Oil prices dip on further rise in US drilling, demand slowdown

19 June, 2017, 13:37 | Author: Leticia Walters
  • Manal al-Sharif a Saudi Arabian women's rights activist is best known for challenging the laws and mores that keep women down in her country including what she considers the kingdom's infantilising restrictions on the right of women to drive. NYT

Brent crude futures were down 16 cents at.21 per barrel at 0841 GMT.

The U.S. oil producers have added rigs in their operations for 22 consecutive weeks, raising concerns that U.S. shale oil producers which were able to cut their production cost dramatically over the past years are now a low-priced global competitor and would continue to undermine the OPEC agreement to cut supplies.

He said production levels in Libya and Nigeria were within the range determined when Opec, meeting in September a year ago in Algeria, chose to cut output for the first time since 2008. Last month, OPEC producers and 11 participating non-OPEC countries including Russian Federation formally ratified the agreement first drafted last November to cut supplies by 1.76 million barrels per day.

US West Texas Intermediate (WTI) crude futures were down 11 cents, or 0.25 per cent, at US$44.63 per barrel.

The global effort to reduce crude production since the start of the year is helping fundamentals to move in the right direction though it will take time to see an impact on the market because oil inventories have risen over the past few years, he said in an interview with the London-based Asharq al-Awsat newspaper.

"The US oil rig count continued to rise, up by 6 last week", Goldman Sachs had said late on Friday.

OPEC-members Nigeria and Libya were exempted from supply cuts because unrest had curbed their output.

"Current expectations indicate the market to rebalance in the fourth quarter of this year taking into account an increase in shale oil production", he said. There are also indicators that demand growth in Asia, the world's biggest oil-consuming region, is stalling. Japan's customs-cleared crude imports fell 13.5 percent in May from a year earlier, the Finance Ministry said.

India, which recently overtook Japan as Asia's second-biggest oil importer, took in 4.2 per cent less crude oil in May than it did a year ago. In China, oil demand growth has been slowing for some time, albeit from record levels.

Falih said there was a relatively big draw of around 50 million barrels from floating storage and a drop in industrialised nations' onshore storage of 65 million barrels compared to July past year.

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