Monday, 18 June, 2018

Oil Prices Rise on Saudi Comments

US To Over Take Saudi Arabia, Russia For Top Oil Producer In 2019 The IEA expects USA to overtake Russia and Saudi Arabia in oil production by the end of the year
Preston Stone | 16 February, 2018, 05:06

US crude output hit a record 10.27 million barrels per day, according to the Energy Information Administration (EIA) Wednesday.

Crude oil prices are recovering in early Thursday trading after several sessions of decline.

Brent crude, the global benchmark, rose 32 cents to United States dollars 64.68 as of 0943 GMT, extending the previous session's gain of USD 1.64. Brent gained 44 cents to $63.16 a barrel.

Crude production rose again, hitting 10.27 million bpd on a weekly basis, which would be a record if confirmed by monthly figures.

"In terms of a continuation of risk-off moves in the market, the USA economic data does not help", BNP Paribas head of commodity strategy Harry Tchilinguirian said. Demand is rising and OPEC will likely maintain high levels of compliance with its production limits.

More data provided by OPEC through the direct sources showed that in 2016, Nigeria produced 1.427 million barrels per day, while in the first quarter, 2017, it produced 1.510 mbd.

"U.S. producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth", the IEA said in its closely-watched report published Tuesday. A stronger-than-anticipated rally has raised concerns that Russian oil giants will seek an exit from OPEC's agreement with Moscow and other producers to limit their output.

Amy Schumer 'marries boyfriend Chris Fischer'
Star Amy Schumer ducked out of the spotlight by marrying her beau chef Chris Fischer in a secret ceremony on Tuesday, Feb. 13. He won the 2016 James Beard Award for American Cooking for his New England recipe-filled " The Beetlebung Farm Cookbook ".

In Q2, the country's production decreased to 1.485mbd and 1.592mbd in Q3. "Currently, the direction of the dollar is having a bigger impact on oil prices than fundamentals", said Rob Thummel, portfolio manager at energy investment manager Tortoise Energy.

With domestic production rising, USA crude inventories increased last week by 1.8 million barrels, although the gain was less than analysts had expected.

Seasonality may also be affecting prices, analysts said.

Speaking to The National, Al Mazrouei dismissed the US shale threat to OPEC's market share-like many other OPEC officials have been doing lately-and instead focused on an upcoming shortage of supply due to the low level of investments in recent years.

"With yields moving higher on the inflation number, let us see how equities will close the day", he said, adding USA oil inventory data would also be closely watched.

As geophysicist Marion King Hubbert famously predicted, 1970 marked "peak oil" for the us, after which output steadily declined for the next four decades or so.

Crude inventories in developed nations dwindled by the most in six years in December, even as American shale drillers pumped more oil on to world markets, the International Energy Agency said on Tuesday.

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