Opec extends 1.8m barrel daily cut in oil production
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20 May 2017, 02:54 | Jan Cross
Oil rises as OPEC cuts outweigh US drilling boom
Top exporter and de facto Opec leader Saudi Arabia said on Monday it would "do whatever it takes" to rebalance a market that has been dogged by oversupply for over two years, resulting in crude prices below $50 per barrel.
Oil prices gave up early gains yesterday, as the market weighed news from Opec and other producers about prolonging output cuts against data showing the recovery in USA drilling had extended for a year.
OPEC meets on May 25 to decide on production policy for the second half of 2017, and most analysts expect the group to extend cuts until at least the end of the year.
Saudi Aramco, which is a state-owned, is going to low oil supplies to Asian customers in June by 7 million barrels.
Brent crude was up 57 cents, hovering at $50.79 per barrel, while US West Texas Intermediate jumped 61 cents to $47.94.
Supply from the 11 OPEC members with production targets under the accord - all except Libya and Nigeria - fell to 29.674 million bpd last month, according to figures from secondary sources that OPEC uses to monitor output.
Prices surged after that deal, but have come under pressure in recent weeks as US production has climbed, undermining OPEC-led efforts to balance supply with demand.
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Brent crude was up 40 cents at $49.50 a barrel by 0930 GMT.
Kuwait's oil minister said today he believes that oil producers will extend their production cuts for another six months at their meeting later this month.
Ministers from some members of the Organization of Petroleum Exporting Countries have also discussed the possibility of deepening the supply curbs, said four delegates, who asked not to be identified because the talks were private.
Oil Storage Tanks at Cushing, OKOil held gains before government data forecast to show USA crude stockpiles fell for a fifth week, further reducing an inventory surplus.
Calling on U.S. to join in the rebalancing of global oil market, OPEC said "a large part of the excess supply overhang contained in floating storage has been reduced and the improvement in the world economy should help support oil demand".
The EIA forecast that US oil demand for 2017 will grow 290,000 bpd, up from its previous forecast for 250,000 bpd growth.
Falih said recent price falls had been caused by seasonal low demand and refinery maintenance, as well as by non-OPEC production growth, especially in the United States.
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