Wednesday, 12 December, 2018

Saudis Lift Oil Production To 10 Million Bpd

WTI Crude Oil Weekly July WTI Crude Oil
Laurie Berry | 15 June, 2018, 12:39

"It's insane and astonishing to see instruction coming from Washington to Saudi to act and replace a shortfall of Iran's export due to their Illegal sanction on Iran and Venezuela", Iran's OPEC governor, Hossein Kazempour Ardebili, said in comments to Reuters. "The U.S. tried it last time against Iran, but oil prices got to $140 a barrel".

Prices traded lower after data from EIA showed United States crude oil stockpiles rose unexpectedly last week even as refineries hiked output to the highest in five months.

Brent and WTI hit 3-1/2-year highs in May but have since drifted lower, indicating investors expect the market to soon become better supplied as US crude production rises and as OPEC and its allies look poised to increase output.

The group noted that the oil market continues to be underpinned by geopolitical uncertainty and robust US crude inventories.

He wrote, "the leaders of GCC countries are unlikely to relapse into the previous patterns of behaviour that a rally in oil prices normal provokes; instead, they are likely to soon return to monetising their oil reserves while demand growth is still strong, [and] that means putting higher volumes into the market and reigniting the fight for market share".

Next week OPEC (the Organization of the Petroleum Exporting Countries) is scheduled to announce whether it will agree on an increase in crude output, a move that could open the world up to greater price hikes due to supply disruption.

But for the meantime, it seems that expected and feared increased output from OPEC is something that will be delayed in favour of further supporting current prices - as well as the overall stability of supply and demand.

Griezmann snubs Barca to stay at Atletico
In March, he said his future "would be decided before the World Cup", and in April, he said everything was pending talks with Atletico.

With Brent prices up by around 180 percent from their 2016 lows and demand strong, OPEC and Russian Federation may soon end their voluntary supply cuts.

As it stands, the oil supply is surging while the demand side looks anemic.

The global economy is doing quite well at the moment, despite the uncertainty over tariffs and the possibility of a trade war between the United States and its various trading partners.

Speculation that the buffer could decline from three per cent to two per cent of global demand would bring the spare production capacity down to levels not seen since 1984. Only Russia now produces more, at around 11.1 million bpd.

Oil demand could take a severe hit in the midst of all this. That will require sacrifice from much of the group, who won't be able to increase production and will have to stomach lower oil prices.

Industry commentators remain bullish about the outlook for oil, but warn if prices shoot too high, they could trigger a recession in the US. Also, keep in mind that the major forms of renewable energy-wind and solar-are not good substitutes for oil right now. Wind and solar generate electricity. But the week went out and we saw those stories walk back.

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