Sunday, 24 September, 2017

Oil rises above $44 on OPEC cap

Shale spree shows no sign of cracking Opec 'won't discuss' further oil production cuts in July, says Secretary General
Heather Davidson | 12 July, 2017, 00:41

Optimism about crude oil demand in the coming weeks has helped prices to recover somewhat, but the sustainability of the improvement is highly uncertain.

IOC bought 1.6 million barrels of US Mars crude, a heavy, high-sulphur grade, and 4,00,000 barrels of Western Canadian Select that will be delivered onboard a Very Large Crude Carrier, IOC's head of finance, AK Sharma, told Reuters. USA light crude was 5 cents lower at $44.35. Brent crude, which is a benchmark, was down by 15 cents a barrel and US crude CLc1 was also down by 15 cents. Nigeria and Libya were exempt from the production cut deal at OPEC's meeting on May 25, 2017, due to internal political unrest.

A jump in output in Nigeria and Libya, where output had been limited by conflict, has weighed on oil prices.

Crude prices continued to rebound after a sharp sell off last week, the sixth weekly loss in seven weeks driven by concerns over a market glut.

Light, sweet crude for August delivery settled up 17 cents, or 0.4%, at $44.40 a barrel on the New York Mercantile Exchange, its 10th gain in 12 sessions.

Issam Almarzooq, Kuwait's oil minister, says Nigeria and Libya may be asked to join the oil production cut agreed on by member and non-member countries of the Organisation of Petroleum Exporting Countries (OPEC). The global benchmark crude traded at a premium of US$2.29 to September WTI.

Oil is in a bear market amid concern that rising global supply will offset curbs by the Organization of Petroleum Exporting Countries and its partners including Russian Federation.

The two countries have been invited to a joint meeting between OPEC and non-OPEC on July 24 in St Petersburg, Russia.

Increased shale production will transform the USA into one of the world's top oil exporters in just a few years, according to a new forecast by the consultancy PIRA Energy Group. Seemingly out of nowhere, there's been a most unexpected resurgence in oil production for Libya and Nigeria. Producers have reportedly begun to consider asking the two nations to limit their output. The French bank cut its forecasts for Brent by $9 to $51 a barrel for 2017 and by $15 to $48 for 2018.

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