Thursday, 14 December, 2017

Oil prices rise as Saudi Arabia plans to cut exports in November

Oil prices stable as OPEC says market is rebalancing Crude Causing Pain To Modi Govt, But Giving A Smile To These Firms
Juana Turner | 12 October, 2017, 00:44

Traders said that oil prices were supported as the Organization of the Petroleum Exporting Countries (OPEC) said oil markets were rebalancing fast after years of oversupply.

The main global crude oil futures contract, Brent, was trading at around $56.83 in late morning London trading.

The United States is not participating in the supply cut, and its crude output has risen 10 percent this year to more than 9.5 million bpd.

"With the market moving into the winter season, distillate fuel supplies are notably tight, representing a change from the excess supplies seen in the last two years", OPEC said.

But Mr Barkindo said he was not anxious about the rise in USA shale oil and gas output. "Between the first half and second half this year, demand growth is nearly about 2 million barrels (per day), which is very robust", he said.

OPEC and its allies want to bring stocks down to the five-year average and are discussing extending their supply restraint.

Speaking at an energy conference in New Delhi, OPEC Secretary General Mohammad Sanusi Barkindo said oil demand growth in 2018 should be "quite robust", while commercial oil stocks in the world's advanced economies continues to fall. Growth in USA shale three years ago contributed to the global excess OPEC's cut is now targeting.

WTI (West Texas Intermediate) crude oil prices are now sitting at a one-week high.

Barkindo said the effort in part helped the energy sector emerge from the "most vicious of all oil cycles", with oil prices tanking below $30 per barrel previous year on oversupply concerns.

Oil prices have been rising since the end of summer, but remain well below their 2014 level.

The price expectation, given on page 45 of the 96-page report, is an assumption, not a forecast, OPEC sources said.

Increasing demand for oil will be matched by added supplies, but Opec's forecasts for the balance of supply and demand foresee a greater reliance on the cartel's output.

Saudi Arabia said it pumped 9.97 million barrels per day in September, up from August, but still below target.

Rob Haworth, senior investment strategist at U.S. Bank Wealth Management said OPEC and oil bulls were "hoping U.S. producers slow down production and make further progress on inventory cuts".

Should OPEC keep pumping at September's level, the market could move into a deficit next year, the report indicates.

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