Oil dips as U.S. crude production hits record

03 March, 2019, 12:25 | Author: Mary Valdez
  • The Opec+ alliance will meet in April to decide its output policy.— AP  File

Despite this, fuel consumption, especially in Asia's developing economies which are key drivers of global oil demand, is so far holding up.

This year, oil prices have increased by more than 20 percent so far after OPEC and non-member producer allies agreed to reduce the output for six months starting in January to avoid the build-up of a global surplus particularly as the crude production of the USA booms.

"In the short-term, oil markets are going to be characterized by supply tightness on global markets thanks to the OPEC cuts and US sanctions on (Venezuela oil)", Edward Bell of Emirates NBD bank said.

Our trade in WTI crude oil closed at take profit, giving us 30 green pips.

International Brent crude futures were at $66.15 a barrel at 2.48am GMT, down 24c, or 0.4% from their last close.

Although the deal aims to push oil prices higher, prices continue to remain below their multi-year peak of US$85 per barrel which it touched in October, last year.

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Factory activity in China, the world's biggest oil importer, shrank for a third month in February as export orders fell at the fastest pace since the financial crisis a decade ago.

The weakness is being felt across the region.

Russia's Surgutneftegaz is selling April-loading ESPO crude oil at the lowest level in three months, charging $2.20 to $2.40 per barrel over benchmark Dubai quotes. South Korea's exports contracted at their steepest pace in almost three years in February as demand from China cooled further.

Also in Riyadh, OPEC Secretary General Mohammed Barkindo commented that managing world supply is hard when two members - Iran and Venezuela - are under sanction from the United States.

Some 70 per cent of those polled said they expect the OPEC+ group of 25 oil producing countries to fully comply with their pledge to remove 1.2 million b/d from the market in the first half of this year. That total was down from 11.91 Mmbpd in November, Kallanish Energy reports.

The collapse in oil prices may have influenced the 60% of the Survey respondents who advocated that OPEC should return to their 2014 strategy of fighting for market share, rather than the current plan of curtailing supply in pursuit of higher prices.

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