Tuesday, 17 July, 2018

World's oil cushion could be stretched to the limit, IEA warns

Crude Oil Crude Oil
Jean Garcia | 12 July, 2018, 16:53

However, Iran exports might squeeze further if USA takes more aggressive stance on sanctions, they said.

Oil's price fall was aided by news that Tripoli-based National Oil Corp (NOC) had lifted a force majeure on four Libyan oil ports, saying production and exports from the terminals would "return to normal levels in the next few hours".

The rally received an extra boost from the International Energy Agency (IEA), which said the world's oil supply cushion "might be stretched to the limit" due to production losses.

Rising global oil supply, driven by crude giants Saudi Arabia and Russian Federation, may come under pressure as key producers face disruptions, the International Energy Agency said Thursday.

"In 2019, EIA forecasts that the United States will average almost 12 million barrels of crude oil production per day", said Linda Capuano, Administrator of the EIA. "We'll consider it", Pompeo told Sky News Arabia during a visit to Abu Dhabi, according to a State Department transcript released Tuesday.

"Escalating trade tensions between the USA and China has prompted risk aversion in today's trading session, which is evident in oil prices", said Abhishek Kumar, senior energy analyst at Interfax Energy in London.

On Tuesday, the U.S. unveiled a list of $200bn worth of products to be hit with 10% tariffs, prompting China to vow counter-measures.

'Gutted' Kane pays tribute to 'amazing' England support
Jamie, of Alleron Bywater, in Yorkshire, got the artwork done after England beat Panama 6-1, claiming he had "an epiphany". Following the team's shock defeat, he told Daily Star Online he was "extremely proud to be English". "I have no regrets".

The market has grown concerned that if the Saudis offset the losses from Iran, that will use up global spare capacity and leave markets more vulnerable to further or unexpected production declines.

Adding to the bearish mood were signs of a possible relaxation of US sanctions on Iranian crude exports.

"U.S. crude output has remained above the 10-million-barrel a day mark since February".

Non-OPEC production including from surging United States shale also continued to rise, but the IEA said that might not be enough to assuage concerns. Additionally, at some time in the near future, the Canadian pipeline problem will be fixed and the supply disruption over.

According to the September WTI chart, the trend is down according to the daily chart, putting the market in a position to test $67.99 to $66.81.

The selling pressure intensified as trade tensions between the USA and China raised concerns about demand.

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