United Kingdom

Mixed market outlooks have OPEC, allies in wait-and-see mode for JMMC meeting

S&P Global Platts | Mar 15, 2019 at 3:24 PM
  • Oil prices have risen some 25% since the beginning of the year thanks, in large part, to production cuts by OPEC and its allies, no doubt buoying the sentiments of ministers ahead of Monday’s monitoring committee meeting in Azerbaijan.
  • Venezuela pumped 1.10 million b/d in February.
  • Iraq pumped 4.63 million b/d in February, compared with its quota of 4.51 million b/d, while Nigeria produced 1.74 million b/d in the month, above its quota of 1.69 million b/d.

Saudi Arabia

CERAWeek Diary: Houston humor shows oil industry can be a barrel of laughs

Arab News | Mar 15, 2019 at 3:04 PM
  • You don’t usually associate the oil industry with humor, but a few days at the CERAWeek by IHS Markit forum in Houston will change your mind.
  • With a nationwide blackout that paralyzed the country for one week, demonstrating the unreliability of the country’s electricity network, new questions are being raised about Venezuela’s ability to continue to produce and export oil.
  • The IEA left unchanged its forecast for non-OPEC supply increasing to 64.4 mbd this year from a revised 62.7 mbd in 2018, a gain of 1.7 mbd.

Ireland

Kenyan crash victims embody a country’s outward reach

Irish Times | Mar 15, 2019 at 3:04 PM
  • John Quindos wailed and hyperventilated so violently that officials rushed him to a first-aid station.
  • As a clamorous global alarm over air safety rings in the wake of the crash, causing Boeing 737 Max aircraft to be grounded across the world, a quieter reckoning is taking place in shattered homes across Kenya, the country that suffered the single largest toll.
  • In the same period, Ethiopia’s economy surged to $80 billion from less than $8 billion, while its population surged to 105 million from 64 million.

France

The slippery slope for Venezuela’s oil output gets steeper

France 24 | Mar 15, 2019 at 2:57 PM
  • A weeklong blackout and ever-tightening US sanctions have nudged Venezuela’s already declining oil production into an even steeper dive, experts say.
  • Even before the massive, unprecedented power cut swept across the South American nation on March 7, Venezuela’s outlook for its one vital export resource was grim.
  • From April 28, US companies and citizens will be barred from dealing in Venezuelan crude, effectively cutting PDVSA off from its biggest customer.

France

The slippery slope for Venezuela’s oil output gets steeper

Radio France Internationale | Mar 15, 2019 at 2:57 PM
  • A weeklong blackout and ever-tightening US sanctions have nudged Venezuela’s already declining oil production into an even steeper dive, experts say.
  • Even before the massive, unprecedented power cut swept across the South American nation on March 7, Venezuela’s outlook for its one vital export resource was grim.
  • From April 28, US companies and citizens will be barred from dealing in Venezuelan crude, effectively cutting PDVSA off from its biggest customer.

United States

Russian-Venezuelan lender Evrofinance faces restrictions on FX trading

Reuters | Mar 15, 2019 at 1:17 PM
  • The main shareholder in the sanctioned lender, with a 49.99 percent stake, is the Venezuelan state development fund Fondo De Desarrollo Nacional.
  • VTB and Gazprombank are both expected to hand over their stakes in Evrofinance Mosnarbank to the Russian state property agency following the imposition of sanctions.
  • Which has offices in Moscow, Caracas and Beijing, it had a corresponding U.S. dollar account with J.P. Morgan Chase Bank.

United States

IEA: OPEC has enough spare capacity to cover any Venezuela loss

United Press International (UPI) | Mar 15, 2019 at 12:28 PM
  • OPEC has enough spare capacity to cover even a major loss of supply from Venezuela, where it is uncertain “if the fixes are durable” to overcome the latest electricity crisis.
  • The International Energy Agency noted that the 1.2 million barrels of crude oil per day cut agreed to by OPEC and non-OPEC in December, and which started to be implemented in January, covers Venezuela’s total production.
  • Russia has been much slower than Saudi Arabia to reduce crude production under the deal, which was reach in December when OPEC and non-OPEC participants agreed on a combined 1.2 million barrels per day reduction to help support crude oil prices — of which OPEC accounted for 800,000 barrels of the cut.