INTERNATIONAL. Saudi Arabia pumped the most oil in three decades last month, reaching 9.8 million barrels a day and boosting OPEC production, the International Energy Agency said. Increased output in Angola helped replace lower supply in Libya.
Daily supply from the 11 Organization of Petroleum Exporting Countries members bound by quotas rose to 27.37 million barrels a day in July from 27.22 million in June, the Paris-based IEA said today in its monthly oil market report.
“Output has regained levels close to those seen before the Libyan crisis, although OPEC spare capacity now stands at
UAE. 65% of respondents expect to spend less on projects than last year; increasing number of disputes owing to shrinking budgets and payment delays; 62% of respondents had been involved in a dispute recently or expect to be involved in one in the next year.
UAE. There are more negative than positive factors likely to impact oil prices in the short term. With current oil net-long speculative positions at an elevated level, a slight change in traders' outlook would lead to a significant selloff.
INTERNATIONAL. Stock markets were offered a welcome boost following the sharp appreciation in oil prices that temporarily elevated confidence towards the global economy and heightened investor risk appetite.
UAE. The disagreement is mainly due to Tehran's resistance to the idea of an output freeze; Saudi Arabia is not willing to do a deal without Iran's participation as this could ignite a market share war.
INTERNATIONAL. "It's going to come to a point where there is just going to be no real economical benefit to any kind of production staying at any kind of level in those countries. And once they come off, that's going to obviously support oil prices."