Oil price
the price of oil up around two dollars a barrel after the agreed Opec cuts.
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oil prices is Thursday morning marginally weaker, after having risen by around two and a half dollars per barrel on Wednesday.
the Price of nordsjøolje is around two dollars higher per barrel than it was when the Oslo stock Exchange closed Wednesday.
the Big investment banks like Barclays and Goldman Sachs says that the plan by the Opec came up with at their meeting in the “protected areas” Wednesday, are burdened with a lot of uncertainty about the implementation and details, but it can add a floor for oil prices, and give a prisløft to 60 dollars per barrel on average for 2017.
“faced with the prospect of a new sharp fall in oil prices has Opec finally presented an initiative that the organization hopes to add a floor for oil prices up to the next etterspørselssesong begins”, says Barclays in a note.
also Read: Oljeanalytiker: – It is this the market has been waiting for
the Bank believes the decisive move in the short term is in Opecs decision about a follow-up meeting in november to determine the details of their agreement.
Opec has appointed a committee to determine the details of a weighting, and Opec signaling in a pressmelding on Wednesday night aiming for a production level of 32,5-33,0 million barrels per day.
Barclays estimates the production level to approximately 33,0 million barrels per day in august, in contrast to Opecs own forecasts on 33,24 mfpd.
the appeal pending that production will fall to 32,9 million barrels per day in november, and argue that a cut to the lower end of the signaling the corridor, will give a cut of 400.000-500.000 barrels per day.
the Agreement is, according to the investment bank also an important sign that Saudi Arabia and Iran still is able to distinguish Norwegian oil policy from the wider political acrimonious relationship between countries.
Neither Barclays or Goldman to change its price assumptions for 2017, based on what they know about Wednesday’s appointment.
“the Plan to reduce the production of 32,5-33,0 million barrels per day will probably prop up prices, at least in the short term,” said Goldman Sachs in a kundenotat.
investment bank maintains its price assumptions for 2016 and 2017, respectively 43 dollars at the end of the current year and 60 dollars per barrel on average for 2017.
“the Uncertainty in the market will persist in the coming months, and produksjonskvotene will be able to be exceeded, even if the plan are ratified on a formeldt meeting in november”, says Goldman.
the Difference between contracts in Brent and WTI is the latest, and the day extended by 4 cents, so that Burned-the prize Thursday morning at 1,52 dollars per barrel for contracts with the same forfallsmåned.
American oil WTI for delivery in november traded Thursday morning for 47,14 dollars per barrel, up 9 cents from the previous trading day, when the contract rose 2,38 dollars to 47,05 dollars per barrel.
WTI contract was at 45,22 dollars per barrel when the Oslo stock Exchange closed Wednesday.
Nordsjøolje brent for delivery in november traded for 48,66 dollars per barrel Thursday morning, down 3 cents from the previous trading day, then the contract step 2,72 dollars to 48,69 per barrel.
the Brent contract was at 46,53 dollars per barrel when the Oslo stock Exchange closed Wednesday.
the Price of Brent spot for immediate delivery are in the morning 35 cents lower than Wednesday, when the price ended up 2,64 dollars to 48,86 dollars a barrel.
Read also: Skepticism of Opec cut
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