Вторник, 12 Декабря, 2017

Oil prices decline on rising United States stockpile

Cristian Rodriguez fuels his vehicle in Sacramento Calif. The price of oil has risen by about one-third since the summer but many experts think the surge won’t last. They point to growing U.S. producti Oil prices decline on rising United States stockpile
Heather Davidson | 16 Ноября, 2017, 02:21

Muscat: Crude oil will remain the world's largest source of energy over the next two decades, despite the increasing importance of renewable, said the latest of the Opec World Oil Outlook.

As of 16:02 GMT, West Texas Intermediate crude oil futures were 1% lower at $55.17 a barrel on the ICE.

"The IEA slashing its oil demand growth forecast for this year and the next has dampened some of the bullish sentiment prevailing in the market", Abhishek Kumar, Senior Energy Analyst at Interfax Energy's Global Gas Analytics in London.

The American Petroleum Institute said on Tuesday US crude inventories rose by 6.5 million barrels in the week to November 10 to 461.8 million.

The Paris-based IEA revised demand growth down by 100,000 barrels per day (bpd) for both 2017 and 2018, for an increase of around 1.5m bpd this year, to 97.7m bpd, and 1.3m next, to 98.9m bpd, which could push the market back into a surplus in the first half of next year.

The US benchmark slipped 0.7 per cent yesterday as Russian Federation believes it's too early to announce a possible extension at Opec's meeting at the end of the month, according to two people with knowledge of the matter.

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"Using a scenario whereby current levels of Opec [Organisation of the Petroleum Exporting Countries] production are maintained, the oil market faces a hard challenge in 1Q18 with supply expected to exceed demand by 0.6m bpd followed by another, smaller, surplus of 0.2m bpd in 2Q18".

Secondly, a reduction in the cost outlook for a variety of upstream projects is behind the changes, meaning that more oil can be brought to the market at lower prices than in the past, the report said.

This sentiment comes in part on the back of rising US oil output, which has grown by more than 14 percent since mid-2016 to a record 9.62 million bpd.

"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.

US oil production has already increased by more than 14 percent since mid-2016 to 9.62 million bpd and is expected to grow further. Meanwhile, US government data showed that production climbed to a fresh record.

In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November previous year. The largest contribution to demand growth - nearly 30% - would come from India, whose share of global energy would rise to 11% by 2040, it says.

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