Tuesday, 25 September, 2018

Oil Prices Rise Despite US Efforts to Increase Oil OutputNaija247news

Crude Oil Crude Oil
Russell Knight | 16 September, 2018, 04:31

Oil production in Iran, a founding member of the Organization of the Petroleum Exporting Countries, fell by 150,000 barrels a day in August, OPEC said, citing secondary sources.

The warning by the Paris-based International Energy Agency that oil prices could scale above $80 a barrel is definitely not good news for India. With that accomplished, OPEC has loosened the requirements on production.

U.S. crude stocks fell by 8.6 million barrels in the week to September 7 to 395.9 million, the American Petroleum Institute (API) said on Tuesday, while the U.S. Energy Information Administration (EIA) cut its forecast for U.S. crude output growth in 2019.

Brent rose above $80 per barrel on Wednesday for the first time since May, spurred by expectations that US sanctions against Iran's oil exports, which will start in November, will tighten global markets.

"Bullish Europe, bearish U.S." is the overall sentiment in the market, said Tamas Varga, an analyst at PVM Oil Associates Ltd.in London.

The deliberate spike in production was prompted by concerns about global supply and USA sanctions against Iran that go into effect in November. "But traders are now pivoting to the Opec and non-members' meeting next week in Algeria".

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U.S. West Texas Intermediate (WTI) crude futures were at $69.88 per barrel at 0635 GMT, down 49 cents, or 0.7 percent, from their last settlement. The contract climbed $1.12 to $70.37 on Wednesday, the highest close since July 20. Total volume traded was about 22 per cent below the 100-day average.

The IEA said tightening supply was putting increasing pressure on prices: “The price range for Brent of $70-$80 per barrel in place since April could be tested, ” it said. The global benchmark traded at a $9.63 premium to WTI for the same month. Meanwhile, France and South Korea are shunning Iranian crude, forcing the Islamic Republic to effectively remove some oil from global markets. Russian Energy Minister Alexander Novak said the nation has the capacity to set a new oil-production record, but it will discuss supplies with the group because it's in everyone's interest to keep the market balanced.

The Economic Times (ET), an Indian daily said Iran now exports about 2 million barrels a day which is already 28% less than what they used to export in April.

USA nationwide crude inventories may have fallen 2.25 MMbbl last week, according to a Bloomberg survey of analysts ahead of government data due to be released on Wednesday. Stockpiles in Cushing, Oklahoma, declined for the first time in five weeks.

Prices were also pushed up by Hurricane Florence, which is expected to make landfall on the U.S. East Coast on Friday, and which has caused fuel shortages following the evacuation of millions of households and businesses. Duke Energy warned of power loss in North and SC, with the hurricane posing a threat to some pipelines running through the region.

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