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Petroleum Devolopments
18
Volume
45
Issue
3
1. Oil Market
1. Prices
1-1Crude Oil Prices
Weekly average price of OPEC basket increased during the first week of January
2019, to reach $58/bbl, and continue raise thereafter to reach its highest level of
Petroleum Developments in the World Market and Member Countries
*
*
Prepared by the Economics Department.
Key Indicators
zz
In January 2019,
OPEC Reference Basket increased
by 3.2% or $1.8/bbl from the previous month level
to stand at $58.7/bbl.
zz
World oil demand
in January 2019,
decreased
by 0.6% or 0.6 million b/d from the previous month level
to reach99.8 million b/d.
zz
World oil supplies
in January 2019,
decreased
by 0.8% or 0.8 million b/d from the previous month level
to reach100.4 million b/d.
zz
US tight oil production
in January 2019,
increased
by 1.3% to reach about 8 million b/d, whereas
US oil
rig count decreased
by 1 rig from the previous month level to stand at 952 rig.
zz
US crude oil imports
in December 2018,
decreased
by 1.7% from the previous month level to reach 7.5
million b/d, and
US product imports decreased
by
0.2% to reach about 1.8 million b/d.
zz
OECD commercial inventories
in January 2019
increased
by
13
million barrels from the previous month
level to reach 2876 million barrels
,
and
Strategic inventories
in OECD-34, South Africa and China
increased
by
1
million barrels from the previous month level to reach 1828 million barrels
.
zz
The average spot price of natural gas
at the Henry Hub
decreased
in January 2019 to reach $3.11/million
BTU.
zz
The Price of Japanese LNG imports
in December 2018
increased
by $0.3/m BTU to reach $11.2/m BTU,
whereas the
Price of Korean LNG decreased
by $0.2/m BTU to reach 11/m BTU, and
the Price of Chinese
LNG imports remained stable
at the same previous month level of $8.5/m BTU.
zz
Arab LNG exports to Japan and Korea
were about 3.606 million tons in December 2018 (a share of
19.7% of total imports).
Figure - 1
Weekly Average Spot Price of the OPEC Basket of Crudes 2017 - 2018
($/bbl)
$60.8/bbl during the third
week, then decline to reach
$60.5/bbl during the fourth
week shown in
figure 1
:
On monthly basis, OPEC
Reference Basket in January
2019, averaged $58.7/bbl,
representing an increase of
$1.8/bbl or 3.2% comparing
with previous month, and
a decrease of $8.2/bbl
or 12.2% from the same
month of previous year.
Lower supply from (OPEC+)
Countries and signs of
high conformity to the
Declaration of Cooperation,
as well as firm crude oil
demand, particularly from
Asia Pacific, were major
stimulus for the increase in
oil prices during the month
of January 2019.