Monday, 24 September, 2018

OPEC and Russia Best Not Poke the Shale Oil Bear

Russian Energy Minister Novak attends a session of the St. Petersburg International Economic Forum OPEC and Russia Best Not Poke the Shale Oil Bear
Jodi Jackson | 30 May, 2018, 18:35

Worldwide crude benchmark Brent futures LCOc1 were up 68 cents at $75.98 a barrel by 1405 GMT, while US crude futures CLc1 dropped 65 cents to $67.23.

Meanwhile, surging USA crude production also showed no sign of abating as drillers continue to expand their search for new oil fields to exploit. Both of the powerhouse countries announced their intent to increase their oil production as the United States continues with their rapid and increasing production rate. Venezuela is now producing just 1.4 million barrels a day, down from 3 million barrels a day just a few years ago, while UBS AG Wealth Management forecasts a drop of about half a million barrels day from Iran.

This important development will likely prevent crude oil prices from collapsing.

The sides started withholding supplies past year to tighten the market and prop up prices, which in 2016 fell to their lowest in more than a decade to less than $30 per barrel.

Still, there are some concerns surrounding political turmoil in Italy, and the potential for further instability there rattled the stock market and raised concerns over a possibly decline in European oil demand, said Flynn.

Barkindo also said it was not unusual for the United States to put pressure on OPEC as some USA energy secretaries had asked the producer group to help lower prices in the past.

The US had forbidden nearly all exports of crude oil for four decades until the end of 2015, so for many years its soaring shale oil production was trapped by the ban and the capacity limits of US refineries that were able to convert it into exportable products.

RECORD crude oil volumes exported from the United States will be heading to Asia in the next couple of months to take another piece of the market away from Russian Federation and producers in the Organisation of the Petroleum Exporting Countries (OPEC).

"Oil offered little to support after being hit down last week on expectations over a ramping up of output from OPEC and co.", IG market strategist Pan Jingyi said.

Saudi minister Khalid Al-Falih, who's been organizing meetings with major customers and producers discussing the Saudi commitment to stabilizing oil markets, is reportedly meeting his Kuwaiti and Emirati counterparts. There was no settlement Monday because of the U.S. Memorial Day holiday and all trades will be booked Tuesday.

Ahead in the week aligns the API and EIA reports followed by rig count.

Another study was conducted in 2004 by the U.S. Department of Energy to assist the country in assessing the options and potentials for strategic oil stockpiles as well as give recommendations to enact legislation pertaining to the oil stockpiling program.

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