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Brent oil above $65 at week ending March 16

- Brent crude at $65.18 per barrel while WTI sees $61.34 on Monday

home > Oil, Finance, Upstream, General 16.03.2018 15:06 Gülşen Çağatay

Brent oil above $65 at week ending March 16

International Benchmark Brent crude traded at $65.18 per barrel while American benchmark West Texas Intermediate (WTI) saw $61.34 at 11.16 GMT on Monday.

Brent crude was trading at $65.44 per barrel while WTI saw $60.00 at 09.26 GMT+3 on Monday.

Global oil demand is estimated at 97.8 million barrels per day (mb/d) in 2017, unchanged from last month, the International Energy Agency report said on Thursday.

"Organization of the Petroleum Exporting Countries (OPEC) crude oil production edged lower in February to 32.1 mb/d, led by losses in Venezuela and the United Arab Emirates. The call on OPEC crude rises steadily to 32.6 mb/d in 2H18, 480 kb/d higher than current output," the report indicated.

Taking OPEC as a whole, its quota compliance in February was 147 percent, up from 137 percent in January.

On Wednesday, according to OPEC's monthly report OPEC's crude oil production decreased by 77 thousand b/d to 32.19 mb/d in February.

The decline of OPEC's crude oil production is in line with OPEC and Russia's decision to extend the output cut deal in 2018 to boost flagging oil prices.

In February, output in non-OPEC countries reached 66.01 mb/d up by 450 thousand b/d from January levels.

In addition, the U.S.' crude oil exports increased in both volume and number of destinations last year, the country's Energy Information Administration (EIA) said on Thursday.

After lifting the self-imposed ban on crude oil exports in December 2015, U.S. crude was exported to 27 destinations in 2016, but rose to 37 countries in 2018.

By Gulsen Cagatay

Anadolu Agency

energy@aa.com.tr


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Oil prices steady over supply cuts, US inventory draw

- Saudi Arabia's impending oil output cut and decline in US oil inventories is relieving supply glut to balance market
30.01.2021 Oil , World , Americas

US crude oil inventories fall for week ending Jan. 22

- Commercial crude oil stocks decrease by 9.9 million barrels, against market expectation of 603,000-barrel build
29.01.2021 Oil , World , Americas

Global oil demand to grow by 7% in 2021: WoodMac

- Vaccine distribution and expected growth in global GDP will boost demand in 2021
30.01.2021 Oil , International Organization , World

Oil prices will be $50.30 a barrel in 2021: IMF

- Reflecting projected global recovery, oil prices will rise in 2021, but will still remain well below their average in 2019
30.01.2021 Oil , International Organization , World

Oil prices down over rising value of US dollar

- More-than-expected US oil inventories limits further declines
29.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Biden to order halt of new oil, gas leasing

- President does not ban controversial fracking practice but take steps to undo much of Trump's energy policies
28.01.2021 Natural Gas , Oil , Americas

S&P warns 13 oil and gas firms of lower credit ratings

- Rating agency says oil and gas companies are under threat of energy transition, price volatility, and weaker profitability
28.01.2021 Natural Gas , Oil , International Organization , World

Oil price up on estimated large fall in US crude stocks

- Although demand is depressed over rise in global coronavirus cases, fall in cases in China raises hopes of demand rebound
28.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil down amid demand concerns, delay in US relief

- Investors concerned if Biden administration will convince Republican lawmakers on need for higher stimulus package
27.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Turkey's oil imports down 3.8% in November 2020

- Output of oil refinery products decreases by 7.2% to 2.85 million tonnes in November 2020
27.01.2021 Oil , Turkey

Indonesia detains Iranian and Panamanian oil tankers

- Iran, OPEC's second-largest oil producer, tries to bypass US sanctions to transfer oil
25.01.2021 Oil , Energy Security , Asia , Middle East-Africa

Norway's petroleum sales decrease in December

- Country's total petroleum product sales volume in December down 14.8% to 501 million liters compared to same month of 2019
25.01.2021 Oil , Europe , General

Clean energy shares outperform fossil fuel stocks

- Clean energy companies become new energy giants, as stocks reach their highest levels since 2008 financial crisis
26.01.2021 Natural Gas , Oil , Renewable

Oil prices down over rising COVID-19 cases, lockdowns

- Brent is still under pressure of protracted lockdowns due to second wave of coronavirus
26.01.2021 Oil , World

Pay dispute halts oil exports at Libya’s Hariga port

- Al-Hariga port has a crude oil export capacity of 120,000 barrels per day
25.01.2021 Oil , Energy Security , Middle East-Africa

US oil rig count rises by 2 for week ending Jan. 22

- Oil rigs increase by 12 to 287, from 275 the previous week
24.01.2021 Oil , Downstream , Americas

US crude oil inventories rose for week ending Jan. 15

- Commercial crude oil stocks decrease by 4.4 million barrels, against market expectation of 300,000 barrel draw
24.01.2021 Oil , World , Americas

Schlumberger posts net loss in 2020

- Despite seasonality, revenue sees growth sequentially in all four divisions for first time since 3rd quarter 2019, says CEO
22.01.2021 Oil , Finance

