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vegassports-odds.com November 20, 2017


Oil markets cautious on Middle East tensions, increased USA drilling

14 November 2017, 06:01 | Melvin Schneider

Crude Oil Steady As OPEC Sees Strong Demand

Iranian light crude breaks $60 mark

The level of inventories held by industrialized above the five-year average "has fallen by more than 50 percent in 2017, with inventories now at around 160 million barrels", consultancy Timera Energy said.

Oil prices settled mixed on Monday as geopolitical tension in Middle East offsets rising US output.

OPEC members were reportedly forming a consensus around extending by nine months their production cuts deal with other crude exporters.

Traders said crude prices were generally well supported as ongoing output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation have contributed to a significant reduction in excess supplies that have been dogging markets since 2014.

An extension would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day off the market through the whole of next year.

The exporters reached the deal last December and have already extended the agreement through March 2018.

In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November a year ago.

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UAE's energy minister said he saw no need for the decision to be delayed beyond the November 30 meeting in Vienna.

The U.A.E. favors maintaining the cuts, which are set to expire at the end of the first quarter, Minister of Energy Suhail Al Mazrouei said. The group is anticipated to extend the cuts beyond the current deadline, which will be in March next year.

In a related development, OPEC yesterday increased the forecast for 2018 demand for its crude by 360,000 bpd, from last month's report to 33.42 million bpd. The Organization of the Petroleum Exporting Countries' latest monthly data showed Venezuela reporting production of 1.955 million bpd in October, versus 2.085 million in September.

Morse's remarks came just hours after Opec Secretary-General Mohammad Barkindo gave assurances in Abu Dhabi that the worldwide oil market is re-balancing at a quickening pace and production cuts are the "only viable option" to restore stability.

Brent has gained 11 per cent this year and the benchmark grade touched US$64.65 (RM270.90) a barrel in London on Nov 7, the highest intraday price since June 2015.

At the time of writing, Brent crude oil prices were trading 0.54 per cent lower at $62.82 per barrel while U.S. benchmark West Texas Intermediate (WTI) prices were down 0.48 per cent at $56.49 per barrel. This year, all eyes are on the Middle East, the Saudi political purge, and the heating-up of tensions between the kingdom and Iran.

Bahrain said Iran was behind an explosion in its main oil pipeline.



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