Opec Likely to Extend Supply Cuts to Rebalance Market
Opec Likely to Extend Supply Cuts to Rebalance Market
Weekly February Brent Crude Oil
14 November, 2017, 18:05
Oman's oil minister, Mohammed bin Hamad al-Rumhi, said on Monday that he is confident there will be an agreement among global oil producers later this month to extend output cuts.
"The recent price support, namely the tension in the Middle East, has been swept aside as rising rig counts and US shale output (are) in the focus of traders", PVM Oil Associates analyst Tamas Varga said.
On the other hand, traders expected that the ongoing supply cut, which is led by the Organization of Petroleum Exporting Countries and Russian Federation, would likely prevent a very big fall in oil prices.OPEC and Russian Federation have contributed to the reduction in excess supplies.
Speaking yesterday at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), al-Mazroui said his prediction was that OPEC would continue to do what it would take to rebalance the market.
He added while he had not heard any OPEC members discussing the possibility of not extending the deal, the time and duration of an extension was still to be decided, Kallanish Energy learns.
This is coming as OPEC in its November oil market report released yesterday, increased the forecast for 2018 demand for its crude by 360,000 barrels per day, from last month's report to 33.42 million bpd.
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Investors already are assuming Opec and its allied producers will agree at the end of this month to extend the limits well beyond their March expiration, Morse said at a gathering of energy economists in Houston on Monday. The UAE, Opec's fourth-largest producer, sees no need for the organisation to hold an extraordinary meeting in the first quarter of next year, he said. The oil market is rebalancing at an accelerating pace, as global levels of oil inventories have fallen visibly, and the demand for oil is robust, Opec Secretary-General Mohammad Barkindo affirmed.
The Paris-based IEA cut its oil demand growth forecast by 100,000 barrels per day (bpd) for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.
Brent crude futures were at $63.57 per barrel at 0744 GMT, up 5 cents from their last close.
Brent has gained 11 per cent this year and the benchmark grade touched US$64.65 (RM270.90) a barrel in London on Nov 7, the highest intraday price since June 2015. This year, all eyes are on the Middle East, the Saudi political purge, and the heating-up of tensions between the kingdom and Iran. WTI crude oil is trading at $56.59, down -0.26%.
Middle East tensions grew over the weekend, fueling expectations of supply disruptions in the region after Bahrain said Iran was behind an explosion to its main oil pipeline.
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