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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Geopolitical risk premium rises, US oil rigs fall

06 Nov 2017 08:27 GMT

By A/S Global Risk Management.



Friday's weekly oil rig count from Baker Hughes showed a decline in the number of drilling rigs of 8 to currently 729 active rigs. The last 4 of 5 weeks have shown drops in the number of rigs, but the number is still almost 300 higher than same time a year ago.

As the official OPEC and non-OPEC meeting approaches - end of this month - news and comments continue to take headlines. A row of OPEC countries have expressed readiness to extend the current oil production cut agreement - over the weekend, the Russian energy minister, however, pointed out that a decision of the extension might not be taken this month.

In Saudi Arabia, the crown prince initiated an anti-corruption purge in the country which led to arrests of a number of influential persons in the country over the weekend. As Saudi Arabia is a major oil producer, any potential political or economic unrest increases risk premium in oil prices. In addition, a Saudi prince was allegedly killed in a helicopter crash near Yemen yesterday.Several OPEC members, Saudi Arabia, Iraq, Kuwait, stated that they will support a decision to extend the current oil production cut deal later this month. However, how long the extension will be remains undecided.

Turning to economic data front, today sees a row of European Services PMIs and central bank speeches.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.


Image: Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management




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