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emfizz.com December 13, 2017


Oil prices stable in early going as OPEC sees return of balance

12 October 2017, 12:28 | Jan Cross

Oil prices stable in early going as OPEC sees return of balance

Oil prices stable in early going as OPEC sees return of balance

Oil prices rose for the third day on Wednesday as OPEC forecast higher demand for 2018 and heightened tensions in Kurdistan supported prices.

Goldman added that it expects a modest surplus in 2018, as a marginally smaller increase in US shale oil output is offset by an acceleration of growth in other non-OPEC supplies as new projects come online, and higher premitted production from Libya and Nigeria. "Between the first half and second half this year, demand growth is nearly about 2 million barrels (per day), which is very robust", he said.

"This news shortly follows the historic visit of the Saudi King to Moscow, and we know that both of these nations are among the highest contributors to global oil production", said Ahmad.

Oil prices have firmed in 2017, but they have not risen as much as some analysts had forecast.

In a further sign that the supply excess is easing, Opec said inventories in developed economies declined by 24.7 million barrels in August to 2.996 billion barrels, 171 million barrels above the five-year average.

Oil prices are now trading flat, after the Organisation of Petroleum Exporting Countries (OPEC) stated that the market is gradually tightening, after years of oversupply.

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If OPEC does decide to extend the agreement, oil prices should at the very least, hold firm, and could easily build on recent gains through the remainder of the years.

After oil tumbled below $30 past year, Opec shifted strategy with the production pact that has seen prices recover to fluctuate in the $50-55 range.

The Organization of the Petroleum Exporting Countries (OPEC) is trying to reinstate its dominance in the oil industry by trying to maintain crude prices at a sustainable level.

OPEC's focus is on to jointly implement the supply adjustments in order to continue to accelerate the destocking to restore stability, Mohammed Barkindo said adding, if the balance is restored between demand and supply of crude oil, it would be in the best interest of the global economy.

A sharp increase in oil prices would tend to discourage consumption and thus growth.



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