Oil edges up in choppy trade on signs of higher demand
Oil edges up in choppy trade on signs of higher demand
US Crude Oil Production Near 2-Year High
15 July, 2017, 02:03
Production before the outbreak of civil war ended the regime of Moammar Gadhafi 2011 was around 1 million barrels per day.
Oil is set to rise this week, 2017 demand is seen growing more than previously expected, and US stockpiles are declining.
Crude oil futures continued to rise Friday, extending strong weekly gains amid expectations that US production will fade.
Still, oil stocks remained comfortably above the five-year average, and prices are more than 16% below their 2017 highs, despite an extension to March 2018 of output cuts of 1.8-million barrels per day (bpd) coordinated by the Organisation of the Petroleum Exporting Countries. OPEC cut production in order to boost oil prices, which continue to feel downward pressure from a global supply glut. "Demand is improving as we enter the driving season but the supply risks seem to be greater, which is keeping oil prices in a bear market". US crude inventories slid the most since September last week, but the IEA said there's little evidence that total fuel stockpiles in developed countries are shrinking as anticipated. The Paris-based adviser to governments and companies raised its 2017 demand forecast by 100,000 barrels a day, compared with a previous estimate last month, while predicting "similarly paced" growth for next year. Prices are up 4.2 percent this week.
"We're fairly in consensus of what our position is, there is no disagreement on that, but just to set the record straight, the price of oil today is hovering around $44.70 cent per barrel, so there is a bit of upsurge trajectory which is good, which means the price for Nigeria is probably in the $46 type range".
The EIA lowered its 2018 USA output forecast and trimmed its price target for this year and next below $50 barrel.
The market is only "a little bit more balanced", said Tom Pugh, a commodities economist at Capital Economics.
"Even if they disappoint their balance-of-the-year targets, they are still likely to show the double-digit percentage growth rates", the Barclays analysts said, referring to the American shale producers.
However, EIA admits that daily and monthly average prices could "vary significantly" from their forecast "because global economic developments and geopolitical events in the coming months have the potential to push oil prices higher or lower than the current Short-Term Energy Outlook (STEO) price forecast".
"Libya broke new highs for the year, with production at 852,000 barrels per day, an increase by 127,000 bbl per day".
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