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21 March 2017, 02:10 | Austin Hogan
Oil Slides on concerns over US Output
The price of Brent crude is now trading at $51.92 while West Texas Intermediate (WTI) is at $48.45 a barrel with analysts suggesting oil prices could face further pressure if managers decide to sell off the remaining net-long positions totalling 820 million barrels, according to the FT.
Traders responded to the news, increasing oil prices by $1.14 per barrel on Wednesday to close at $48.86. The country's oil output has increased to 646,000 barrels a day from 621,000 on Sunday due to more production from Waha Oil Co., he said.
"It was obvious that with a reversal in prices, the United States shale production was going to pick up". So far, OPEC has delivered almost all the cutbacks it promised, mostly because Saudi Arabia has pulled back more than it agreed.
Crude oil futures fell 0.97 per cent to Rs 3,165 per barrel today as speculators reduced positions amid a weak trend in global markets.
Industry players at the meeting aired their concerns that growing US output may thwart OPEC's efforts to trim stockpiles and raise prices, an idea underpinned by USA government data released during the week showing inventories at record-high levels.
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Shale oil seems to be picking up production, taking its cue from the more bearish crude oil prices despite short-term bounces, supply cuts and improved demand estimates.
Two years later, on 30 November 30, the organisation took a different tack and committed to a six-month, 1.2 million barrel a day (3.5 per cent) reduction in OPEC crude oil output to 32.5 million barrels per day, effective in January 2017.
One of the reasons they bet on higher prices was the OPEC agreement to cut crude oil production to push prices higher.
Fatih Birol, executive director at International Energy Agency, told Bloomberg that while he sees increased demand from India and China for crude in the near future, another trend is the recovery of the US shale industry, which he describes as "a strong comeback".
What Khalid al-Falih refused to say during his comments both on and offstage at CERAWeek - whether the OPEC and non-OPEC cuts will be extended beyond June - was far more powerful than his many cautionary words to shale producers about not expecting "free rides". "Any extension of the cut agreement should be with non-OPEC".
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