Russia's RDIF says to finalize Eurasia Drilling deal with Aramco

Oil rises on Saudi pledge to cut output, weak dollar By: dt news   , Posted on 16-Feb-2018

USA crude production - already close to record-highs - is predicted to lift even further in the years ahead given easy access to new supply. It will be the resumption of the trend.

Brent for April settlement fell 69 cents to $61.90 on the London-based ICE Futures Europe exchange. However, some market observers believe oil prices can rebound even as US oil output climbs to multi-decade highs.

In terms of supply, for 2018, the non-OPEC supply forecast was revised up by 320,000 bbl/day to average 59.26m bbl/day, with OPEC attributing the growth to expectations for higher production in the US, Mexico, UK, Brazil and China.

Crude oil futures were steady Tuesday, but unable to recoup recent losses.

"Saudi Arabia remains focused on working down excess oil inventories", a ministry spokesman said.

One of the main factors behind this was a deal struck by Opec countries and other oil-producing countries, such as Russian Federation, at the end of 2016 to throttle production.

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Despite the fact that the Organization of Petroleum Exporting Countries posted record consistence with willful generation constrains a month ago, forceful boring by American shale pilgrims may overwhelm the market with crude, the IEA deduced in a report discharged on Tuesday.

Novak had said on Tuesday oil inventories had been declining despite the rise in USA production.

Yet that chance was only possible because of the fracking revolution, which has transformed the global market.

The physical market is already reacting, with prices for regional crude from the North Sea, Russia, the United States, and Middle East becoming cheaper as producers struggle to remain competitive amid ample supplies.

Rising oil prices and surging US crude exports raise concerns that Russian energy giants will try to exit the deal, which began in 2017 and runs through 2018. The International Energy Agency in Paris forecast a demand growth of 1.4 million barrels per day in 2018, up from its last projection of 1.3 million barrels per day. "The tempering physical oil backdrop is. playing a central role in the recent price softness", it said. Global oil demand grew at a rate of 1.6 million bpd in 2017, however, the rapid rise in production output, particularly in the US, could end up pushing global oil inventories which are already very close to their five-year average.

"Recently we read of a shipment of condensate from the United States to the United Arab Emirates", the IEA's report read.

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