Oil prices rise on slower United States output growth, strong Chinese demand
18 July, 2017, 06:10 | Author: Oscar Goodwin
That's because supplies from within OPEC remain high largely due to rising output from Nigeria and Libya, two OPEC states exempt from the pact, and increasing US production. New rigs over the past four weeks averaged five, the lowest since November 2016.
He said representatives from Libya and Nigeria had been invited to a technical OPEC/non-OPEC committee meeting on July 22 ahead of the ministerial gathering, to give presentations on production from both countries.
Disruption to Nigerian oil exports is offset by production gains from Libya, which is on pace to add another 100,000 barrels per day to the market, a market report found. Indian crude imports in June were also higher at 4.38 mbpd, up 3.7 per cent YoY.
Key technical indicators are bullish, however, with prices rising above the short-term 50-day moving averages, traders said.
Brent crude futures, the worldwide benchmark for oil prices, were at $48.55 per barrel at 0130 GMT, up 13 cents, or 0.3 percent, from their last close. Indeed, the OPEC has warned of a likely surplus of production in 2018 although being at a high level already.
A third reason oil prices are starting to edge up towards $50 is that the USA has posted two consecutive weeks of strong inventory declines.
Analysts say the concerns about oversupply have not gone away, so there are questions about how much more room oil has to run from the producers.
West Texas Intermediate oil prices are depressed relative to Middle East benchmark Dubai because of rising US shale oil production and as the OPEC cuts have reduced the amount of Middle East medium, sour crude.
"There is some rebalancing in products, but overall the layers of stocks are still very large".
Oil prices are less than half their mid-2014 level because of a persistent glut, even after the Organization of the Petroleum Exporting Countries with Russian Federation and other non-Opec producers cut supplies since January. An Opec and non-Opec committee meets in Russian Federation on July 24 to discuss the impact of the deal.
There had been fears that OPEC's supply-cutting pact would be undermined by the surge of growth in shale production in the United States, but demand still appears to be strong with China's crude throughput for June, reaching the second-highest amount on record.
Kuwait's OPEC governor said that OECDcrude oil inventories would fall in 2H17 due to a rise in global crude oil demand and OPEC's high compliance to the production cut deal.
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