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Oil: A review of the market situation | 09.02.2015

 

Oil has risen slightly during today's trading, registering with the third-session increase in a row, which was due to statements by OPEC.

Representatives of the Organization of Petroleum Exporting Countries (OPEC) reported that demand for oil cartel will grow this year against the background of reduction in the rate of production growth in the US, which proves the correctness of the chosen company policy to reduce prices for the suppression of competition and a recovery in demand for oil. In November, OPEC supply in Saudi Arabia, the largest oil cartel decided to keep in force the previous limit of production, since the protection of the organization's market share has become a higher priority compared to the maintenance of oil prices. According to the monthly report of the OPEC cartel's oil demand in 2015 will grow by about 110,000 barrels per day to 29.2 million barrels a day. Previously, the forecast was adjusted in the direction of growth in demand for 400,000 barrels per day. Before that OPEC had expected a decline in demand for oil cartel about 300,000 barrels a day this year.

Also, market participants drew attention to US data. As we learned from the report oilfield services company Baker Hughes, the number of drilling rigs operating in the US last week fell by 83 percent to 1,140 units, which is the lowest since December 2011.

"Reducing the number of drilling rigs in itself is a factor that plays into the hands of the" bulls "- said a senior analyst at the commodity market in the SEB AB Bjarne Shildrop. - Maybe wait for the rally of oil prices is somewhat premature."

"OPEC forecast data and Baker Hughes enhance investors' optimism - said a senior analyst at Tradition Energy Gene MakDzhillian. - I do still not sure whether we are seeing a short-term correction of quotations or the bottom has been reached."

Meanwhile, in the course of trade affected by reports that Saudi Chevron division reduced oil production in Kuwait Wafra field with 225 thousand. B / c last October to 180 thousand. B / c because regulators countries have stopped issuing new permits and renew old to work for the company's employees.

March futures price for US light crude oil WTI (Light Sweet Crude Oil) rose to 53.33 dollars per barrel on the New York Mercantile Exchange.

 

March futures price for North Sea petroleum mix of Brent rose $ 0.13 to $ 58.27 a barrel on the London Stock Exchange ICE Futures Europe.

 



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