Monday, 20 November, 2017

Oil prices edge up in anticipation of extended crude output cut

Mae Harvey | 12 May, 2017, 03:51

Bake told the S&P Global Platts Crude Oil Summit on Thursday that while oil inventories were shifting, with cargoes moving from the Atlantic Basin into Asia, the overall drawdown that many hoped for amid OPEC-led production cuts had not yet materialised.

Oil prices have increased due to reports that Saudi Arabia may reduce crude exports to offset the impact of rising U.S. output, which is preventing the market from restoring stability. div class="rightpullquote" "Industry group American Petroleum Institute reported that crude prices also gained support by the fall in United States inventory, a 5.8 million barrel decline".

Meanwhile, gasoline inventories dropped by only 0.150 million against expectations for a draw of 0.538 million barrels while distillate stockpiles fell by 1.6 million barrels, compared to expectations of a 1 million decline.

OPEC members and their partners in the oil production cut agreements from last November and December have reached a consensus to extend the deal until the end of 2017, the oil ministers of Iraq and Algeria said at a joint news conference.

US West Texas Intermediate (WTI) crude futures were at $47.57 per barrel, up 24 cents, or 0.5 per cent from the last settlement.

Brent crude has endured a volatile past few years, plummeting from more than $100 a barrel in 2014 to less than $30 last year.

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US bank Goldman Sachs said that USA shale drillers "fundamentally changed" the oil industry due to their ability to ramp up output much faster than conventional producers.

OPEC monthly report also found that world oil supply growth for the year was increased by 37,000 barrels per day with supply to now average 58.3 million barrels per day.

Oil prices have erased the gains achieved since November, when OPEC and other producers, including Russian Federation, agreed to cut output by about 1.8 million barrels per day (bpd).

Aramco had previously maintained supplies to important Asian customers.

While US oil inventories fell, the country's crude oil production continued to rise, jumping above 9.3 million bpd last week, in what is now a more than 10 per cent increase since its mid-2016 trough. Oil prices pared gains immediately after OPEC released the report but later regained some ground. It had expected a 1.8 million barrels drop.

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