Crude posts further gain in Asia after suprise US stocks draw
Crude posts further gain in Asia after suprise US stocks draw
Oil prices rise on expectation of output cut extension
20 May, 2017, 03:06
OPEC countries and other producers including Russian Federation have pledged to cut output by nearly 1.8 million barrels per day (bpd) during the first half of this year to prop up the market.
"U.S. oil and gas companies have already stepped up activities in 2017", OPEC said in the report.
The United States, Canada and Brazil are not among producing countries including Russian Federation who meet with OPEC this month to decide whether to continue output cuts of 1.8 million barrels per day in an effort to reduce a global crude glut and support prices. Aramco had previously maintained supplies to important Asian customers.
US West Texas Intermediate (WTI) crude futures were at $47.57 a barrel, up 24c, or 0.5% from the last settlement.
The US Energy Information Administration stated that crude production is expected to rise by 9.31 million barrels per day in the US, a 440,000bpd increase from the previous expectation.
The report will add to a debate about the effectiveness of the supply cut pact, which is expected to be extended when producers meet later this month.
Oil prices had recently collapsed to their lowest since late November as investor anxious about the world's stubbornly persistent glut of crude erased most of the gains that followed last year's OPEC's output cut.
The bullish inventories report came in after crude prices dipped 1% when EIA highlighted its near-term outlook for USA oil production and reiterates its estimates for oil prices.
While decreased stocks and an improving global economy were supporting oil demand, "continued rebalancing in the oil market by year-end will require the collective efforts of all oil producers to increase market stability", OPEC said.
The Opec report confirmed that U.S. oil and gas companies have already stepped up activities in 2017 amid a recovery in oil prices.
Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June.
A third source said an extension of up to one year could be an option.
"U.S. crude oil production is now solidly above 9.3 million barrels per day with more to come, and refined product, especially for gasoline, is oddly weak", John Kilduff, partner at hedge fund Again Capital in NY, told Reuters.
On Thursday, non-members Turkmenistan and Equatorial Guinea said they would join the cuts, though they are smaller producers.
He explained further that recent price falls had been caused by the low demand season and refinery maintenance, as well as by non-OPEC production growth, especially in the United States.
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