April 23, 2017

Oil little changed amid rising US output and Opec cuts

22 April 2017, 01:27 | Austin Hogan

In December, OPEC and non-OPEC producers agreed to cut output by 1.8 million barrels per day for six months to help stabilize oil prices.

USA production had already climbed to 9 million barrels a day in March, up from a September low of 8.6 million barrels per day. Russian Federation and ten other producers that are not members in OPEC have agreed on reducing output by half that quantity.

Oil prices pared gains on Wednesday after the report was released to trade at around $56 a barrel.

"Our plans have not changed - by the end of the month we will reduce daily reduction of oil output of 300,000 barrels", Russian Energy Minister Alexander Novak was quoted as saying by state news agency Tass.

According to the report, Asia, including India, is expected to lead demand growth, followed by China and the U.S; Asia-Pacific is the only region expected to see a decline 2017, and total oil consumption this year is expected to stand at 96.32 million bpd.

According to OPEC, crude oil supply from non-members this year will average 57.89 million bpd, thanks to growing output in the USA and modest declines in Columbia and China. Despite the decline, oil prices didn't regain strength due to the inventory report amid a rise in USA oil production.

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Traders focused on preliminary USA production estimates in the weekly EIA report that suggested domestic output is still climbing.

The offers will add to a glut of light oil supplies in Asia, increasing competition with fellow Gulf producer Abu Dhabi National Oil Co and Russian Federation, said multiple sources, who declined to be identified due to the sensitivity of the matter.

Opec was upbeat on the outlook for the market in its monthly report.

"There is no formal proposal from Saudi Arabia but one is taking shape in the monitoring committee", one official said. In any case, both figures are below Riyadh's OPEC output target.

OPEC has upgraded its world oil demand forecast to 1.27 million barrels per day, an upwards revision of 10,000 barrels per day.

Support is building within the OPEC to extend its oil production cuts beyond June. Most members, including Saudi Arabia and Kuwait, are leaning towards this if other producers, including those outside the group, also agree, OPEC sources told Reuters last month.

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