Post by capitalstars Equity tips on Feb 18, 2016 17:57:34 GMT 8
Saudi Arabia and several other OPEC members met in an emergency meeting the day before and decided not to cut production but would hold production to the current levels. Asian markets are trading in green after Iran voiced
support to freeze output levels along with other two top oil exporters - Russia and Saudi Arabia. This pushed the crude oil prices upwards on hopes that big producers will cap production, improving investors' appetite for riskier assets.
Iranian Oil Minister Bijan Zanganeh met counterparts from Venezuela, Iraq and Qatar in Tehran for over two hours on Wednesday, saying the proposed production "ceiling" should be the first step toward stabilizing the market.
Zanganeh, quoted by Tehran's Shana news agency, did not say explicitly say that Iran will keep its own output at January's levels, in line with the proposal that major producers including Russia and Saudi Arabia restrict output.
The latest API inventory update showed crude inventories fell by 3.3 million barrels in the week to Feb. 12 to 499.1 million Distillate fuels stockpiles, which include diesel and heating oil, fell by 2 million barrels.
Latest Release
Feb 17, 2016
Actual -3.300M Forecast 3.000M Previous 2.400M
The world's oil market is likely to see a drop in supply over the next three to five years as cheap debt dries up and majors cut capital spending, but the timing of any recovery in prices is too difficult to call, Woodside Petroleum's CEO said.
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support to freeze output levels along with other two top oil exporters - Russia and Saudi Arabia. This pushed the crude oil prices upwards on hopes that big producers will cap production, improving investors' appetite for riskier assets.
Iranian Oil Minister Bijan Zanganeh met counterparts from Venezuela, Iraq and Qatar in Tehran for over two hours on Wednesday, saying the proposed production "ceiling" should be the first step toward stabilizing the market.
Zanganeh, quoted by Tehran's Shana news agency, did not say explicitly say that Iran will keep its own output at January's levels, in line with the proposal that major producers including Russia and Saudi Arabia restrict output.
The latest API inventory update showed crude inventories fell by 3.3 million barrels in the week to Feb. 12 to 499.1 million Distillate fuels stockpiles, which include diesel and heating oil, fell by 2 million barrels.
Latest Release
Feb 17, 2016
Actual -3.300M Forecast 3.000M Previous 2.400M
The world's oil market is likely to see a drop in supply over the next three to five years as cheap debt dries up and majors cut capital spending, but the timing of any recovery in prices is too difficult to call, Woodside Petroleum's CEO said.
accurate Intraday Tips , Intraday Trading Tips