Oil prices rise on prospect that Saudi Arabia seeking output cut extension
22 April 2017, 01:28 | Jan Cross
Tass reported Tuesday that total crude oil production from Russian Federation last month was 11.04 million barrels per day, about 67 percent toward a quota outlined in a deal with OPEC, but also cited the minister as saying cuts by the end of April would be 250,000 barrels per day. The Opec is scheduled to gather in Vienna on May 25 to discuss whether to roll over for another six months the 1.2 million barrels a day in production cuts it implemented in January. The forecasts come as OPEC countries cut oil output in March more than anticipated.
But with regards to the current perception that crude stocks are falling world-wide, Hamza Khan, head of commodities strategy with ING, said normal seasonal draws on oil products at the end of refinery maintenance season could be creating an illusion of a tight market: "The key question is whether it's being consumed or whether it's pushed into somewhere else".
"Despite some downside risks, general expectations for demand growth for oil products in the coming months remain bullish", said the report, which made a minor upward revision to its global demand forecast this year.
China and the U.S. are both expected see an uptick in demand this year, while the Asia-Pacific region is expected to see a decline, CNBC reported.
Traders focused on preliminary USA production estimates in the weekly Energy Information Administration (EIA) report that suggested domestic output is still climbing.
Opec was upbeat on the outlook for the market in its monthly report.
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In the USA alone, OPEC forecast that production will grow at an average rate of 540,000 bpd, up from last month's forecast of a 340,000 bpd growth rate. In any case, both figures are below Riyadh's OPEC output target.
With the increasing rig count pointing to rising supply, Tony Headrick, energy market analyst at CHS Hedging, said OPEC would be watching.
Still, a buyer who has previously received cuts to his Arab Heavy term supplies said he will be getting the full contract volume of the heavy oil in May.
"However, with all the importance and media attention given to it, shale oil is not a primary source of energy".
Brent and WTI have rallied in recent sessions after Saudi Arabia was reported to be pushing fellow members of the Organization of the Petroleum Exporting Countries (OPEC) and some rivals to prolong supply cuts beyond June.
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