Oil
Barkindo: new members shall join output cuts agreement
Mohamed Barkindo, Secretary General of OPEC, made the following statement:
- Global demand in 2018 is still expected to reach 1.4 million bpd.
- Stocks stabilized at an average of 5 years at 171 million barrels in August compared with 338 million barrels at the beginning of the year and dominated by crude.
The Secretary General of OPEC sees the need for extraordinary measures to rebalance market
9 Oct 2017 11:04 AM |Mohamed Barkindo, Secretary General of OPEC, made the following statement:
- OPEC and other oil producers may need to take extraordinary action next year to restore market equilibrium.
- There is a growing consensus that the market equilibrium process is under way.
Daily wrap up – 5 October
5 Oct 2017 09:59 PM |The US dollar rose today to its highest level in seven weeks as the dollar index reached 93.81 in the light of the continued positive data from the US economy and remains waiting for employment data tomorrow which affected by the recent hurricanes. Today's data showed that the trade deficit shrank for August as exports rose to a two-and-a-half year high.
Russia continues to work with Saudi Arabia on the production reduction agreement
4 Oct 2017 02:44 PM |Russian Foreign Minister Sergei Lavrov said that Moscow would like to continue working with Riyadh on the implementation of the agreement to reduce the world oil production. The remarks came ahead of King Salman's visit to Russia, where the Russian foreign minister praised the cooperation between the two countries in helping to reach an agreement between OPEC and non-OPEC oil producers to cut production until the end of March 2018.
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Daily wrap up – 2 October
2 Oct 2017 10:54 PM |The beginning of the first week of the last quarter of 2017 was very inflammatory. Catalonia held a referendum on secession from Spain and the approval rate reached 90%, but the Spanish government rejected that referendum and considered it illegal. The European Commission supported that view, calling on all parties to sit at the dialogue table.
Daily wrap up -26 September
26 Sep 2017 09:02 PM |On the economic calendar today, the most prominent headline was Janet Yellen, FED Governor speech, entitled "Inflation, Uncertainty and Monetary Policy", warning FOMC from moving too gradually and confirmed that the Fed able to meet the inflation target of 2%, and not considering changes in the target, noting that it is the uncertainty that strengthens the policy of gradually rate hike, which she supports despite the weakness of inflation.
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Daily wrap up – 25 September
25 Sep 2017 06:48 PM |The start of the week was dramatic for the euro, despite the success of Angela Merkel for a fourth term during the German federal elections on Sunday, September 24, the Christian Democratic Union (CDU) and the Christian Social Union (CSU) win 33% of the vote. The ruling party's current partner the Social Democratic Party (SDP) printed the worst result since the Second World War by getting 20.5%, prompting the leader of the party to describe this day by bitter today, and the shock was in the success of the far right-wing party to enter parliament for the first time in half a century, represented by the Alternative for Germany Party (AFD), which has not been established for 4 years.
Joint ministerial monitoring committee for oil producers meets today
22 Sep 2017 01:32 PM |The joint ministerial monitoring committee of oil producers participating in the cut-off agreement meets today, consisting of OPEC members: Algeria / Venezuela / Kuwait and non-OPEC members: Russia / Oman. Although this committee was formed only to monitor the compliance of the countries participating in the agreement to the production reduction process, discussions are likely to dominate the possibility of extending the period of production cuts and / or deepening production cuts.
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Daily wrap up – 21 September
21 Sep 2017 06:44 PM |The markets absorbed the Fed's decisions yesterday, US stocks started to fall from historical highs and the US dollar saw some slight declines after rising overnight after the Federal Reserve kept interest rates unchanged at 1.25% and left the door open for a third raise this year.
Daily wrap up – 20 September
20 Sep 2017 10:05 PM |The markets were calm today, before the US Federal Reserve announcing the interest rate decision. The economic calendar was not full of major economic events during the day, so the markets were looking to see what the Fed will release tonight
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