Tuesday, 17 September, 2019

OPEC+ faces 'daunting' market surplus in 2020, IEA says

Chart showing Persian Gulf Oil prices gain after bigger-than-expected fall in US stockpiles
Russell Knight | 12 September, 2019, 16:35

"The installation of the necessary pipelines and terminals is continuing apace, which will ensure that the trend continues".

Also giving a floor to prices, the U.S. Energy Information Administration said on Wednesday that U.S. crude oil stockpiles fell last week to their lowest in almost a year, as refineries raised output and imports fell. That lifted total exports of crude and products to almost 9 million b/d.

Woods Mackenzie said last month that the USA port of Corpus Christi, Texas could emerge as the country's top crude export hub over the next decade, linking three new pipelines from the Permian, the country's most prolific shale oil basin.

Speaking to CNBC in Abu Dhabi earlier this week, the US deputy energy secretary said President Donald Trump "often talks about energy dominance".

"Oil traders are reacting to the fact, as we expected, that Bolton quit over the suggestion that the USA loosen sanctions on Iran", said Phil Flynn, analyst at Price Futures Group in Chicago.

The price upswing on Thursday came after both of the principal global benchmarks fell sharply in the previous day following a report that President Trump had weighed easing sanctions on Iran, a move that would potentially boost global crude supply at a time of rising concerns about oil demand.

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"The world often asks: what does that mean?" World Markets are fragile, price of Oil getting too high.

In a monthly report, OPEC said oil demand worldwide would expand by 1.08 million barrels per day, 60,000 bpd less than previously estimated due to an economic slowdown. Additionally, U.S. sanctions on Iran and Venezuela have reduced further bets on global supplies.

Brent futures have tumbled more than 18% from a peak reached in April, with WTI down over 15% over the same period.

The IEA said that, over the final three months of the year, the U.S.

"With production expanding strongly, the question is can sellers of US crude price exports attractively enough to capture global markets?" the energy agency added. As Saudi Arabia continues to curb production, the IEA said America's crude exports could rise by a further 33% from June levels to as much as 4 million barrels a day as new export infrastructure gets built in the fourth quarter of this year.

Also feeding bearish sentiment, the IEA, which advises industrial economies on energy policy, said surging USA output would make balancing the market "daunting" in 2020.

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