Saturday, 20 July, 2019


Saudi oil cuts deeper than promised: IEA | ABS-CBN

Saudi oil cuts deeper than promised: IEA | ABS-CBN Saudi oil cuts deeper than promised: IEA | ABS-CBN
Conrad Doyle | 15 April, 2019, 03:42

Oil prices rallied more than 1 percent on Friday, with sentiment supported by OPEC-led supply cuts, escalating fighting in Libya and US sanctions on petroleum exporters Iran and Venezuela.

Oil prices fell yesterday, after rising to five-month highs earlier this week on the Organisation of Petroleum Exporting Countries (OPEC)-led production cuts and free-falling Venezuelan output. West Texas Intermediate (WTI) gained $3.19 per barrel month-on-month, while Brent rallied by $2.60 per barrel. "Iranian production was stable at 2.7 million barrels per day, (but) could take a further hit if the U.S. cuts import waivers in May", said Jefferies bank on Friday.

According to the report, only time will tell if the EIA current demand forecast (1.4 mb/d) proves accurate, but the "risks are now to the downside".

On Thursday, the 11th of April 2019, both United States and UK crude fell more than one percent after sources had revealed that the OPEC, a 14-nation pact of petroleum exporting nations, had been giving a second thought over their production cut policy until the end of 2019.

But that didn't prevent RBC Capital Markets from revising its oil price forecast higher Thursday, to $75 for Brent (up from a previous 2019 forecast of $69.50 per barrel) and $67 for WTI (up from $61.30).

OPEC and its allies will meet in June to decide whether to continue withholding supply, and while OPEC's de-facto leader, Saudi Arabia, is seen to be keen to continue cutting, sources with the group said it may raise output from July if disruptions elsewhere continue.

However, non-OPEC states in the group have complied at a rate of 64%, with Russian Federation lagging behind its target cuts.

US energy companies this week increased the number of oil rigs operating for a second week in a row, bringing the total count to 833, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Yet it also said an accumulation of economic risks from Europe to Argentina may ultimately lead the agency to reduce its outlook for demand.

Meanwhile, money managers raised their net long U.S. crude futures and options positions in the week to April 9, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

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