OPEC may attract new members to oil production cut deal
OPEC may attract new members to oil production cut deal
Oil prices rise for 3rd straight session as IEA reports drop in global supply
16 September, 2017, 00:38
November Brent, the global benchmark, climbed 89 cents, or 1.6%, to end at $55.16 a barrel, which was the highest finish since mid-April.
The difference between the two benchmarks recently had widened to around $6 a barrel after Hurricane Harvey took several refiners in the US offline, but analysts said that USA crude is poised to close some of the gap as refiners ramp back up and exports from Gulf Coast ports resume.
On similar lines, the oil for delivery in October edged up by Rs 2.60, or 0.48 per cent to Rs 549 per 10 kg in 172 lots.
Del Pino also said his country would price its crude oil sales in currencies other than the U.S. dollar, giving the Chinese yuan and Indian rupee as examples.
This is published unedited from the PTI feed. On the other hand, supply from non-OPEC countries would remain unchanged at 780,000 barrels per day for this year but would decline by 100,000 barrel per day from the previous forecast to 1 million barrels per day for next year.
OPEC supply fell by 210,000 barrels, marking the first decline in five months.
"While these bullish forecasts will buoy expectations for a sustained price recovery, we should caution that global oil stockpiles are expected build in the early part of next year", said Stephen Brennock, oil analyst at PVM oil, in a note.
"The IEA revising up its 2017 global oil demand growth forecast, together with persistent weakness in the USA dollar index, has prompted bullish sentiment in the oil market".
The IEA report has raised its 2017 oil demand growth estimates to 1.6 million barrels per day (bpd) from 1.5 million bpd.
"However, we believe that the news is largely backward-looking and mainly confirms what the timely and accurate official United States statistics had been revealing throughout the summer: strong fuel demand and declining crude oil storage".
Energy Information Administration figures showed a build in US crude inventories last week of 5.9 million barrels, exceeding expectations.
Inventories of US crude rose by roughly 5.9 million barrels in the week ended September 8, confounding expectations of a rise of about only 3.2 million barrels.
This week's gains have come despite data showing a big build in US crude inventories after Hurricane Harvey.
The fall in Opec output came as a relief to investors, many of whom had questioned the oil-cartel's commitment to tackle excess supplies following a drop in the group's the rate of compliance with the global accord to curb production.
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