Rising US output pulls oil prices back from session highs

14 December, 2017, 16:44 | Author: Gladys Mathis
  • Rising US output pulls oil prices back from session highs

The Organization of Petroleum Exporting Countries' monthly report raised its outlook for non-OPEC supply in 2018 by 300,000 barrels a day, as its projections for American output caught up with those of the USA government.

On the other hand, the oil production also managed to hit an all-time high which is at 9.78 million barrels per day according to the latest government data that were reported. As a result, an initiative by OPEC and Russian Federation to clear a global oil glut by cutting production - previously seen succeeding in the third quarter of 2018 - will take effect more slowly. "The baseline for oil demand has been raised by roughly 0.2 mb/d", said the report. Despite the price gain, Brent was well below $65.83 a barrel, the June 2015 high touched earlier this week. Yesterday, OPEC had predicted in its own monthly market report that supply and demand were likely to balance out by the end of 2018 thanks to a pick-up in demand, notably from the transport sector.

Inventories remain 111 million barrels above the five-year average however.

Speaking in China on Wednesday, Mohammad Barkindo, secretary general for OPEC, stated that his cartel and its allies are "designing a framework for a continuity strategy for supply management to help ensure a stable and sustainable oil market". Venezuela's troubled industry suffered further production losses, the U.A.E. belatedly stepped up efforts to deliver its pledged cutbacks and Saudi Arabia cut deeper than required.

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OPEC needs a balanced market before it ends its current pact to cut remove 1.8 million barrels per day from the market. The U.S., Canada, Brazil, Kazakhstan, UK, Ghana, Congo and Australia are expected to be the key countries driving growth next year.

OPEC revised its estimate for U.S. oil output growth for 2018 to 1.05 million bpd, while the U.S. Energy Information Administration increased its growth forecast to 780,000 bpd.

But the pace of increase in global supplies, led by the United States, where total oil production is expected to grow by 1.1 million bpd next year, means inventories will rise early next year.

Speaking at a forum in China, OPEC Secretary-General Mohammad Barkindo, also pointed to the uncertainties concerning the future of the USA tight oil supply, "with technology, economics and geology playing critical roles".


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