 and WTI falling back below $47. Both are still near three-week highs.
"Opec is moving in the right direction, but this is not over," said Jamie Webster, a fellow at the Center on Global Energy Policy. "Finding numbers for each producers’ production and following through with cuts means there is still a way to go."
Oil price plunges after Iran rejects Saudi output offer
28 September
International oil prices took a sharp tumble on Tuesday after reports suggested Iran has rejected an offer from Saudi Arabia on production.
That all but ends any hope of a deal to limit output arising from the International Energy Forum today, which many traders hoped would ultimately return the market to balance and trigger a sustainable oil price recovery.
Brent slumped almost three per cent to below $46 a barrel, while US counterpart West Texas Intermediate fell by a similar margin to around $44.70.
ReutersThe Wall Street Journal reports Saudi oil minister Khalid al-Falih confirming there will be no agreement.
He did, however, hold out the prospect of a deal at Opec's next formal gathering in November.
Rapprochement with the likes of Iran is made more possible if Saudi Arabia is willing to curb its near-record output.
Of course there are other members of the group who have also been looking to up oil production to improve their economies, including Nigeria, Libya and Iraq, which must be accommodated.
There is concern that rising production and underwhelming demand growth will return the market to surplus next year and keep prices lower for much longer. This explains why despite a report last night showing a fall in US oil reserves, prices recovered by less than one per cent.
Goldman Sachs has again revised down its US oil price forecast for the final months of this year, to $43 a barrel.
Oil price slumps ahead of Opec meeting
26 September
A rally in the oil price came to an end on Friday, as traders looked ahead to this week's informal meeting of Opec cartel energy ministers.
International benchmark Brent crude advanced strongly up to Thursday last week, not least after the Federal Reserve's interest rate hold that hit the dollar and so made oil cheaper for overseas buyers.
But on Friday, with the dollar recovering, positive sentiment evaporated ahead of the Opec talks, which take place on the fringes of the three-day International Energy Forum in Algiers, which starts today.
There are signs that Saudi Arabia and Iran, two of Opec's most important producers, are a long way from an agreement on a mechanism for freezing production, says Reuters.
As a result, Brent slipped 3.7 per cent to less than $46 a barrel and was down another 0.2 per cent to $45.80 this morning in London. US counterpart West Texas Intermediate fell four per cent to around $44.50 a barrel on Friday.
Michael Hewson, the chief market analyst at CMC Markets UK, told the BBC: "Given that Opec has failed to agree much of anything in the last 12 months, it seems unlikely that it will start now."
However, Noureddine Boutarfa, the energy minister for Opec member Algeria, continued to sound upbeat on the prospects for a deal this morning, saying the group would "not come out the meeting empty-handed".
Nevertheless, Morgan Stanley summed up analyst pessimism: "Our base case is that Opec will meet… without a formal statement. A non-binding commitment to stabilise oil markets is possible, but it would likely lack teeth," it said.
With previously disrupted production returning in areas such as Libya and Nigeria and global oil-demand growth forecasts being lowered, there are fears the market will remain oversupplied well into next year unless a deal is agreed.
Uzalishaji uanatarajiwa kudhibitiwa kwa kiwango cha mapipa milioni 32.5 mpaka mapipa 33 milioni kwa siku moja.
Msimamo huo umetolewa na Mohammed Bin Saleh Al- Sada amabye ni waziri wa nishati wa taifa la Qatar ambaye pia ndiye rais wa OPEC.
=========
Cartel says it will limit production, but lack of details fails to convince trader
Despite reports Iran had rejected overtures from its regional rival Saudi Arabia, an informal meeting of oil ministers from the 14 countries in the Opec cartel ended with a "preliminary deal to limit production", says the BBC.
Output from the bloc would be limited to between 32.5 million and 33 million barrels a day, said Mohammed Bin Saleh Al-Sada, Qatar's energy minister and current president of Opec.
That would equate to between a decrease of between 240,000 and 740,000 barrels per day from the 33.24 million Opec pumped in August, says the FT. The agreement still needs to be formalised at the cartel's regular November gathering.
