Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Brent heads towards $81

    Brent heads towards $81

    November 12, 2014
    Share
    Facebook Twitter LinkedIn WhatsApp

    Crude oil barrels12 November 2014 – Brent crude fell towards $81 a barrel on Wednesday, holding just above a four-year low as concerns over a mounting oil glut outweighed geopolitical and supply disruption risks in Ukraine and Libya.

    With oil prices having fallen 30% from a mid-June peak, whispering among Opec delegates ahead of its 27 November meeting is starting to suggest it could cut production by around 500,000 barrels a day, bringing its daily output closer to the official target of 30 million bpd.

    But delegates within Opec also warned an agreement will not be easy, and analysts doubt members will take decisive action.

    “The consensus view is Opec won’t take any action, or if it does, not big enough or sufficiently definitive to have too much impact on prices,” said Ric Spooner, chief market analyst at Sydney’s CMC Markets.

    Brent crude for December delivery fell 45 cents to $81.22 a barrel early on Wednesday. It dropped 67 cents on Tuesday after first touching $80.46, its lowest since September 2010.
    US crude was down 47 cents at $77.47.

    The markets were still assessing if an Opec cut of 500,000 bpd would make oil prices more vulnerable to the impact of potential supply disruptions caused by geopolitical risks in Libya and other oil producers, Spooner said.

    Exports were still blocked at Libya’s 120,000 bpd Hariga port by protesters involved in a wages dispute although talks to resolve the issue were underway, an oil official said on Tuesday. The El Sharara oilfield was also still closed.

    European Union foreign ministers will meet next week to discuss the possibility of more sanctions on oil and gas producer Russia over the continuing conflict in Ukraine.

    Heavy shelling has resumed in eastern Ukraine this past week around the pro-Russian separatist stronghold of Donetsk, and Kiev has said rebels there have been rearmed and were supported by “Russian mercenaries”.

    US oil inventory data due out later Wednesday and Thursday could show a build in crude stocks of 800,000 barrels in the week ended 7 November, according to a Reuters poll of analysts.
    *Reuters

    Related News

    Crude oil rebound reflects optimism over the U.S.-China dialogue

    Stakeholders hail PINL’s achievements in protecting TNP

    Dangote, NNPCL boss pledge collaboration to boost energy security

    E-book
    Resilience Exhibition

    Latest News

    Nigeria’s Senate passes tax reform bills to boost government revenue

    May 10, 2025

    Nigeria unlocks intra-African trade with new PAPSS policy boost

    May 10, 2025

    Nigeria advocates for global financial reform at 2025 UN Meetings

    May 9, 2025

    China pushes ahead in battery technology race

    May 9, 2025

    Gold rose amid geopolitical risks, investors await trade developments

    May 9, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.