Thursday, 20 September, 2018

OPEC, Analysts See Slowing Demand and Cooling U.S. Production Ahead

Oil prices climb as Iran sanctions loom Oil up over 2% on concerns over Iran, slower US output growth
Laurie Berry | 16 September, 2018, 10:56

USA crude oil exports were up by 787,000 b/d (nearly 80 percent) from the first half of previous year to the first half of 2018.

The 15-nation cartel's individuals agreed to originate up raising output starting in July this year to stabilize markets and offset losses in most important suppliers Iran and Venezuela, OPEC's third and sixth-greatest producers, respectively.

According to the Organization for Economic Cooperation and Development (OECD), weaker demand in Europe, Asia, as well as higher gas prices in the USA, put some downward pressure on the pace of demand growth, while shakiness in emerging markets over trade disputes and weakened currencies pose a risk to demand outlook for 2019.

In other news. August saw OPEC's crude supply hit a nine-month high of 32.63 million bpd, despite concerns over falling production and slashed access in major producers Venezuela and Iran.

Brent crude rose more than 1% to $80.13 - the first time it has breached $80 since late May.

But it said rising demand could also be checked.

US Energy Secretary Rick Perry met Saudi Energy Minister Khalid al-Falih on Monday in Washington, as the Trump administration encourages big oil-producing countries to keep output high.

Oil prices rose on Wednesday after a report of a decline in U.S. crude inventories and looming sanctions against Iran raised expectations of tightening supply, while top producer Russian Federation warned of a fragile global market.

"Monster" Hurricane Florence Aims to Drench Carolinas
Boarding up his home in Myrtle Beach, South Carolina, Chris Pennington watched the forecasts and tried to decide when to leave. Some of Florence's behavior, both what has been seen so far and what experts expect, show the influence of climate change.

The United States and China have imposed a series of tariffs on each other's goods since May that have unnerved equity markets, while a rising U.S. dollar has put emerging market currencies under pressure, raising the energy bill for some of the world's largest oil importers. Brent crude, the global benchmark, fell $1.56, or 2%, to $78.18 a barrel to end a four-session winning streak.

According to Oil Price, US Secretary of State Mike Pompeo has said that the US would consider waivers "where appropriate", but reiterated that the country expects to have Iranian oil exports to "zero".

Crude oil also surpassed hydrocarbon gas liquids (HGLs) to become the largest USA petroleum export product, with 1.8 million b/d of exports during the same period. The U.S. tariffs against China could reduce that country's demand for crude oil.

Russian energy minister Alexander Novak on Wednesday warned of the impact of USA sanctions against Iran. Higher volumes by Saudi Arabia and Nigeria and an increase in production in Iraq and Libya helped to outweigh the drops.

Russian Energy Minister Alexander Novak on Wednesday warned of the impact of the US sanctions against Iran.

US production has returned to 2014 boom levels, but the energy agency said USA output will grow more slowly next year due to bottlenecks in getting oil to markets.

OPEC believes the non-OPEC oil supply in 2018 will grow by 2.02 Mmbpd despite making a downward revision of 64,000 Bpd from its last report, CNBC reported.

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