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vegassports-odds.com June 24, 2017


Oil market re-balancing is here and will continue, IEA says

20 May 2017, 09:42 | Melvin Schneider

She says the world oil market is "more complex than one data point alone" and encourages a sense of calm "when looking at first-quarter stock levels in the United States, given this time of year is when we have historically seen inventories build, as refineries go into their maintenance schedules".

In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.

Since the start of March, the Brent price has swung from more than $56 a barrel to less than $47 as opinion swayed over whether cuts by the Organization of the Petroleum Exporting Countries and other producers will offset rising US output.

An OPEC panel reviewing scenarios for next week's policy-setting meeting is looking at the option of deepening and extending an OPEC-led deal to reduce oil output, OPEC sources said on Friday.

Earlier this week, energy ministers from Russian Federation and Saudi Arabia announced plans to urge other producers to extend the November deal for nine month instead of the previously agreed six.

"In the first quarter of 2017, we might not have seen a resounding return to deficits but this report confirms our recent message that re-balancing is essentially here and, in the short term at least, is accelerating", the IEA report added. Prices fell sharply after Reuters reported that advisers to the president's campaign previous year had at least 18 undisclosed contacts with Russians.

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"On the one hand, you have traders who worry about the efficacy of OPEC's oil cuts on inventory levels".

U.S. West Texas Intermediate (WTI) crude was down 16 cents, or 0.3 percent, at $48.91.

Crude inventories declined to 520.8 million barrels, the lowest figure for 10 weeks, but stocks are still 2.2% above year-ago levels. Still, even if there's an accord prolonging the measures, inventories will probably remain above average at the end of the year, the agency said.

Saudi Arabia has consistently earned more oil export revenues than any other member of OPEC, with its share in total OPEC net oil export revenues ranging between 29% and 34% since 1996.

After the disappointing inventory report from the American Petroleum Institute on Tuesday, the markets were cheered by the data from the U.S. Energy Information Administration (EIA) on Wednesday. On Thursday, official data showed OPEC leader Saudi Arabia's crude exports rose 275,000 bpd in March from February and its stockpiles increased. Consequently, as soon as the oil prices move upwards of $55 per barrel, it becomes profitable for USA shale producers to operate and produce more.



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