OPEC Admits Rival Oil Supply Will Outpace Global Demand Growth
OPEC Admits Rival Oil Supply Will Outpace Global Demand Growth
Source Commonwealth Bank
14 March, 2018, 20:34
This offered modest support to the Brent price, which has fallen by about 1 percent so far this week on concerns that coordinated supply cuts by OPEC and its partners might not be enough to offset the relentless rise in US crude production.
Chinese oil production fell 1.9 percent in January and February to a daily rate of around 3.77 million barrels per day, while the amount of crude processed by refineries rose 7.3 percent to 93.4 million bpd, implying that its import demand will remain strong.
Iran is pushing for prices at $60 a barrel, where Mr. Zanganeh says USA oil production will remain under control and not flood the market. The move could have implications for USA sanctions on Iran, which could impact the latter's oil industry and exports, Facts Global Energy and Royal Bank of Canada warned.
Crude has struggled since hitting a three-year high in January.
US West Texas Intermediate (WTI) crude futures were at US$60.84 a barrel at 0225 GMT, up 13 cents, or 0.2%, from their previous close. "So if inventories declined last week it will definitely be a positive turn", SEB commodities strategist Bjarne Schieldrop said.
Rising US output, as well as seasonally low demand, mean US crude inventories rose by 1.2 million barrels in the week to 9 March to 428 million barrels, the American Petroleum Institute (API) said on Tuesday. Gasoline stocks fell by 6.3 million barrels, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel drop. The Organization of Petroleum Exporting Countries acknowledged the scale of the shale boom, forecasting for the first time that supply growth from rivals will outstrip the increase in demand this year. He will likely push for the USA to exit the nuclear deal with the Persian Gulf nation in May, and could advocate for tougher sanctions on Venezuela, which might boost oil prices, she said.
It expects strong oil demand growth and high OPEC compliance to push inventories further below the five-year average in the third quarter.
"Prices in the upper half of the oil price-band will encourage increased supply as United States production grows and countries reduce compliance with their production quotas", its senior vice-president Terry Marshall said.
"The current healthy momentum in the global economy, together with the efforts undertaken by the OPEC and non-OPEC oil producing countries.is supporting the rebalancing of the oil market fundamentals", the report said.
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