BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

OPEC-led cuts should rebalance oil market in first quarter: UAE energy minister

Index-based blockchain: Making the container industry smarter

Oil

Platts Rigs and Drilling Analytical Report (RADAR)

Oil | Refined Products | Fuel Oil | Shipping | Dry Freight | Marine Fuels | Tankers

Mediterranean Bunker Fuel Conference, 8th Annual

Natural Gas

061019-european-lng-regas-moves-above-summer-2018-total-over-the-weekend

OPEC-led cuts should rebalance oil market in first quarter: UAE energy minister

London — The OPEC-led deal to cut 1.2 million b/d from the start of January should bring balance back to the oil market in the first quarter of 2019, the UAE's energy minister Suhail al-Mazrouei said Tuesday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

"As we start a new year, I remain optimistic toward achieving the market balance during the first quarter after [the] OPEC and Non-OPEC production cut. At this time last year we remember the same pessimistic views which we disagreed with and as we expected 2018 was a good year," he said in a tweet Tuesday.

The minister said last month that OPEC and non-OPEC producers would consider "deeper cuts" if the reduction wasn't enough to restore balance.

Algeria's energy minister Mustapha Guitouni said late last month he was confident oil prices would return to between $65/b and $70/b by April, but stressed the OPEC alliance would cut production further if the market had not responded by then.

The oil exporting alliance, which includes OPEC, Russia and other allies, has been vocal in trying to talk up a Brent crude market which briefly dipped below $50/b in late December after peaking at $86/b in October. The group plans to meet in April to assess market conditions even though the current agreement is scheduled for six months as weakening market fundamentals and sharp volatility cast a shadow over policy making.

Russia's energy minister Alexander Novak said late December that the OPEC-led alliance should avoid a hasty reaction to recent fluctuations in oil prices and instead continue to monitor the market.

OECD oil stock levels rose above the five-year average in October for the first time since March, to 2.872 billion barrels, reflecting recent production surges, and led by an unusually strong build in crude stocks, the Paris-based International Energy Agency noted in December.

The monthly increase in crude stocks, at 46.4 million barrels, was the largest since March 2015 and reflected steep falls in refining in the US and Japan, higher North American crude output, and steady crude imports in Japan and South Korea. Stock levels have served as an important guide for OPEC in its quest to bring about market balancing.

--Paul Hickin, paul.hickin@spglobal.com

--Edited by Jonathan Loades-Carter, newsdesk@spglobal.com