By Polymers (ScrapMonster Contributor)
September 30, 2016 01:30:29 AM
SEATTLE (polymers.in): OPEC members would limit production to a range of 32.5 million to 33 million bbl/day down slightly on August’s output of 33.2 million bbl/day.
- It is the demand for oil that is also a key issues here now that the Economic Supercycle is over.
- OPEC has understood both the above for a long time, and so realizes that it needs to pump as much oil as possible whilst it can, rather than risk leaving oil in the ground.
- Crude oil prices raced higher nearly 6% on Wednesday as OPEC members have struck a deal to reduce crude output for the first time in eight years.
- OPEC agreed to slash oil production to a range of 32.5 million to 33 million bbl/day.
The super rich are getting stung by the oil slump
- Last year, the world’s ultra-rich added a bit more to their combined wealth and now hold a total of USD 30 trillion in net assets.
- In Russia, the number of UHNW people who own at least USD 30 million in assets fell by almost 13% last year.
- The government plans to draft nearest-term budgets based on a USD 40 price for its Urals blend.
- Brent has been trading at around USD 44 to 47 for a few weeks now.
- Norway’s richest saw their numbers plunge by 54% and their total wealth plummet 51% annually to a mere USD 90 billion.
US oil producers may already be readying to thwart OPEC's plan
- The tentative agreement to cut output by 750,000 bbl/day to 32.5 million bbl.
- US data suggests that oil prices around USD 50/bbl are encouraging the restart of idled US oil output.
UK Oil Shares Up Most in 7 Months to Lift Market on OPEC Deal
- Royal Dutch Shell Plc and BP Plc rose more than 4.5%.
- Anglo American Plc and BHP Billiton Ltd. up at least 5.1%.
- FTSE 100 advanced 1.2%.
Saudi Stocks Rise as Oil Output Cut Outweighs 9/11 Legislation
- Tadawul All Share Index, which rose and fell at least 0.8% in the first 30 minutes of trading, gained 1.6%.
- Traders exchanged 265 million shares, 68% above the gauge’s 30 day average.
Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
European ethylene contract price for October agreed at EUR 940/MT
- European ethylene contract price for October has been fully confirmed at EUR 940/MT.
- The EUR 15/MT increase over September was in line with many players’ expectations.
PE production in Russia rose by 4% in the first eight months of 2016
- Russia’s production of PE increased in the first eight months of 2016 by 4% year on year, totaling 1.12 million MT.
- August total PE production in Russia rose to 161,400 MT, whereas a month earlier, this figure was 126,300 MT.