OPEC Sees Its Demand Falling, Oil Rises Ahead Of US Data

13 July, 2017, 01:34 | Author: Franklin Nunez
  • Oil slides back towards 2-week lows as focus turns to US stockpile data

Crude stocks at the Cushing, Oklahoma, delivery hub for USA crude futures fell by 1.9 million barrels to 57.6 million barrels, the lowest level since November 2015, EIA said.

Market participants are waiting for data on oil stocks in the USA, which will be published on July 12.

Saudi Arabia's oil production in June rose to 10.07 million bpd, putting it about 12,000 bpd over its OPEC output target.

Crude oil prices remain under $50 a barrel.

OPEC agreed with some other major exporters to cut output about 1.8 million barrels per day until March 2018.

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The European inventory report came ahead of weekly data on US crude inventories.

Elsewhere on Nymex, gasoline futures for August was little changed at $1.533 a gallon, while August heating oil added 1.8 cents to $1.494 a gallon.

Gasoline stocks fell by 1.6 million barrels, compared with analysts' expectations for a 1.1-million-barrel gain.

Nigeria has continued to maintain its position as the top producer of oil in Africa according to the Organisation of Petroleum Exporting Countries (OPEC) monthly report for the month of July.

The last three years have seen the oil market in a state of oversupply, despite OPEC-led countries reducinged their output in 2016 and the extended it into this year. U.S. oil production is poised to slow, the EIA said, to 9.9 mln bpd in 2018 compared to their previous forecast for next year of 10 mln bpd oil production.

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Crude today is higher by 2.1% to $45.98 per barrel.

Six ministers from OPEC and non-OPEC nations including Kuwait, Venezuela, Algeria, Saudi Arabia, Russia and Oman will meet on July 24 in St Petersburg, Russia, to discuss the current situation in the oil market.

"US gasoline demand remains lacklustre and gasoline stocks are still above the five-year average, which will cap gains in crude and gasoline prices", said Abhishek Kumar, Senior Energy Analyst at Interfax Energy's Global Gas Analytics in London. Royal Dutch Shell (RDSA) gained 1.5%. In addition, a decision by OPEC and key allies such as Russian Federation to tighten the spigots a year ago should enable Saudi Arabia to charge more for each barrel it sells.

Iran is pushing for an increase in production to 4 million barrels per day by the end of the year.

OPEC delegates have said bringing Nigeria or Libya into the production pact would likely focus on capping their output, rather than asking them to cut their supply so soon after it had recovered from involuntary curbs.

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