Friday, 24 March, 2017

Barkindo: Inventories Responding to OPEC Cuts

US Biggest Beneficiary Of Output Cut By Saudi-Led OPEC – OpEd As US oil production ramps up, major players look to increase drilling
Mae Harvey | 08 March, 2017, 00:31

U.S. West Texas Intermediate and worldwide Brent crude oil futures posted two-sided trades on Monday as investors reacted to mixed news about supply. While the agreed cuts have kept oil prices on the exchanges in NY and London above $50 per barrel, producers say they still have more work to do in order to rebalance the market.

"OPEC has unrealistic expectation as to what their production cuts can achieve", said Phil Davis, managing partner at PSW Investments in Woodland Park, New Jersey, noting USA production over the next two years is expected to wipe out much of the OPEC cuts.

Brent crude futures were down 34 cents at $55.56 a barrel by 1036 GMT after settling 1.5 percent higher in the previous session.

Global oil production capacity is expected to grow by 5.6 million bpd by 2022.

In deciding whether to favour extending the cuts, his country will look at global oil inventories as the midyear deadline approaches, Al-Falih said.

There were further underlying concerns surrounding increasing United States shale supplies and a sharp retreat in gasoline prices from earlier highs also had a negative impact on the crude market.

US production fell from a recent high of 9.62 million barrels a day in April 2015 to a bottom of 8.56 million barrels in September. While U.S. imports of primarily crude oil from Venezuela have been on the decline, U.S. exports of petroleum products to Venezuela have increased largely because of Venezuelas tight finances that leave it unable to invest and maintain its own domestic refineries.

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The cause, he admonished, are "misguided" projections of peak oil demand.

The IEA also released a five-year forecast for the global oil industry that noted that the global oil supply over the next five years would struggle to keep pace with oil demand after 2020.

Under the November 30 OPEC agreement, Venezuela agreed to cut its production by 95,000 bpd to 1.972 million bpd beginning in January.

US stock prices closed lower on Tuesday as weakness in drug and financial shares sent the S&P 500 and the Dow Jones Industrial Average to their first consecutive sessions of declines in more than a month.

Via a commentary on the bulletin, OPEC said the projection of Mohammed Barkindo, its secretary-general - that the world was about to turn a historic page in oil history - is now becoming a reality.

Late last year, OPEC and key non-OPEC countries like Russian Federation agreed to trim output by a collective 1.8 million barrels a day for the first six months of this year.

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