{"id":31697,"date":"2018-02-28T06:54:21","date_gmt":"2018-02-28T11:54:21","guid":{"rendered":"http:\/\/olduvai.ca\/?p=31697"},"modified":"2018-02-28T06:54:21","modified_gmt":"2018-02-28T11:54:21","slug":"opec-looks-to-dial-back-production-cuts","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=31697","title":{"rendered":"OPEC Looks To Dial Back Production Cuts"},"content":{"rendered":"

OPEC Looks To Dial Back Production Cuts<\/a><\/h3>\n\"OPEC\"<\/picture>\n
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Last week\u2019s surprise drawdown in crude inventories may be the last for a while, as analysts are expecting a reversal in stocks this week.<\/p>\n

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(Click to enlarge)<\/p>\n

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(Click to enlarge)<\/p>\n

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(Click to enlarge)<\/p>\n

– China became<\/a> the second largest LNG importer in 2017, surpassing South Korea.<\/p>\n

– China\u2019s LNG imports of 5 billion cubic feet per day (Bcf\/d) was second only to Japan\u2019s 11 Bcf\/d.<\/p>\n

– The surge in LNG imports is helping China fuel its rapid switchover from coal to gas. China has run into gas shortages amid its aggressive push to clean up air pollution by shutting down coal.<\/p>\n

Market Movers<\/strong><\/p>\n

\u2022 Sanchez Energy (NYSE: SN)<\/strong> saw its stock jump<\/a> more than 3 percent after it announced it would pay dividends on series A and B convertible perpetual preferred shares in cash rather than stock.<\/p>\n

\u2022 The share price of Carrizo Oil & Gas (NASDAQ: CRZO)<\/strong> fell<\/a> by more than 6 percent after hours after reporting that its 2018 production could dip 10 percent, while also predicting that oilfield services costs would see a \u201cdouble-digit increase\u201d this year.<\/p>\n

\u2022 Schlumberger (NYSE: SLB)<\/strong> and Baker Hughes (NYSE: BHGE)<\/strong> were upgraded<\/a> by Bank of America to a Buy rating, while Halliburton (NYSE: HAL)<\/strong> was downgraded to Neutral.<\/p>\n

Oil prices gained a bit over the past few trading days, after a surprise drawdown in crude stocks last week. But analysts see that to be a one-off, with expectations that inventories will resume climbing this week.<\/p>\n

IEA: U.S. to become world\u2019s largest oil producer by next year<\/em><\/strong>. The IEA\u2019s executive director said that the U.S. will surpass Russia to become the world\u2019s largest oil producer \u201cdefinitely next year,\u201d if not in 2018. \u201cU.S. shale growth is very strong, the pace is very strong … The United States will become the No.1 oil producer sometime very soon,\u201d Fatih Birol told Reuters<\/a>.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

OPEC Looks To Dial Back Production Cuts Last week\u2019s surprise drawdown in crude inventories may be the last for a while, as analysts are expecting a reversal in stocks this week. (Click to enlarge) (Click to enlarge) (Click to enlarge) – China became the second largest LNG importer in 2017, surpassing South Korea. – China\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[595,17834,5332,600,16485],"class_list":["post-31697","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-production","tag-oil-production-cuts","tag-oilprice-com","tag-opec","tag-tom-kool"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31697"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31697\/revisions"}],"predecessor-version":[{"id":31698,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31697\/revisions\/31698"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}