Tuesday, 17 September, 2019

OPEC cuts 2020 oil demand forecast, urges effort to avert new glut

Chart showing Persian Gulf Oil prices gain after bigger-than-expected fall in US stockpiles
Jean Garcia | 13 September, 2019, 10:01

Speaking to reporters, Saudi Energy Minister Prince Abdulaziz bin Salman, who chaired the meeting along with the Russian Energy Minister Alexander Novak, said the Kingdom is going "beyond its commitment" to ensure market stability.

Saudi Arabia's new energy minister's assurances of continued output cuts by the Organization of the Petroleum Exporting Countries and its allies, however, supported the market.

United Arab Emirates Energy Minister Suheil Al-Mazrouei said on Sunday that the group will do whatever necessary to stabilize the market, and that further production cuts could be considered.

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower on Thursday after a steep sell-off was triggered the previous session by a report that President Trump weighed easing sanctions on Iran, which could raise global crude supply at a time when producers are anxious about lower global demand growth.

There is no oil glut in the U.S.as the Energy Information Administration reported that, "Crude oil supplies fell by 6.9 million barrels from the previous week".

Separately, the U.S. Energy Information Administration said domestic gasoline stocks decreased less than expected last week while crude stocks fell to the lowest in almost a year. An easing of the standoff with Iran could bring back around 700,000 barrels a day of crude from the Opec producer, possibly by the first quarter, RBC Capital Markets said this week after the ouster of hawkish US National Security Adviser John Bolton.

World Markets are fragile, price of Oil getting too high. The swelling American output, as well as deepening concerns over global demand fuelled by a prolonged U.S.

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Hence the overuse of the word "uncertainty": Oil industry insiders are reluctant to firstly acknowledge the role of USA policy in the current market dynamics, and even if they do recognize the issue in private, they won't talk about it in public.

There was no good news from the latest International Energy Agency (IEA) monthly report, which said growth in global demand for oil is expected to remain subdued.

The Joint Ministerial Monitoring Committee (JMMC) of the OPEC and non-OPEC countries that are part of the deal confirmed in a statement that non-compliant members promised to stick to their quotas in the future. -China trade war, have prompted a drop of nearly 20 per cent in benchmark Brent crude from an April high.

Increases in United States, Norway and Brazil output should boost non-OPEC growth from 1.9 mbd this year to 2.3 mbd in 2020, hitting OPEC output, it said.

Benchmark Brent crude traded above $61 on Thursday before the meeting.

"Our oil supply-demand outlook for 2020 calls for additional OPEC production cuts to keep inventories near normal", Goldman analysts wrote in a note.

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