23/09/2017 10:58 AST

Oil was heading for a third weekly gain as Opec ministers meeting in Vienna urged a continued commitment to supply cuts they said are making good progress in draining a global glut.

Front-month oil futures were little changed in New York, leaving them 1.3 per cent higher this week. It’s critical for the Organisation of Petroleum Exporting Countries to maintain focus and fully implement their agreed curbs, Secretary General Mohammad Barkindo said Friday. The oil market is well on its way to rebalancing and the pace of the drop in inventories in developed economies has accelerated, Kuwait’s Oil Minister Issam Al Marzooq said.

Oil has advanced this month on forecasts for rising crude demand and as US Gulf Coast plants recover from Hurricane Harvey, which halted almost a quarter of the nation’s refining capacity. Nine months into the Opec-led supply agreement, implementation of the pledged production cuts remains high. Nigeria, which is currently exempt from making cuts, reiterated that it would accept a cap once output stabilises around 1.8 million barrels a day.

“Today’s meeting of the Joint Ministerial Monitoring Committee is lending buoyancy,” Commerzbank said in a note. “Although no binding promises to extend or expand the agreement can be expected, Nigeria, which like Libya had not signed up to the production cuts, is at least showing a willingness to come on board.”

West Texas Intermediate for November delivery was at $50.50 (Dh185.34) a barrel on the New York Mercantile Exchange, down 5 cents, at 12:15pm in London. Total volume traded was about 48 per cent below the 100-day average. Prices advanced 5.1 per cent last week, the biggest weekly gain since July.



Too soon

Brent for November settlement was at $56.48 a barrel on the London-based ICE Futures Europe exchange, 5 cents higher. Prices are up 1.6 per cent this week. The global benchmark crude traded at a premium of $5.97 to WTI.

Oil inventories in developed economies have dropped by 170 million barrels since January and backwardation in prices shows stockpiles are shrinking and demand rising, Kuwait’s Al Marzooq said. “We are on the right track and there is now more light at the end of the tunnel,” he said. “This is not the time to take our foot off the accelerator.”


Bloomberg

Ticker Price Volume
QNBK 175.00 253,804
SABIC 118.60 3,051,555
WALAA 23.70 381,943
EEC 17.96 1,356,411
SACO 71.00 167,636
STC 81.90 322,056
JABALOMAR 38.30 838,646
(In US Dollar) Change Change(%)
Brent 78.05 -0.04 -0.05
WTI 68.91 -0.08 -0.12
OPEC Basket 76.19 0.14 0.18
Oman crude oil averages $72.64/b in August

18/09/2018

The average price for Oman Crude Oil Future Contracts at the Dubai Mercantile Exchange (DME) witnessed a price drop by 0.7 per cent in August, compared with corresponding figures for July, according

Oman Daily Observer

Upside risk for Brent to rise above $85 due to Iran sanctions

17/09/2018

Brent, the international benchmark for crude oil, could to rise above $85 (Dh312) per barrel in the coming months due to a combination of US sanctions on Iran and a potential Opec supply crunch, anal

Gulf News

Qatar begins regular LNG shipments to Bangladesh

11/09/2018

Qatar has begun regular shipments of liquefied natural gas (LNG) to Bangladesh. An LNG cargo loaded over the weekend from Qatar’s RasGas production facility and will be the first of about three 140,0

The Peninsula

Saudi Arabia raises Oct crude prices to Europe, cuts Asia

06/09/2018

Saudi Aramco has raised the European price for its Arab Light crude grade for October, the state oil producer said on Wednesday, as Russian Urals prices rally and European refiners seek to replace Ir

Arab News

Brent nears $80 as Gulf of Mexico rigs evacuated

05/09/2018

Brent crude prices jumped to near $80 per barrel on Tuesday after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane. US light crude rose $1.31 a barrel from Friday’s c

Gulf News