OPEC, non-OPEC oil producers to jointly boost oil output
OPEC, non-OPEC oil producers to jointly boost oil output
Oil falls on OPEC's announced output rise, but markets to remain tight
28 June, 2018, 06:55
Brent crude futures were down 78 cents at United States dollars 74.78 a barrel at 0917 GMT, while USA light crude was up 25 cents at USD 68.83 a barrel, supported in part by a Canadian supply outage.
The price of oil LCOc1 traded in London fell on Monday after the wider agreement, by $1.15 to $74.40 a barrel.
This makes ideal sense, since crude oil prices are now the highest in more than three years, but not everybody is so pessimistic. The outage is expected to limit crude arriving at Cushing, Oklahoma, delivery point of the US futures contract. USA crude's discount to Middle East benchmark Dubai oil shrank to the smallest since May 16. The spread had widened to as much as $11.57 on June 1, but had been contracting ahead of OPEC's expected supply increase, analysts said.
Both natural gas and LPG could replace auto fuels as well as industrial fuel produced from crude oil, they said, adding renewable energy sources like solar and wind energy are not even being considered for arriving at the shrinkage in demand numbers. The figures are followed with Wednesday's release of U.S. Energy Information Administration figures on oil and refined product stocks.
On Friday, the Organization of the Petroleum Exporting Countries and its allies agreed to modestly boost global crude supplies.
The group's communique pledged a return to 100% compliance with the original Y 2016 agreement ending a period of deeper-than-intended cuts, but Al-Falih insisted that no individual country will be subject to a strict output cap. While the group has struck a deal, Iran and Venezuela criticized the Saudi position, saying the accord didn't allow any member to replace one another's market share.
"We already mobilised the Aramco machinery, before coming to Vienna, pre-empting this meeting", Falih said, referring to the Saudi state oil company.
"Saturday's OPEC+ press conference provided more clarity on the decision to increase production, with guidance for a full 1 million bpd ramp-up in 2H18", Goldman Sachs said in a note on Sunday. Last year, the country was amongst 11 non-member countries that joined OPEC members in production cuts of 1.8 million barrels of oil per day.
The bank says the outage of an oilsands facility in Canada could lead to a shortage in North America for all of July and shrink stockpiles at the main USA storage hub in Cushing, Oklahoma.
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