Monday, 22 October, 2018

OPEC will increase oil production by one million barrels

Crude Oil daily chart Oil pumps
Priscilla Morrison | 01 July, 2018, 05:24

A report by the Energy Information Administration showed U.S. crude inventories dropped by 9.9 million barrels in the week ending June 22, the largest decline since September 2016.

Gasoline stockpiles rose by 1.2 million barrels for the week, while distillate stockpiles were unchanged for the week, according to the EIA.

USA light crude was 5 cents lower at $72.71 a barrel, after hitting $73.06 on June 27, its highest since November 2014, while Benchmark Brent was up 5 cents at $77.67, according to Reuters.

The private API data yesterday showed a larger than expected drawdown of -9.228 million barrels.

Prices have been on an upward swing as US President Donald Trump's administration seeks to dissuade purchases of oil from Iran, the Organization of Petroleum Exporting Countries's third-largest crude producer.

Anna Belova, a senior analyst for oil and gas at analytics company GlobalData, said the OPEC-led decision to ease compliance with production arrangements was good for Russian oil companies Gazprom Neft, Lukoil and Rosneft, which have the capacity to add hundreds of thousands of barrels of oil to the market.

The move higher in prices has also started to close the gap with Brent crude prices nearly halving the gap from over $11 earlier this month to just under $6 now.

More news: Godin, Ronaldo clash as Uruguay take on Portugal

Saudi Arabia's plans to pump up to 11 million barrels of oil per day (bpd) in July would mark a new record, an industry source familiar with Saudi oil production plans told Reuters on Tuesday. Previously, the administration said only that other countries should make a "significant reduction" in imports of Iranian crude to avoid US sanctions.

Despite this, analysts warn that the market has little spare capacity to deal with further disruptions.

The reported Cushing draw reflected just one day of a production disruption at a supplier in Canada.

"We are serious about our efforts to pressure Iran to change its threatening behavior", the official said on Thursday.

However, as the Trump administration continues to demand an Iranian crude embargo, Korea quickly lowered its imports of Iranian oil.

One Russian energy source said Iran was also keen to keep Moscow on side because it hopes Russia will be able to help it sell crude as the US sanctions bite. Syncrude's oil sands facility was offline at least through July, after a power outage last week locked in 350,000 bpd. Trump also complained that the agreement did not cover Iran's non-nuclear malign behavior.

"We already mobilized the Aramco machinery, before coming to Vienna", Saudi oil minister Khalid al-Falih said over the weekend. It was due to high exports of nearly 3 million bpd, coupled with domestic refinery activity hitting a utilization rate of 97.5, the highest in more than a decade.

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