Oil Tumbles to Five-Month Low as US Production Builds
19 May, 2017, 15:53
Russian Federation and Saudi Arabia together control around 20 million bpd in daily output.
Saudi oil minister Khalid al-Falih said Monday the deal extension would have the same volume allocations that were included in the December agreement.
According to Naeem Aslam, the chief analyst at United Kingdom online broker Think Markets, despite the optimism that sent oil prices higher yesterday, traders will eventually shift their focus back to the output deal's actual effect on the supply glut.
Brent crude oil gained 30 cents to touch $52.12 a barrel, while the U.S. light crude traded 25 cents higher at $49.10 against their last close, reported Reuters.
Current Oil Minister Bijan Zanganeh, speaking on 6 May, said he believed producers were likely to extend the Opec-led deal although he did not give a timeframe, and added $55 was a suitable price for oil.
Al Rumhy's counterparts from Iraq and Algeria said Thursday in Baghdad that OPEC and its allies support extending the cuts for another six months.
According to Novak, extending the agreement exactly for 9 months will help with a longer-term market forecast and give a greater certainty in terms of market recovery. This extended agreement by Saudi Arabia and Russian Federation helped oil prices to get a hike in the market on Monday.
The statement, made on the sidelines of an economic summit in China, is an admission that the efforts of the world's biggest exporters to balance the world oil market by holding back 1.8 million barrels a day of crude have failed to end the current glut as quickly as they hoped.
OPEC wants to reduce global oil inventories to their five-year average but so far has struggled to do so.
USA shale drillers aren't the only ones threatening to offset OPEC's oil production cuts.
The US has also refused to cut production and its own output has increased by about 10% since a year ago.
"We never say that our goal is a price. Year-to-date compliance with production cuts remained robust at 96 percent", said the report. Last year they agreed the first joint output cuts in 15 years despite major political differences, including their support for opposite sides in the Syrian war.
"Of course, things will change elsewhere in the balance, and today the most closely watched data point on the supply side is USA crude production", the IEA said.
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