Sunday, 16 December, 2018

Oil prices fall as OPEC boosts supplies

Gulf of Mexico production was down 99,000 bpd in April and down another 75,000 bpd in May Gulf of Mexico production was down 99,000 bpd in April and down another 75,000 bpd in May
Laurie Berry | 06 August, 2018, 00:55

The price for Brent crude oil, the global benchmark, was up 0.23 percent to $73.62 per barrel as of 9:15 a.m. EDT.

Brent crude futures were last down 33 cents at $72.06 a barrel by 12:00pm GMT, while USA crude futures fell 55 cents to $67.11.

Prices had tumbled to a six-week. However, low stocks were still providing a floor as even with last week's rise, overall United States crude inventories are below the five-year average of about 420-million barrels.

On Tuesday, the EIA reported that USA crude production fell 30,000 barrels per day to 10.44 million bpd in May.

Under constant pressure from US President Donald J. Trump to cool prices, Opec and its allies are fulfilling a pledge made in June to increase output to ease concerns over potential supply disruptions in countries such as Iran and Venezuela.

Oil prices rose on Thursday, steadying after losses over the past two days from a surprise increase in USA crude inventories and renewed concerns over trade friction between the US and China, Reuters reports.

US crude stocks rose last week as imports jumped, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday.

Manchester United Set To Complete Toby Alderweireld Signing In Next 48 Hours
And this development has led to United calling off their pursuit of Mina and turning their attention back towards Alderweireld. The Colombia worldwide was closing in on a move to Old Trafford after he agreed a five-year contract with United.

Futures in NY were little changed, following a 3.5-percent slide in the past two sessions.

OPEC's overall output jumped by 300,000 barrels a day last month, according to a Bloomberg survey, as the cartel offset losses from an economic collapse in Venezuela, political clashes in Libya and an expectation that Iranian exports will drop due to USA sanctions.

The EIA also reported USA crude exports posted the biggest decline on record last week, while US crude production fell for the first time since February. "This could severely dent the competitiveness of US oil and derivatives in the Chinese market", said Abhishek Kumar, senior energy analyst at Interfax Energy.

Crude oil costs experienced their worst monthly decline in over two years in July as a multi-year high in barrel prices broke away amidst plans by OPEC and Russian Federation to boost production limits. In the previous week, total USA inventories rose 3.8 million barrels, while supplies at Cushing fell 1.3 million barrels. Mr Novak said that higher production was due to the need to maintain the market's stability.

The net imports averaged 6.44 million barrels per day last week, up by 1.35 million barrels per day from the previous week.

Crude oil production from the Organisation of Petroleum Exporting Countries increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met.

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