WTI crude oil futures follow the stocks lower. Tests 200 day MA
WTI crude oil futures follow the stocks lower. Tests 200 day MA
Oil rises above US$80, Saudi Arabia plans output increase
24 October, 2018, 19:11
Saudi energy minister Khalid al-Falih told Russia's TASS news agency that his country had no intention of unleashing a 1973-style oil embargo on Western consumers, but rather was focused on raising output to compensate for supply losses elsewhere, such as Iran.
US West Texas Intermediate (WTI) crude futures were at $66.31 a barrel, 12 cents below their last settlement. The global benchmark crude traded at a premium of US$10.22 to WTI. This estimate may increase, however, as traders are likely to make upward adjustments ahead of the report in the wake of yesterday's API data.
"The severity of the drop is pretty striking, but in today's trading world, we have these kind of days a little more often".
"It will become an open-ended agreement to continue to monitor and work together to stabilise the markets".
"As far as next year's supply/demand balance is concerned, it's not justified for them (Saudi Arabia) to increase production", PVM Oil Associates strategist Tamas Varga said.
"We will meet any demand that materializes", Al-Falih said at the country's signature investment conference, which is being overshadowed by an worldwide outcry over the killing of Saudi government critic Jamal Khashoggi.
"I don't rule out that the kingdom's production which has been 9-10 (million barrels per day) over the last decade or so will be a million to two millions (barrels) higher", Falih said, without providing a time frame.
USA sanctions on Iran's oil sector start on November 4 and analysts believe up to 1.5 million bpd in supply could be at risk.
Falih, who noted that there is a large increase in the investment of shale oil production by the U.S., said there will always be producers who work to prevent oil prices' fluctuation that threatens the markets.
Meanwhile, Russia's oil production is now 150,000 bpd higher than the October 2016 level, the baseline for the global oil production deal, TASS news agency quoted Energy Minister Alexander Novak as saying. This means Chinese oil firms will need to find alternatives to Iran's crude.
"The big unknown is how much Iranian oil will be off the market and we'll know in about a month's time".
Distillate inventories were down this week by 2.4 million barrels, compared to a larger expected draw of 1.927 million barrels.
USA crude inventories have risen by more than 22 million barrels over the last four weeks, the biggest increase since 2015, when the oil market was heavily oversupplied.
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