Wednesday, 13 November, 2019

Crude prices down on reports of possible increase in OPEC production

Crude prices down on reports of possible increase in OPEC production Crude prices down on reports of possible increase in OPEC production
Russell Knight | 27 May, 2018, 01:14

Petrol and diesel have surged on the back of rallying worldwide markets for crude oil, amid ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

OPEC and non-OPEC producers, led by Saudi Arabia and Russian Federation, agreed to cut production by 1.8 million barrels per day (MMBPD) until the end of 2018 to lower oil stockpiles and lift oil prices.

USA inventories expanded by 5.78 million barrels to about 438 million barrels last week, data from the Energy Information Administration showed.

Such a decision is possible because of fears about a possible decrease in the supply of raw materials from Iran and Venezuela, which contributed to the growth of oil prices to the highest levels since 2014.

U.S. crude oil production for yet another week for week ending May 11-the most recent data available-increased to 10.723 million bpd, according to the EIA. Pompeo's address, the first since he took office, followed a May 8 decision by U.S. President Donald Trump to pull out of the Iranian nuclear deal.

No doubt the motivation to continue to tighten the market is in large part stemming from the IPO of Saudi Aramco, a very bullish driver for the oil market because Saudi Arabia has seemed impervious to market concerns about over-tightening since they are aiming for higher prices for the public offering.

The sudden consideration comes in response to rising oil prices that are pushing toward three-year highs and are beginning to drag on consumers.

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Brent crude futures fell 61 cents, or 0.8 per cent, to US$79.19 (RM315) a barrel by 11.24am EDT (1524 GMT).

Oil prices have been supported by the reduced crude output from the OPEC and the fact that USA crude inventories have been falling of late.

Traders also drew attention to the data of the American Petroleum Institute (API) on reserves in the US.

Inventories of gasoline rose by 1.9 million barrels in the same week, just ahead of the Memorial Day holiday in the United States which typically marks the start of the summer driving season.

OPEC and some non-OPEC major oil producers are scheduled to meet in Vienna on June 22.

United States crude stockpiles are forecast to have declined by 2.8 million barrels last week, a third weekly fall in a row. Venezuela has been producing about 500,000 barrels a day less than its quota under the OPEC production cuts, and more US sanctions could cut that number even further.

Before the EIA report, benchmark West Texas Intermediate (WTI) crude for July delivery traded down about 0.2% at around $72.01 a barrel, and it dropped to around $71.30 (down about 1.2%) shortly after the report's release.

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