Friday, 24 May, 2019


Oil firms as Saudis trim exports, USA output forecast reduced

Crude oil Oil firms as Saudis trim exports, USA output forecast reduced
Conrad Doyle | 15 March, 2019, 04:27

The Energy Information Administration said Wednesday that US crude inventories fell by 3.9 million barrels in the week to March 8.

Product inventories also declined, with those gasoline down by 4.6m barrels, together with a 1.2m barrel drop in those of propane/propylene.

US West Texas Intermediate (WTI) crude futures were at $58.29 per barrel, up 3 cents, or 0.1 percent, from their last settlement.

US crude oil production also dipped, falling by 100,000 barrels per day (bpd) to 12 million bpd.

Oil prices edged higher on Wednesday, supported by planned cuts to Saudi exports and a reduced forecast for USA crude output.

U.S. supplies dropped more than expected said the EIA.

The National Bank of Australia said the outlook for the oil market was mixed because there were downside risks to prices due to concerns about economic growth and strong growth in USA supply, while the cutbacks in OPEC declined and the U.S. imposed sanctions on Iran and Venezuela.

While Saudi Arabia kept production even lower than required by the deal, the largest drop from January's rate occurred in Venezuela, whose exports have been disrupted by US sanctions.

The United States is now & # 39; the world's largest oil producer thanks to the oil-rock revolution that it is going to form by 2020 a net exporter of crude and refined products.

Even so, with the demand for Opec crude forecast at 30.46 million bpd, the report indicates that the market would still face a small 2019 surplus if OPEC kept pumping at February›s rate, as rivals such as the United States boost output. After averaging a record high of 10.1 million bpd in 2005, crude oil imports fell by 2.8 million bpd to an average of 7.3 million bpd in 2014.

USA crude oil inventories shrank unexpectedly again last week, alongside another drawdown in product inventories. Petrol stocks fell by 5.8 million barrels, compared to analysts' forecasts in a 2.5 million barrel survey at Reuters.

The Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russian Federation - known as the OPEC+ alliance - pledged to withhold 1.2 million barrels per day (bpd) in crude supply from the start of the year to tighten markets and prop up prices. Crude oil imports to the United States fell last week by 523,000 bpd to 6.4 million bpd.

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