Crude oil prices claw back losses, but record U.S. output weighs
04 June, 2018, 10:03 | Author: Kristi Dunn
Russia's largest oil producerRosneft has been able to recover its oil production of 70,000 barrels per day (bpd) in just two days, as it tested the possibility of global output curbs easing, Renaissance Capital wrote in a client note.
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower early Monday. For the week, WTI was on track for a 2.5% fall, adding to last week's near 5% decline and shrugging off a 3.6 million-barrel drop in USA crude stockpiles last week.
Total products supplied over the last four-week period averaged about 20.7 million barrels per day, up by 1.3 percent from the same period a year ago.
Hedge funds invested in USA oil are betting pipeline bottlenecks will make Texas crude even cheaper.
USA crude oil refinery inputs averaged about 17.2 million barrels per day during the week ending May 25, or 527,000 barrels per day more than the previous week's average.
In March it jumped 215,000 barrels per day (bpd) to 10.47 million bpd, a new monthly record, the Energy Information Administration (EIA) said on Thursday.
OPEC and non-OPEC countries agreed in November 2016 in Vienna to cut oil production by 1.8 million barrels per day, roughly 2 percent of global oil production, to ease a global supply glut and push up oil prices that dropped below $30 in early 2016 as the situation wa further exacerbated by China's economic slowdown and the US increasing oil output as a shale oil producer. Surging output and a lack of pipeline capacity in the prolific Permian Basin shale play in Texas is exacerbating swelling USA inventories.
During the said week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $76.41 per barrel with 65 cents increase compared to the preceding week.
According to the report, oil inventories in the Organisation for Economic Cooperation and Development, OECD, industrialised nations in March fell to 9 million barrels above the five-year average, down from 340 million barrels above the average in January 2017.
Oil prices continue to exert pressure and fears of growth in oil production by OPEC +. According to services group, Baker Hughes, another 2 rigs were activated last week to look for oil in the USA, taking the figure to 861 last week, the highest for more than three years.
Russian Energy Minister Alexander Novak said last week that a gradual increase in oil production under the OPEC + agreement could begin in the third quarter of this year, if such a decision is made.
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