Oil prices rise on Venezuelan supply troubles, but US output surges
Oil prices rise on Venezuelan supply troubles, but US output surges
Please OPEC Please! The Energy Report 06/05/18
10 June, 2018, 08:16
A day before US President Donald Trump withdrew from the Iran nuclear deal, one of his senior officials phoned Saudi Arabia to ask the world's largest oil exporter to help keep prices stable if the decision disrupted supply.
Geopolitical moves by the United States have dominated oil prices, with sanctions on oil producers driving them up further.
Saudi Arabia, Iran's arch rival, has always been a close U.S. ally, but direct pressure on any Organization of the Petroleum Exporting Countries (OPEC) member is rare. US production according to the latest report from the Department of Energy has increased to 10.8 million barrels per day.
The average price for a barrel of OPEC's reference basket of 14 different crude oil varieties rose from $40.76 in 2016 to $52.43 in 2017. And the imposition of United States financial sanctions against Venezuela's government helped push crude prices to 20 cents shy of $80/bl on May 22.
OPEC and its allies led by Russian Federation have cut a combined 1.8 million barrels per day of output since January 2017 and the cuts are due to expire at the end of 2018.
Oil prices fell on Wednesday on worries that global supply is climbing after USA inventories rose unexpectedly and Saudi Arabia and other big producers signalled that they may increase output. Demand growth has been such that the USA and Canada the main sources of new supply replacing lost output from Opec and its partners are now hitting physical export constraints.
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OPEC meets to determine future production on June 22, 2018.
Markets have been tightened by supply trouble in Venezuela, where state-owned oil firm PDVSA is struggling to clear a backlog of around 24 million barrels of crude waiting to be shipped to customers.
Saudi Arabian Energy Minister Khalid Al-Falih said last month that supplies will likely be increased later this year. Total global production reached 74.69 million barrels a day, the first year-over-year decline since 2009.
Gasoline stocks rose by 3.8 million barrels, compared with analyst expectations for a 587,000-barrel gain. PVM Oil Associates strategist Tamas Varga said, Reutersreported.
Headlines on OPEC members' plans for the meeting later this month will lead to volatile market swings, said Tariq Zahir, managing member of Tyche Capital Advisors in NY. "The countries will not risk a landslide in prices after suffering from the oil crash of 2014", Benjamin Lu of Singapore-based brokerage Phillip Futures said on Friday in a note. India and China also raised concerns about high oil prices in separate calls with Falih.
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