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Oil prices fall on OPEC output increase, rising United States crude stocks

19 Juin 2017

Saudi Arabia's oil exports are expected to fall below 7 million barrels per day this summer, according to industry sources familiar with the matter, and Russian oil exports were seen as broadly flat in the third quarter, and yet prices continue to fall.

Oil prices hovered near their lowest levels in seven months early on Thursday, hurt by high global inventories and doubts over OPEC's ability to implement production cuts.

Libya has seen major supply disruptions from protests and contract disputes, but this week the National Oil Company said production was resuming at key fields.

Shale supply has pushed USA crude production up by about 10 per cent over the a year ago to 9.3 million bpd, not far below the output of top exporter, Saudi Arabia. The contract lost 27 cents to $44.46 on Thursday, the lowest since November 14.

Oil traded near the lowest closing level in seven months as USA gasoline supplies unexpectedly rose for a second week. Prices are down 1.6 percent this week.

Crude oil prices have dropped this week in response to several reports that show rising output and lackluster demand, with market players questioning the effectiveness of OPEC's production cuts. Crude output climbed, while nationwide crude inventories fell less than predicted.

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U.S. West Texas Intermediate (WTI) crude futures were at $44.56 per barrel, up 10 cents, or 0.2 percent.

According to Wednesday data from the EIA, crude-oil stockpiles decreased by 1.7 million barrels in the week ended June 9, falling short of expectations for a 2.6 million barrel drop from analysts and traders surveyed by The Wall Street Journal. A rise in U.S. crude oil exports could have also contributed to the fall in inventories. However, continuing production growth in many non-OPEC countries is expected to moderate the pace of global liquid fuels inventory draws in 2017.

OPEC's pledge was to cut some 1.2 million bpd, while other producers including Russian Federation agreed to bring the total reduction to nearly 1.8 million bpd.

The bearish inventory report added to the current negative sentiment on oil, after the International Energy Agency said Wednesday that non-Opec output was set to increase over the near term. Production rose by 12,000 barrels a day to 9.33 million barrels per day.

USA energy companies added oil rigs for a record 22nd week in a row, energy services company Baker Hughes said on Friday.

Oil prices fall on OPEC output increase, rising United States crude stocks