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giftedviz.com August 17, 2018


Oil Remains Upbeat as Brent Crude Trades $77.07

16 May 2018, 02:04 | Austin Hogan

OPEC Adds US Exit From Iran Nuclear Deal To 'Disruptive Concerns'

Oil steady near multi-year highs as US drilling rises

"With China's robust economy anticipated to drive oil demand this year, oil prices could remain supported in the near term", he said. In 2016-17, crude oil and refinery products imports accounted for 22.7 percent of India's total import. This compares with 340 million barrels when OPEC, Russia, and several other producers agreed to cut production to stimulate prices.

Looking at U.S. crude oil stocks, the most recent EIA figures (May 9) showed falling crude oil stocks and falling gasoline inventories.

"You have the threat that a high enough price will start to activate the 7,700 drilled but uncompleted wells in the lower 48 states", said Walter Zimmerman, chief technical analyst at ICAP TA.

China's oil demand growth has so far this year exceeded expectations, and Goldman Sachs, for example, says that growth could be even "higher than now estimated". "Plus we see a high likelihood of OPEC working with Russian Federation in 2019 to set a floor on oil prices".

Crude prices have been on edge since US President Donald Trump's decision to exit the country from the Iran nuclear deal, raising the odds of a dispute in the Middle East and creating uncertainty over oil supplies worldwide. The agreement, which came into effect in January 2017, has already been extended through until the end of this year - with producers scheduled to meet in June to review policy.

OPEC and its partners chose to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

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Venezuela's continuing economic crisis has also removed oil from the market. "Plus we see a high likelihood of OPEC working with Russian Federation in 2019 to set a floor on oil prices", analysts wrote in their report.

Otunuga noted that increasing U.S. shale production could dampen any long-term anticipated price hikes.

OPEC and Saudi Arabia made similar statements a year ago at the beginning of their initiative to curb oil production, and some pundits took this to be a way to avoid any predictions that could prove wrong of higher oil prices resulting from their cutbacks.

"By 2019, U.S production can pick up as pipelines are expanded and OPEC and Russian Federation can bring back production", says Lee. West Texas Intermediate was up 0.86% to $71.89 a barrel. While some market observers attribute the energy sector's recent bullishness to the US departing the Iran nuclear agreement, there are other factors at play.

- Strong domestic gasoline demand has caused reduced supply levels. That's a big a if in the political current environment.



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