Oil & Gas Market Update Podcast - March 30
Oil & Gas Market Update Podcast - March 30
Here is the link: https://www.youtube.com/watch?v=DI3IVqb ... e=youtu.be
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil & Gas Market Update Podcast - March 30
Just within the last two weeks:
Petrobras announces February domestic liquids production of 2.08 MMbpd, down 1.0% m/m, the fifth consecutive monthly decline.
Government data shows that Colombia's oil production in February was down 4.8% y/y amid intensified pipeline sabotage, with negative read-through for Ecopetrol.
According to media reports, production at the Kashagan field (Eni, Shell, Total, Exxon are among the partners) has fallen from 300 Mbpd to 180 Mbpd since March 20.
On March 29: Ecopetrol is warned of potentially ''drastic sanctions'' by Colombia's environment minister, following an oil spill in Santander province earlier this month.
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They are called "unplanned" supply disruptions for a reason.
Petrobras announces February domestic liquids production of 2.08 MMbpd, down 1.0% m/m, the fifth consecutive monthly decline.
Government data shows that Colombia's oil production in February was down 4.8% y/y amid intensified pipeline sabotage, with negative read-through for Ecopetrol.
According to media reports, production at the Kashagan field (Eni, Shell, Total, Exxon are among the partners) has fallen from 300 Mbpd to 180 Mbpd since March 20.
On March 29: Ecopetrol is warned of potentially ''drastic sanctions'' by Colombia's environment minister, following an oil spill in Santander province earlier this month.
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They are called "unplanned" supply disruptions for a reason.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil & Gas Market Update Podcast - March 30
Oil prices closed out the first quarter on a high note, with Brent hovering around $70 and WTI at $65. Rising geopolitical concerns – declines in Venezuela and fears that the U.S. will step up confrontation with Iran – are elevating crude prices.
OPEC and Russia consider 10- to 20-year alliance. There have been rumors for some time that OPEC and Russia are looking at ways of institutionalizing their cooperation beyond the current production cut agreement, which may or may not expire at the end of this year. Reuters reported this week that they are working on something much more ambitious than previously thought: OPEC and Russia are looking at solidifying their cooperation for the long-term. “We are working to shift from a year-to-year agreement to a 10 to 20 year agreement,” Saudi crown prince Mohammed bin Salman told Reuters in an interview on Monday. “We have agreement on the big picture, but not yet on the detail.”
OPEC/non-OPEC looking at six-month extension. OPEC and its non-OPEC partners are reportedly considering an extension of the current production cut agreement for six months, through mid-2019, according to Iraqi oil minister Jabbar al-Luaibi. “By the end of this year, we will assess and decide how to go ahead,” he said at the Iraq Energy Forum. “Some are suggesting a three-month extension, some suggest a six-month extension.”
OPEC and Russia consider 10- to 20-year alliance. There have been rumors for some time that OPEC and Russia are looking at ways of institutionalizing their cooperation beyond the current production cut agreement, which may or may not expire at the end of this year. Reuters reported this week that they are working on something much more ambitious than previously thought: OPEC and Russia are looking at solidifying their cooperation for the long-term. “We are working to shift from a year-to-year agreement to a 10 to 20 year agreement,” Saudi crown prince Mohammed bin Salman told Reuters in an interview on Monday. “We have agreement on the big picture, but not yet on the detail.”
OPEC/non-OPEC looking at six-month extension. OPEC and its non-OPEC partners are reportedly considering an extension of the current production cut agreement for six months, through mid-2019, according to Iraqi oil minister Jabbar al-Luaibi. “By the end of this year, we will assess and decide how to go ahead,” he said at the Iraq Energy Forum. “Some are suggesting a three-month extension, some suggest a six-month extension.”
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group