tinyfav.com February 23, 2018

US Oil Sets For 2-Month High

04 July 2017, 01:16 | Melanie Burgess

OPEC Output at 2017 High, Rising Libya Output Dampens Price Recovery Expectations

See WTI Crude Oil Price Falling to $30 bbl or Lower

However, there's no denying that the USA still remains awash with excess oil that is derailing bulk of the OPEC-led cuts aimed at rebalancing the market.

Crude oil prices were on pace for another day of gains Friday, though it may be an indication of a correction from last week's steep losses. However, 70 percent would not rule out a further drop into the $30s. Schenker says sustained growth in China is essential for the future health of the oil market.

By his last comment, Paraskevas means that he queries whether a higher oil price would actually lead to a higher oil price for a prolonged period, he feels that a higher price would more likely provoke an increase in supply, which would in time force prices back downwards over the coming years.

Oil prices rose for an eighth day Monday, in the longest winning streak in more than five years. That makes Venezuela the third largest supplier of crude to the USA, after Canada's 3.556 million bpd and Saudi Arabia's 1.02 million bpd. In contrast, prices hit $26.21 per barrel on February 11, 2016-the lowest level in more than a decade.

Crude hit a 10-month low last week as rises in output revived concerns about global oversupply but data this week showing a temporary dip in US oil production has dented the bearish sentiment.

"I think the extent to which Saudi Arabia bled revenue during 2014-2016 forced them back to the OPEC table before the job of really turning the screw on US shale and other non-OPEC supply was completed", said David Fyfe, chief economist at trading firm Gunvor.

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There were further concerns surrounding underlying supply issues, especially as the latest estimates suggested that OPEC production increased 0.28mn bpd for June to 32.72mn. For the week, WTI posted was up $3 (7.59 percent).

Despite the agreement, the oil price has suffered a major selloff on the day of the agreement and was down around 3 percent by the end of the day. Thirteen percent say demand is trending weaker.

OPEC and Russia's supply quotas were offset by robust production from the U.S. The statistics show that prices went down 22 percent in the first half of this year thus indicating a bear market. "He "gets" it; few others around him do", Garman wrote. The next largest proved oil reserves are in Saudi Arabia with 268 billion barrels and Canada with 173 billion barrels. State National Oil Corp.

At near one million bpd, Libya has succeeded in beating a production target the National Oil Corp (NOC) announced recently by a month, the source added. The production data showed that the production from Libya was much stronger than expected and this pushed the oil prices through $45 and then for a couple of weeks, the oil inventory data from the U.S. showed a clear build up in the inventory when a draw was expected and this added to the pressure on the oil prices. Everyone has lowered their predictions, expecting oil prices to remain "lower for longer".

In tonnes, oil output reached 44.801 million, versus 46.298 million in May.

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