Oil rises slightly, but growing global supply a worry
12 July, 2017, 00:37 | Author: Franklin Nunez
Another major drag on the oil market has been USA production, which has risen 4.3% this year.
As per the Goldman Sachs, without a important fall in oil inventories or a decline in US drilling and production, USA crude could drop below $40 per barrel.
Short covering lifted prices in United States trading on Monday with WTI pushing to highs near $44.70 p/b before consolidation just below $44.50 p/b.
All price gains from the initiation of the much-awaited 1.2-million bpd cuts have now evaporated, and other bloc members, as well as non-OPEC producers, seem to be waiting on the KSA to make the next move.
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The soaring demand for oil for transportation, production, and manufacturing activities is likely to have major impact on the overall market and the price of oil.
Light sweet crude oil (WTI) futures gained 0.17 dollar or 0.38 percent to close at USD 44.40 a barrel at the New York-based commodity exchange NYMEX.
Indeed, given the recent woes afflicting the energy sector, it's easy to forget that a 1.7 million barrel per day production cut agreement between OPEC, Russia and other oil-producing nations is still in effect.
The production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, and a relentless increase in US shale oil output.
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Libya and Nigeria were both exempted from the cuts due to their internal strife. In May, OPEC and some non-OPEC producers extended a deal until March 2018.
A proposal that Libya and Nigeria could have to accept limits on their crude production probably wouldn't be enough to put OPEC's faltering efforts to eliminate a global supply glut back on track.
But OPEC's Secretary-General, Mohammad Barkindo, said in Istanbul that it was premature to talk about that option.
Production from the 11 OPEC members with output targets under the agreement has averaged 29.840 million bpd in June, according to the secondary sources.
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Still, OPEC delegates believe that bringing the two countries or one of them into the discussion would at least result to being able to ask these to cap their output.
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