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OPEC asks U.S. to cut oil output and prosper global economy
19 May 2017, 11:50 | Austin Hogan
A worker looks on at the Bashneft Ufaneftekhim oil refinery outside Ufa Bashkortostan Russia
Production fell in the UAE, Libya, Iraq and Iran, but rose in Saudi Arabia and Angola, with Saudi Arabia's output up almost 50,000 barrels a day.
OPEC and non-member oil producers are considering extending a global supply cut for nine months or more to avoid a price-sapping output increase in the first quarter of next year, when demand is expected to be weak, OPEC and industry sources said.
The industry group the American Petroleum Institute reported a fall in US crude inventories by 5.8 million barrels last week, which was more than the 1.8 million-barrel slide analysts predicted. US light crude CLc1 oil ended up $1.45 higher at $47.33 a barrel.
Investors are now waiting to see if those numbers are confirmed on Wednesday by official figures on weekly US crude and oil product inventories from the USA government's Department of Energy, due out at 1430 GMT.
The comments from Mr. Falih came as the oil price dipped to the lowest level since the OPEC and N-OPEC deal in November that reduced supply by nearly 1.8 million barrels per day.
While OPEC and producers have reduced output there have been few signs that supply has fallen significantly as other producers have shielded many key customers, especially in Asia, from cuts.
In the research note entitled Oil Nearing Capitulation, Goldman Sachs said there was "growing evidence of the ability of U.S. shale to respond near $50 per barrel and the availability of capital to support such activity", according to MarketWatch.
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Global benchmark Brent crude was up 40 cents at $49.13 a barrel by 9:00am GMT.
"U.S. oil production surpassed expectations in terms of an early bottoming and swift uptick, and is set to expand further based on the latest drilling momentum", said Norbert Ruecker, head of macro and commodity research at Julius Baer.
OPEC will meet on May 25 in Vienna to determine whether to extend its production cut deal.
Aramco and other producers typically issue monthly notices to refineries and other buyers with contracted supplies outlining their intended allocations to each customer.
Libya and Nigeria are two OPEC members exempt from the production declines so they can lean on oil revenue to help ensure national security.
But a downbeat report from Opec tempered early gains as the producer group said higher-than-expected production from its competitors would reduce demand for its crude this year.
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