crude prices fall as reviving shale balances opec cuts
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Crude prices fall as reviving shale balances OPEC cuts

Arab Today, arab today

Arab Today, arab today Crude prices fall as reviving shale balances OPEC cuts

Oil prices fell on Tuesday as lower production by the Organization
London - Arab Today

Oil prices fell on Tuesday as lower production by the Organization of the Petroleum Exporting Countries (OPEC) and other exporters was undermined by growing evidence of a revival in US shale production and sluggish demand.
Benchmark Brent crude was down 70 cents at $55.02 a barrel by 1430 GMT. 
On Monday, the Brent futures contract closed down $1.09 a barrel. US crude was 75 cents lower at $52.26 after closing down 82 cents on Monday.
Prices have been supported over the last two months by efforts by OPEC and other exporters to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017.
But while OPEC and Russia have together cut at least 1.1 million bpd so far, rising US production, as well as signs of slowing demand growth, threaten to undermine these efforts.
“The general perception is that OPEC is cutting production, which is supporting prices, but high stock levels, rising rig counts and growing US production are capping gains,” said Tamas Varga, analyst at London brokerage PVM Oil Associates.
Societe Generale oil analyst Michael Wittner said US shale oil output was recovering faster than expected as more oil rigs drilled better and more efficient wells more quickly.
“Rig counts are increasing at an accelerating pace and given the technological advances of the past three years, this should translate into significant supply,” Wittner said.
“US shale is coming back, and it is coming back strong.”
Since the beginning of the year both crude contracts have traded within a $5 per barrel range, suggesting a lack of strong price momentum in either direction.
“$55 per barrel is quite obviously the pivot point in this market ... and it has been for some time,” said Matt Stanley, a fuel broker with Freight Investor Services (FIS) in Dubai.
Chinese oil demand grew at the slowest pace in at least three years in 2016, Reuters calculations based on official data showed, the latest indication that demand from the world’s largest energy consumer has diminished.
And there are concerns US gasoline demand is stalling.
Gasoline stockpiles rose by almost 21 million barrels in the first 27 days of 2017, compared with an average increase of less than 12 million barrels at the same time of year during the previous decade, according to official inventory data, implying either stalling demand or ongoing oversupply.
Temporary suspension
Iraq’s main oil export terminal, off the southern city of Basra, will stop loading operations for 24 hours, starting midnight Tuesday, because of work to install a new pipeline feeding the facility, two sources at state-run South Oil Company said.
The terminal’s loading capacity is estimated at around 1.8 million barrels per day (bpd).
Loading offshore at three single-point moorings (SPMs) connected with the Basra terminal will not be affected, they said.
OPEC’s second-largest producer after Saudi Arabia, Iraq exported a record 3.51 million barrels per day in December from the southern ports. However, exports fell to 3.275 million bpd, as the country complied with an agreement with other producers to reduce output.

 

Source : Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

crude prices fall as reviving shale balances opec cuts crude prices fall as reviving shale balances opec cuts

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

crude prices fall as reviving shale balances opec cuts crude prices fall as reviving shale balances opec cuts

 



GMT 04:22 2017 Tuesday ,26 December

Israel in touch with '10 countries' over embassy moves

GMT 19:43 2017 Friday ,06 October

Employee safety top priority at Khalifa Port

GMT 16:19 2017 Friday ,28 April

ISIS Suspect Arrested in Western Germany

GMT 12:57 2017 Monday ,11 December

50 Students Poisoned by Contaminated Well Water

GMT 16:31 2017 Thursday ,10 August

Palestinians will discuss decline of aids

GMT 21:15 2017 Saturday ,04 March

Obama never ordered surveillance on any US citizen

GMT 10:00 2017 Thursday ,09 March

Russia ‘can be good friends with GCC’

GMT 02:13 2017 Wednesday ,22 February

Russian helicopter crash kills 19 in Siberia

GMT 13:23 2017 Tuesday ,05 December

Lebanon PM Hariri rescinds resignation

GMT 00:39 2017 Tuesday ,05 December

Gunmen kill cleric in Aden, southern Yemen

GMT 11:43 2016 Thursday ,24 November

Will learn from Euro exit

GMT 06:56 2017 Tuesday ,17 October

US ‘not taking sides’ between Iraqi forces, Kurds

GMT 19:59 2017 Thursday ,16 February

Syrian opposition's chief negotiator arrives in Astana

GMT 15:41 2017 Thursday ,29 June

US sets new visa rules for 6 mainly Muslim nations

GMT 19:31 2017 Saturday ,11 February

Earthquake Hits Taiwan

GMT 15:30 2017 Monday ,27 November

Syrian government will not join peace talks on Monday

GMT 16:20 2017 Tuesday ,31 October

La Rochelle survive red card to down Toulouse

GMT 20:33 2018 Tuesday ,16 January

Bahraini official receives UAE Ambassador

GMT 22:40 2018 Monday ,08 January

Bahrain to host first Baby Games
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday