Kuwait Sees Balanced Oil Market by Yearend
The oil market is expected to be in balance toward the end of 2019, as global inventories fall and demand remains strong, but OPEC’s job is not done yet, Kuwait’s oil minister told Reuters.
There are still uncertainties around oil demand growth due to concerns about the impact of the US/China trade dispute on global economy, while US shale oil production is still rising, Khaled al-Fadhel said on Monday.
This uncertain outlook is making it tough for OPEC and its allies to have a clear oil supply plan for the second half of the year. Fadhel said it was too early to say now if the oil producers will extend their current output targets after June.
OPEC, Russia and other non-OPEC producers, known as OPEC+, agreed to reduce output by 1.2 million barrels per day from Jan. 1 for six months, a deal designed to stop inventories building up and weakening prices.
“There is great anxiety in the market today mainly related to supply concerns. For example, the impact of the US government decision announced recently not to extend the waivers to major buyers of Iranian crude has yet to be felt,” Fadhel said in written answers to questions from Reuters.
He also cited the possibility of further US sanctions on Venezuela, political tensions in Libya, US shale oil production growth and trade dispute between Washington and Beijing as reasons why the global supply and demand outlook remains unclear.
source: Financial Tribune
Top News
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Glencore in talks to sell Philippine copper smelting unit
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Mercuria partners with Zambia on metals trading venture
Iron ore price weakens as Australia flags return to sub-$100 prices
Triple Flag to acquire royalty on Tres Quebradas lithium project
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Petra Diamonds cuts forecasts, jobs amid market weakness
A STEP FORWARD TOWARDS SAFETY
Sovel contracts Danieli Automation for bar mill upgrading
How the Trump administration can support lithium independence
Gemfields says unrest could disrupt Mozambique ruby mine
Iron ore price rises on pre-holiday restocking, China stimulus hopes
Canada invests $70m in Seymour Lake lithium project in Ontario
Solar, EVs and a big exit from coal: 2024’s good climate news
Gold price steadies as traders focus on uncertain 2025 rate path
Lithium suppliers seek to rein in price discounts in 2025 talks
Nigeria resumes mining in Zamfara state on improved security
Midnight Sun receives exploration license renewal for Solwezi copper project in Zambia
Sovel contracts Danieli Automation for bar mill upgrading
How the Trump administration can support lithium independence
Gemfields says unrest could disrupt Mozambique ruby mine
Iron ore price rises on pre-holiday restocking, China stimulus hopes
Canada invests $70m in Seymour Lake lithium project in Ontario
Solar, EVs and a big exit from coal: 2024’s good climate news
Gold price steadies as traders focus on uncertain 2025 rate path
Lithium suppliers seek to rein in price discounts in 2025 talks
Nigeria resumes mining in Zamfara state on improved security