Monday, 20 November, 2017

Iraq, Algeria support extension of oil production cuts

Oil Pump California RTR FBN Oil Price Forecast - News Continues To Be Bearish For Oil
Mae Harvey | 12 May, 2017, 03:51

Later in the day Tuesday, the American Petroleum Institute reported total crude oil stocks declined 5.8 million barrels last week.

The producer group and other major suppliers including Russian Federation agreed a year ago to cut their collective production by about 1.8 million barrels a day for the first half of 2017 in an effort to reduce bloated global stockpiles and re-balance the market.

Oil prices rose on Thursday, with benchmark Brent crude trading comfortably above $50 a barrel after a fall in USA inventories and a bigger-than-expected cut in Saudi supplies to Asia helped tightened the market.

State-owned Saudi Aramco would reduce oil supply to Asian customers by about 7-million barrels in June, a source told Reuters, as part of Opec's agreement to reduce production and as it trimmed exports to meet rising domestic demand for power during the summer.

OPEC is expected to decide at talks on May 25 whether to extend the current deal to cut production for an additional six-months to the end of the year.

Oil prices pared gains on Thursday after the release of the report to trade at less than $51 a barrel LCOc1 , below the $60 level that top OPEC producer Saudi Arabia would like to see. U.S. WTI crude wasp 29 cents or 0.6% at $46.17 per barrel.

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A weak 10-year note auction sunk demand for USA government debt as the prices on benchmark 10-year notes erased earlier gains to trade flat.

Iraq and Algeria support the extension of oil production cuts by OPEC and non-OPEC producers through the end of the year to try to boost prices, they said in a joint statement Thursday.

Opec has reduced output as promised, but there have been few signs so far that supply has fallen significantly as producers have shielded many key customers, especially in Asia, from cuts. OPEC did not publish a compliance number.

The forecast for 2018 rose to 1.95 million barrels per day as compared to 1.91 million barrels per day in April report.

However, analysts remained concerned about rising output from the US, Libya and Nigeria and questioned whether the rebound could be sustained. Finally the EIA inventory numbers were better than expected, crude drew 5.3m barrels, way more than the expectation of just under 2m and there were draws in gasoline, 150/- b's and distillates, 1.6m b's as well.

Any more supply from OPEC or non-OPEC could return the market to surplus.


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