Baker Hughes posts revenue fall in 2020

- Revenue and profit in 4th quarter, although higher compared with third, are still below numbers posted one year earlier
22.01.2021 Oil , Finance

Brent oil price down 0.18% for week ending Jan. 22

- US higher stimulus package boosts rises limited by negative vaccination results of elderly and China's virus resurgence
23.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Keystone XL pipeline in political gridlock again

- Canada-US pipeline extension is in limbo as it once again becomes political tool in fight against climate change
23.01.2021 Oil , Energy Projects , Americas

Fitch warns of oil demand decline in 1st quarter 2021

- OPEC+ production policies and pandemic's path will continue to drive global oil prices in 2021, agency says
22.01.2021 Oil , International Organization , World

Oil prices down as China tightens virus restrictions

- Hopes for $1.9 trillion aid package in US limits further declines in oil price
22.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Libya records 92% loss of oil, gas revenues in 2020

- NOC struggles to control oil fields, storage tanks, pumping stations, pipelines and ports, and lacks money for repairs
21.01.2021 Natural Gas , Oil , Energy Security , Middle East-Africa

Oil down over estimated rise in US stocks

-Fueling weak demand fears, US crude oil inventories are forecast to rise by over 2.5 million barrels, API figures show
22.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices up as markets await higher stimulus in US

- Incoming US Treasury Secretary says benefits of big package outweigh costs of higher debt burden
21.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Total's exit from API politically motivated: Experts

- Total, citing "partially aligned" divergences with those of API, announced last week it would not renew its API membership
21.01.2021 Oil , International Organization , News from companies , World

Halliburton posts 36% revenue loss in 2020

- Company's net loss amounts to $235 million in fourth quarter from $17 million in third quarter
20.01.2021 Oil , World

Var Energi given 10 new exploration licenses in Norway

- Var Energi has been granted 5 operatorships and 5 partnerships in licenses on Norwegian Continental Shelf
19.01.2021 Oil , Finance , Europe , General

Global oil demand to increase 6% in 2021: IEA

- Vaccinations and more economic activity is expected to fuel stronger 2H21 growth, despite resurgence of COVID-19 cases
20.01.2021 Oil , International Organization , World

Oil prices mixed ahead of power transition in US

- Positive investor sentiment is boosted by data from China as country’s refineries post record production in 2020
20.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Russia's gas revenue down 41.8% between Jan-Nov 2020

- Russia's gas export revenue declines to $22 billion in first eleven months of 2020
18.01.2021 Natural Gas , Oil , Finance , Eurasia , General

Oil prices down on concerns over COVID-19 vaccines

- Further lockdowns in Europe and Asia erase last week’s gains, according to experts
19.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil and gas-related methane emissions could rebound

- IEA calls on companies, governments and regulators to take urgent action to cut emissions from oil and gas sector
19.01.2021 Natural Gas , Oil

Venezuela denounces US court ruling over Citgo

- Government rejects decision to order sale of Venezuelan oil company, which has sixth-largest refinery network in US
18.01.2021 Oil , Americas

US oil rig count rises by 12 for week ending Jan. 15

- Oil rigs increase by 12 to 287, from 275 the previous week
18.01.2021 Oil , Finance , General

Brent oil price down 0.52% for week ending Jan. 15

- Re-emergence of coronavirus in China tempered gains that were supported by higher US stimulus package
16.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices to stay below $60 in 1H21: Report

- Supply expected to stay well below pre-crisis levels in first half of 2021
16.01.2021 Oil , World

Oil prices down as virus cases on rise in China

- Further falls capped when US President-elect unveiled virus relief plan to provide direct payment of $1,400 to individuals
17.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Venezuela open to foreign investment in oil sector

- In a bid to boost domestic output, government is welcoming foreign investment in sector, which has not occurred since 1990s
15.01.2021 Oil , Invesments , Americas , General

Global oil demand to increase 6.56% in 2021: OPEC

- Crude output increased mainly in Libya, Iraq, and the UAE while output decreased in Nigeria, Congo and Angola, says OPEC
15.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Baghdad to pump oil to Beirut in 2021

- Volume of imports, which is not clear yet, will be limited to cover major part of Beirut's fuel needs to generate electricity
14.01.2021 Oil , Energy Security , International Relations , Energy Projects , Turkey

Total announces fourth oil discovery offshore Suriname

- Discovery at Keskesi East-1 well follows previous discoveries at Maka Central, Sapakara West and Kwaskwas in same region
15.01.2021 Oil , World , Americas

Oil prices down over lingering demand concerns

-Despite large US crude stock drawdown, investors still have demand concerns amid debate on efficacy of coronavirus vaccines
15.01.2021 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US crude oil inventories fall for week ending Jan. 8

- Commercial crude oil stocks decrease by 3.2 million barrels, more than market expectation of 2.7-million barrel draw
14.01.2021 Oil , World , Americas

US energy agency revises up oil price forecast

- Brent expected to increase by 8.59% in 2021, according to Energy Info. Administration's January Short-Term Energy Outlook
14.01.2021 Oil , World , Americas

Venezuela condemns US policy of seizing fuel shipments

- Social media exchange between Venezuelan foreign minister and top US diplomat reflects tense relations between governments
13.01.2021 Transportation/Fuel Oil , World , Americas
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