25/02/2015
Specialists: Oil prices are affected by supply and inventory data
Gulf official: $ 60 for a barrel of oil is currently acceptable
Gulf delegate to the organization, "OPEC", said yesterday that oil prices have started to stabilize around current levels, the price of $ 60 a barrel is appropriate, and that he appeared to signs of improved demand in Asia and other regions.
The delegate for "Reuters": "It seems that oil prices have started to stabilize around the current level, and seemed too many indications of growing demand. The market started to stabilize prices as well. "
These statements confirm that key members of the Gulf OPEC do not show any sign of retreating from their strategy based on a focus on the organization's share in the market rather than cut production, despite concerns of other members of the decline in oil revenues.
Futures for crude oil mixture «Brent» prices had risen yesterday to about $ 60 a barrel after the cessation of production in the largest field in Libya, while US oil stocks data traders awaited to determine whether the recorded significant new increase.
Bed field in Libya Closed as a result of power outages in a fresh blow to the country's exports, a member of OPEC.
And oil Brent crude rose for delivery in April (April), as quoted by Reuters news agency, to $ 60 a barrel, recovering from a low level in the earlier to $ 58.10. The price of US crude 60 cents to $ 50.05 a barrel.
He predicted a survey conducted by "Reuters" to announce the American Petroleum Institute and the Department of Energy crude oil stocks in the United States About four million barrels to a record level in the past week.
Carsten Fritsch of Commerzbank in Frankfurt Said "We expect the announcement of a significant increase in US inventories."
Experiencing the American oil markets glut in supply due to increased domestic stocks and exacerbate the situation because of a strike at the refineries, which reduced demand for crude.
The income of the largest strike in US refineries during the 35-year-old - which included 12 refinery represents about a fifth of production capacity in the United States - its fourth week and the resumption of negotiations is expected to end the strike this week.
After a week of stability around $ 56 a barrel price crude basket fell "OPEC" to $ 54.09 a barrel yesterday for $ 56.55 a barrel in the previous trading.
A daily report of the Organization of Petroleum Exporting Countries, issued yesterday, said that the price of the basket of 12 crude production from Member States recorded a sharp first loss since 10 February of this, where the rise on the price of the basket dominated over the past week.
He said the "economic" Dr. Izzat Ibrahim specialist in oil affairs and a member of the Austrian Economic Chamber, said that the case of the decline suffered by the market in the past two days were the result of economic data on the persistence of high oil supply.
However, he does not return to the series of sharp price declines as it was before, where reports indicate that the price will improve slowly for up to $ 70 per barrel by 2019, the price ranges between $ 40 and $ 80 a barrel in the coming years.
Ezzat said that the US shale oil production has become economically glory, and the Arctic oil will not be profitable for less than the price of $ 100 per barrel, which led to the freezing of many of the investments and the postponement of some oil wells drilling plans.
He said that the low prices have made a lot of producers are facing a severe crisis, pointing out that the data from the "Oil and Gas" Foundation UK confirmed that at the price of $ 50 a barrel can produce North Sea oil to fall by 20 per cent what sends a powerful blow to the British economy .
He added that prices are also prone to falling because of other factors, most notably the rumors in the media for trying to Nigeria for an emergency meeting of OPEC to meet the low prices, which has not been widely accepted among the major states of the Organization.
For his part, said the "economic" Christopher Cents Head of the Austrian-Arab Chamber, it is difficult to a radical change in the level of prices on the market without the problem of the treatment of the great disparity between the supply of which is characterized by abundance and which is characterized by slowing demand.
He said, "The OPEC" adheres to the idea not to reduce production and protect market shares, while the United States insists on accelerating the pace of production in an unprecedented way since more than three decades.
He added that the resolution of the Greek crisis will add further improvement and growth in the European economy, which is one of the largest sources of demand for oil after the Asian markets.
He explained that the growing strength of the US dollar reflected negatively on the oil market, pointing out that oil futures dollar tends to fall when the dollar rises, as this makes oil more expensive to buyers in other currencies.
He said the "economic" Polish Piotr Vdovensky analyst, said that periods of sharp decline in prices paid to producers and consumers in the expansion of oil storage to take advantage of the price difference after the return of oil to rise has led to a rise in the amount of stocks are currently at record levels weakened demand. He said, OPEC has a full and continuous convinced the idea of refusal to cut production, which contributes to push prices down, where finally denied the organization plans to hold an emergency meeting this month, in addition to pumped 30.9 million barrels in January (Jan) exceeding the specified production ceiling at 30 million barrels in eighth consecutive monthly increase, adding, "This underlines the strong defense of the market shares dropped whatever price." Returning to the issue of the Libyan source in the industry, he said, that Libya has resumed pumping crude from the fields of the bed and the obelisk in the southeast to the port rate of about 30 thousand barrels per day. Omran said cabled spokesman for the Arabian Gulf Oil Company, said that the flow is still limited, although the pipeline works.
A source in the sector, the sizes up to 30 thousand barrels per day on Monday, slightly down from 40 thousand barrels per day on Sunday because of a defect occurred yesterday in the first turbine station in the related field bed obelisk field. The source said, it is being repaired holidays and Libyan oil exports have fallen to less than 200 thousand barrels per day when it closed the port in the east of the country due to an explosion in the pipeline was signed last week, compared to 1.3 million barrels per day, such as the overthrow of Muammar Gaddafi in 2011. In Later yesterday Gulf, said that the fields of the bed and the obelisk, which feed the petroleum port stopped because of a power cut and the company is working to fix it yesterday.
cabled company spokesman, said that the test pumping of bed results are good but unexpected heavy rains fell in the region has led to power outages. The company re-run the pumps to test the pipeline after an explosion over a week ago and led to the disruption of flows.
Libyan oil exports tumbled sharply to only trace amounts of small offshore fields after violence in the country has caused the closure of all major ports.
Although the caller pipeline port has been repaired, oil exports fell to their lowest level since 2011, further evidence of how close the country back from the brink.
