Wednesday, 23 January, 2019

Oil Prices Rise Despite Healthy OPEC Outlook

Source U.S. Energy Information Administration Short Term Energy Outlook May 2018 Source U.S. Energy Information Administration Short Term Energy Outlook May 2018
Jean Garcia | 14 May, 2018, 18:11

The country produced 3.813 million barrels per day of crude oil in March, the report read.

Oil prices have been a bit of a roller-coaster ride so far this year, going up and down between its lowest point of $59 (£43) per barrel in February on the West Texas Intermediate (WTI) index to peaking earlier this month at nearly $72 (£53).

Growth of non-OPEC countries offer is estimated to be 1.72 mln barrels per day in 2018, the OPEC reports.

Discussing global economic growth, however, OPEC pointed out that "the build-up of potentially disruptive concerns has increased", citing the latest U.S. sanctions on Russian Federation, tariffs on Chinese products in combination with considerable requests by the U.S.in trade negotiations with China, U.S. tariffs on steel and aluminum, prolonged North American Free Trade Agreement (NAFTA) negotiations, and the U.S. withdrawal from the Joint Comprehensive Plan of Action (JCPOA) with Iran.

The exception is middle distillates, such as diesel and heating oil, where global consumption is growing fast, inventories are declining and the market is looking increasingly tight.

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"Strong conformity by OPEC and participating non-OPEC nations in terms of production adjustments through the Declaration of Cooperation also continue to support the oil market".

April say Saudi Arabia and Algeria increase output, but this was partially offset by lower production in Venezuela, Gabon and Nigeria, the cartel added.

Global non-OPEC crude supply supply estimates were stable to firmer at 59.62m bbl/day, an increase of 0.01m bbl/day from the previous month.

OPEC and several other non-OPEC producers have reached an agreement to extend the production deal for a further nine months.

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