Oil Prices Fall, Dollar Continues its Struggle

07 April, 2017, 08:17 | Author: Leticia Walters

Some consolidation can now be expected while we await further news from Libya, as well as more on the Opec/Nopec compliance production cut extension and United States inventories/production.

"I remain cautiously optimistic that the market is already rebalancing", Barkindo told reporters in Baghdad. "Full implementation of the OPEC agreement is crucial".

The worldwide oil expert said the USA had taken the first step in regulating its oil market adding OPEC owes many of its scheme to an institution through which American oil producers have become united. "However, there are clear risks for intra-OPEC tension respect to the fact that the Saudis have not cut back their exports". Analysts expect crude inventories dropped by 530,000 barrels at the end of last week, with distillates down by 1.12 million barrels and gasoline supplies showing a 1.462 million barrels decline.

"We have been a very strong advocate of OPEC cutting production to balance the market".

Crude prices held early gains on Tuesday in Asia with figures on USA inventories later in the day expected to set the market tone in thin regional trade with markets in China, Hong Kong, Taiwan and India shut for holidays. But the price gain has also encouraged USA shale oil producers, which are not part of the pact, to boost output. The country is looking to produce 800,000 bpd by the end of April and 1.1 million bpd by August this year. Barkindo said he has been 'assured they will comply fully. "So we have to diversify", he said. On the demand side, global dynamics are looking up, with the Chinese Caixin manufacturing PMI continuing to expand and a modest acceleration in the pace of global GDP seems likely through 2018.

"New barrels are needed not only for existing production but also for the future", he said.

Security of supply and the optimization of supply were vital for Unipec.

The Dow Jones Industrial Average inched up 12.46 points, or 0.06 per cent, at 20,675.68, the S&P 500 edged up 0.81 points, or 0.03 per cent, at 2,363.53 and the Nasdaq Composite gained 7.79 points, or 0.13 per cent, to 5,919.52.

This depressed outlooks for upstream development, with investment dropping globally from $670 billion in 2014 to $383 billion in 2016 leading to "fewer new discoveries today", he said.

Brazil overtook Venezuela as the top South American crude supplier to China in the first two months of this year due to its favored medium-heavy quality grades, while China became the number three destination for USA crude exports in 2016.

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