OPEC Urges US Shale to Take Responsibility on Output Cuts
12 October, 2017, 00:47 | Author: Regina Lloyd
Remember, higher crude oil prices have a bullish impact on oil exploration and production companies (RYE) (VDE) like Devon Energy (DVN), Whiting Petroleum (WLL), and Newfield Exploration (NFX).
Oil futures fell more than 2 per cent on Friday, ending Brent crude's longest multi-week rally in 16 months as oversupply concerns reappeared as producers have started hedging future drilling.
The West Texas Intermediate for November delivery on Tuesday increased $1.34 to settle at $50.92 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose $0.82 to close at $56.61 a barrel on the London ICE Futures Exchange.
"It calls into question how committed Saudi Arabia is to those production cuts", said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.
On Wednesday, OPEC forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was clearing the glut after more than three years.
"It would be ambitious to expect shale producers to join the current production cut agreement, but the same could have been said for OPEC working with non-OPEC members to limit production output, and this has actually taken place".
Barclays had raised its price outlook for the fourth quarter of 2018 and the first quarter of 2017. At the moment, there is no talk of an extraordinary meeting beyond the session scheduled for next month in Vienna, he said. The four-week moving average for US oil production is up 11.8 percent from a year ago.
Speaking at an energy conference in New Delhi, OPEC Secretary General Mohammad Sanusi Barkindo said oil demand growth in 2018 should be "quite robust", while commercial oil stocks in the world's advanced economies continues to fall.
Longer term, Barclays said it expected "a return to build mode next year", while PVM's Stephen Brennock said the International Monetary Fund viewed the economic recovery as being "on thin ice".
The figures mean Opec has complied 98 per cent with the cutback pledge, according to a Reuters calculation, up from 83 per cent initially reported in August as the September rise was led by Nigeria and Libya which are exempt from the cut.
USA crude inventories probably fell for a third straight week, while refined product stockpiles also likely declined, a Reuters poll showed.
Russian Federation and Saudi Arabia are on opposite sides of the war in Syria, but both countries are partners in the oil market. That marked a shift for the kingdom, which buys most of its military kit from the United States and Britain.
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