Space Travel News  
OIL AND GAS
Oil prices gain strength on OPEC rhetoric
by Daniel J. Graeber
New York (UPI) Jan 12, 2017


disclaimer: image is for illustration purposes only

Crude oil prices were in clear positive territory before the U.S. open Thursday after OPEC signaled stronger compliance with managed declines.

A survey of December production data from members of the Organization of Petroleum Exporting Countries by S&P Global Platts found cumulative output was moving lower and close to the target cap of 32.5 million barrels per day.

A November agreement by OPEC, followed by a December arrangement with non-OPEC producers like Russia, is aimed at correcting a market tilted heavily toward the supply side. High OPEC production levels, and output from U.S. shale basins, flooded the market and sank crude oil prices below $30 per barrel in early 2016.

OPEC leaders gathered at an energy summit in Kuwait stressed their commitments to the managed decline. Kuwait is a member of a panel monitoring compliance.

Kuwait was one of the first to confirm compliance and now Saudi Arabia said it's production is now at just less than 10 million barrels per day, a 22-month low.

Oil prices were moving in positive territory in the hour before the open of trading in New York. Brent crude oil was trading up 1.8 percent to $56.11 per barrel. The February contract for U.S. oil, West Texas Intermediate, gained 1.6 percent to trade at $53.10 per barrel.

Both contracts are below the point at which they started the year.

Saudi Oil Minister Khalid al-Falih was quoted by Bloomberg as saying the market correction wasn't happening fast enough and further support may be given to the production agreement.

"We have been moving toward a re-balanced market for some time -- too slowly to my liking," he said from Kuwait. "The pace of re-balancing will be accelerated due to the recent agreements within OPEC and with our party from outside [the group]."

Crude oil prices are at a point where some operators in U.S. shale oil basins are returning to work after standing down in the weak 2016 market, a situation that may present a ceiling for oil prices. The U.S. Energy Information Administration this week revised its forecast to show an increase in total production this year. A forecast from as recently as December predicted a decline in oil production from 2016 levels.

OPEC and non-OPEC members meet Jan. 22 in Vienna to review compliance.


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
Gas prices higher on average because of regional issues
Washington (UPI) Jan 10, 2017
Refinery issues for western U.S. states and higher crude oil prices pushed the national average price for gas to its highest point since June, retail data show. Motor club AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.37, an increase of about 2 cents from last week and 16 cents, or 7 percent, higher than one month ago. The West Coast ... read more


OIL AND GAS
Russia to face strong competition from China in space launch market

Vega And Gokturk-1A are present for next Arianespace lightweight mission

Antares Rides Again

Four Galileo satellites are "topped off" for Arianespace's milestone Ariane 5 launch from the Spaceport

OIL AND GAS
Hues in a Crater Slope

3-D images reveal features of Martian polar ice caps

Odyssey recovering from precautionary pause in activity

Small Troughs Growing on Mars May Become 'Spiders'

OIL AND GAS
Solar storms could spark soils at moon's poles

China plans probes to far side, poles of Moon

Lunar sonic booms

India Inc joins hands to bid for moon mission

OIL AND GAS
Flying observatory makes observations of Jupiter previously only possible from space

York U research identifies icy ridges on Pluto

Exploring Pluto and the Wild Back Yonder

Juno Captures Jupiter 'Pearl'

OIL AND GAS
Hubble detects 'exocomets' taking the plunge into a young star

Between a rock and a hard place: can garnet planets be habitable

The blob can learn and teach

Searching a sea of 'noise' to find exoplanets - using only data as a guide

OIL AND GAS
Arianespace to launch JCSAT-17 for SKY Perfect JSAT

Arianespace looks to the future with confidence

Mission contracts secure Commercial Crew operations for coming years

SpaceX concluded accident investigation, to start launching rockets again

OIL AND GAS
China Space Plan to Develop "Strength and Size"

Beijing's space program soars in 2016

China Plans to Launch 1st Mars Probe by 2020 - State Council Information Office

China to expand int'l cooperation on space sciences

OIL AND GAS
White House releases strategy in case of 'killer asteroid'

NASA Selects Two Missions to Explore the Early Solar System

Psyche to offer unique look at early terrestrial planet formation

ASU Spectrometer to Fly on New Nasa Mission to Distant 'Trojan' Asteroids









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.