America Now 'Pumping More Oil' than Saudi Arabia, Russia — USA UNLEASHED

09 Novembre, 2018, 05:24 | Auteur: Auguste Feret

Oil prices fell more than 1 per cent on Thursday, surrendering early gains as investors focused on swelling global crude supply, which is increasing more quickly than many had expected.

The wind changed again in a stormy oil market as OPEC signaled it will consider a return to cutting output next year, potentially making the second production U-turn this year.

WTI Crude prices slipped on Thursday by more than 20 percent from the four-year high hit just last month, entering bear market territory, as oil production in the United States continues to grow, Russian Federation and Saudi Arabia put a lot more oil on the market, while the global economy and oil demand growth are starting to show signs of slowdown.

Forecasts of a 2019 supply surplus and slowing demand have also dented the market.

As the sanctions start approached, the market started to question how longer demand growth would hold amid oil prices at their highest in four years. The kingdom has lifted output close to record levels, while Libya is pumping the most in five years. -China trade war will damp fuel demand as supply grows from multiple directions. That meeting is billed for December 6 and Dec 7 in Vienna. It makes the United States the world's biggest producer of crude oil.

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More U.S. oil will likely come. The EIA expects output to break through 12 million bpd by mid-2019, largely thanks to a surge in shale oil production.

Saudi Minister Al-Falih discussed the agenda of the Abu Dhabi meeting with his Russian counterpart Alexander Novak by phone on Monday, an official familiar with the matter said, asking not to be identified as the information isn't public yet. While there has been talk in the market that the group should consider renewed output cuts, Russian Federation now isn't ready for such a decision, the official said.

With output overall rising, supply is ample despite the Iran sanctions now in place, prompting rumblings within the Middle East dominated Organisation of the Petroleum Exporting Countries (OPEC) that renewed supply cuts may be needed next year to prevent a glut. Some members, like Iraq, are pressing on with new projects.

"OPEC and Russian Federation may use (production) cuts to support $70 per barrel", said Ole Hansen, head of commodity strategy at Saxo Bank. Opec's own projections show that next year the world will need about 1 million barrels a day less than the 31.8 million its 15 members pumped in September.

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