International oil price benchmark Brent crude surged more than six per cent on the news, passing $49 a barrel. US counterpart West Texas Intermediate (WTI) jumped more than five per cent to above $47.
Nigerian oil minister Emmanuel Ibe Kachikwu said it was a "very positive deal", while Algerian energy minister Noureddine Boutarfa said the decision "was unanimous and without reservations".
"The cartel proved that it still matters even in the age of shale," Phil Flynn, an analyst at Chicago-based brokerage Price Futures Group, wrote in a market commentary, reported by The Guardian. "This is the end of the 'production war' - Opec claims victory."
However, traders are doubtful – the deal is not finalised and contains no detail on how much each country will limit production, leaving the potential for dissent at the November meeting.
As a result, oil prices dipped this morning, with Brent shedding half a dollar to around $48.50 and WTI falling back below $47. Both are still near three-week highs.
"Opec is moving in the right direction, but this is not over," said Jamie Webster, a fellow at the Center on Global Energy Policy. "Finding numbers for each producers’ production and following through with cuts means there is still a way to go."
Oil price plunges after Iran rejects Saudi output offer
28 September
International oil prices took a sharp tumble on Tuesday after reports suggested Iran has rejected an offer from Saudi Arabia on production.
That all but ends any hope of a deal to limit output arising from the International Energy Forum today, which many traders hoped would ultimately return the market to balance and trigger a sustainable oil price recovery.
Brent slumped almost three per cent to below $46 a barrel, while US counterpart West Texas Intermediate fell by a similar margin to around $44.70.
ReutersThe Wall Street Journal reports Saudi oil minister Khalid al-Falih confirming there will be no agreement.
He did, however, hold out the prospect of a deal at Opec's next formal gathering in November.
Rapprochement with the likes of Iran is made more possible if Saudi Arabia is willing to curb its near-record output.
Of course there are other members of the group who have also been looking to up oil production to improve their economies, including Nigeria, Libya and Iraq, which must be accommodated.
There is concern that rising production and underwhelming demand growth will return the market to surplus next year and keep prices lower for much longer. This explains why despite a report last night showing a fall in US oil reserves, prices recovered by less than one per cent.
Goldman Sachs has again revised down its US oil price forecast for the final months of this year, to $43 a barrel.
Oil price slumps ahead of Opec meeting
26 September
A rally in the oil price came to an end on Friday, as traders looked ahead to this week's informal meeting of Opec cartel energy ministers.
International benchmark Brent crude advanced strongly up to Thursday last week, not least after the Federal Reserve's interest rate hold that hit the dollar and so made oil cheaper for overseas buyers.
But on Friday, with the dollar recovering, positive sentiment evaporated ahead of the Opec talks, which take place on the fringes of the three-day International Energy Forum in Algiers, which starts today.
There are signs that Saudi Arabia and Iran, two of Opec's most important producers, are a long way from an agreement on a mechanism for freezing production, says Reuters.
As a result, Brent slipped 3.7 per cent to less than $46 a barrel and was down another 0.2 per cent to $45.80 this morning in London. US counterpart West Texas Intermediate fell four per cent to around $44.50 a barrel on Friday.
Michael Hewson, the chief market analyst at CMC Markets UK, told the BBC: "Given that Opec has failed to agree much of anything in the last 12 months, it seems unlikely that it will start now."
However, Noureddine Boutarfa, the energy minister for Opec member Algeria, continued to sound upbeat on the prospects for a deal this morning, saying the group would "not come out the meeting empty-handed".
Nevertheless, Morgan Stanley summed up analyst pessimism: "Our base case is that Opec will meet… without a formal statement. A non-binding commitment to stabilise oil markets is possible, but it would likely lack teeth," it said.
With previously disrupted production returning in areas such as Libya and Nigeria and global oil-demand growth forecasts being lowered, there are fears the market will remain oversupplied well into next year unless a deal is agreed.
