OPEC Chief Urges US Shale To Curb Oil Output

12 October, 2017, 00:42 | Author: Terri Saunders
  • Brent Crude

With West Texas Intermediate, the USA benchmark for the price of oil, trading at a significant discount to most other rival grades, industry analysts said it's likely that more, not less, US crude oil will wind up on the global market.

Saudi Arabia told the Organization of the Petroleum Exporting Countries on Wednesday that it pumped 9.97 million barrels per day in September, up about 22,000 barrels per day from August, but still below its OPEC target. The main United States contract, WTI, was at $51.30. The group is increasingly confident that the market is rebalancing fast, helped by the cutback as well as by stronger-than-expected growth in global demand.

Mr Barkindo said consultations were under way for the extension of the OPEC-led pact beyond March 2018 and that more oil producing nations may join the supply pact, possibly at the next meeting of OPEC in Vienna on November 30.

Let's take a closer look at five oil-related stocks that you may want to consider ahead of next month's OPEC meeting. Overall crude stocks "are still high", he added, and OPEC needed to stick to its output curbs. The API usually releases the weekly report every Tuesday, but this report is scheduled to release on Wednesday due to the U.S. federal holiday on Monday, October 9, 2017. However, many facilities have begun resuming operations.

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"The news that Saudi Aramco is set to make its deepest customer allocation cuts to crude oil in its history shows once again how committed Saudi Arabia is towards reducing the ongoing oversupply of oil in the market", Ahmad said. A federal holiday on Monday has delayed the release of the weekly USA inventory data by a day.

Later on Wednesday, the American Petroleum Institute will release weekly U.S. fuel inventory data, followed by official figures from the U.S. Department of Energy on Thursday. U.S. crude inventories probably fell for a third straight week, while refined product stockpiles also likely declined, a preliminary Reuters poll showed on Tuesday. Last week, Russian President Vladimir Putin suggested the cut might be extended further, to the end of 2018.

Increasing demand for oil will be matched by added supplies, but Opec's forecasts for the balance of supply and demand foresee a greater reliance on the cartel's output.

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