Please OPEC Please! The Energy Report 06/05/18

10 Juin, 2018, 03:09 | Auteur: Auguste Feret
  • WTI Crude Oil

"The rise in stockpiles was also driven by a strong increase in imports, with Saudi Arabian crude nearly doubling to 1.12 million b/d last week", ANZ bank said in a note. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 29 cents at $65.81 a barrel, having touched a near two-month low on Tuesday.

In similar fashion, the metal for delivery in July contracts was trading higher by Rs 32, or 0.73 per cent to Rs 4,387 per barrel in 272 lots.

US sanctions on Iran are also threatening to reduce oil exports from the OPEC producer.

USA crude stockpiles decreased by 2.03 million barrels last week, while the hoard at the key storage hub in Cushing, Oklahoma, fell by 1.04 million barrels, the industry-funded API was said to report.

Crude oil prices are continuing to diverge as worldwide benchmarks rise relative to land locked WTI.

The Organization of the Petroleum Exporting Countries and other producers including Russian Federation have cut output since 2017 to reduce a global crude glut.

It's not clear how the US request has been conveyed, and the White House declined to comment on conversations.

Crude rose above $72 in late May after U.S. President Donald Trump's decision to renew sanctions on Iran and plunging output in Venezuela raised concerns over potential supply shortages.

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Algerian Energy Minister Mustapha Guitouni said on state radio: "What matters to us is that there is a balance between supply and demand to ensure the stability of the oil markets".

The U.S. government has quietly asked Saudi Arabia and some other OPEC producers to increase oil production by about 1 million barrels a day, according to people familiar with the matter.

The Iranian official also criticized a reported request that the United States made of Saudi Arabia to help stabilize oil prices in case the sanctions against Iran drives oil prices up.

Venezuela's supply trouble comes amid voluntary production cuts by OPEC which have been in place since 2017 in order to tighten the market and prop up prices.

Elsewhere, analysts surveyed by commodity pricing group S&P Global Platts said they expected the US market to show crude oil stock levels dropped 1.3 million barrels last week.

VIDEO: Oil prices correcting, but which price range is "sweet" for investors? Washington last pressed Saudi Arabia to increase output in 2012. It puts the United States close to becoming the world's biggest crude oil producer, edging nearer to the 11 million bpd churned out by Russian Federation.

"The continuing increase in crude oil production is weighing on the market, and quite significantly compared to this time past year", Andrew Lipow, president of Houston-based Lipow Oil Associates.

OPEC meets to determine future production on June 22, 2018.

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