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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Oil producer meeting takes headlines

By A/S Global Risk Management.



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Updated on 10 Oct 2016 07:26 GMT

By Michael Poulson, A/S Global Risk Management

Oil prices are slightly down this morning after Brent briefly touched $52.6 last week.

This week, OPEC and non-OPEC oil producers meet in Istanbul to further discuss a potential output cut. Damping expectations of any effect of such potential agreement was a statement by OPEC-member Iraq over the weekend that the country will raise output in 2017. Non-OPEC member Russia is an important non-OPEC oil producer, pumping around 11 mio. barrels per day of crude oil. Apparently, Iran and Iraq will not attend the talks in Istanbul this week. Anyway, comments and news from the meeting could spur additional volatility.

Friday, the weekly oil rig count from Baker Hughes showed another increase in the number of active drilling rigs in the U.S. 3 rigs were added and the total number is 428. Could be a sign that U.S. shale oil producers are turning on the oil taps as oil prices head above $50-level. South-east U.S. is reopening the oil and gasoline terminals after shut-downs as hurricane Matthew swept over large parts of the area.

Libyan oil exports is said to have increased to around 520,000 barrels per day and the National Oil Company aims at reaching 600,000 barrels per day by the end of this month.

Turning to the global economic situation, the U.S. job report on Friday came out slightly disappointing, but not bad enough to rule out an interest rate hike later this year by the Fed. Note, today is a public holiday in the U.S. (Columbus Day) and Japan. Eurogroup meetings in the Eurozone, but other than that, no major economic news are due today. Later this week, the U.S. Central Bank's meeting minutes will be published along with a row of speeches (Wednesday) - and Thursday, Chinese trade activity.



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.






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