Oil Prices: 'Lower for Longer' Era Continues | OPEC | Russia | Oil price

30 May, 2018, 18:40 | Author: Teresa Adams
  • Oil prices fall as supply from top three producers set to rise

Brent crude oil grew from about $73 per barrel at the beginning of May to kissing $80 last week, then falling to just over $75 by the close of trading on Tuesday.

USA and European oil prices diverged on Tuesday, with concerns about global oil supply still acting as a weight on West Texas Intermediate crude. An upswing in crude futures has largely been driven by OPEC-led production cuts and robust global demand. Reuters reported that production could rise by as much as 1 million barrels a day.

Additionally, ongoing disruptions in economically fragile OPEC member Venezuela and potential losses from fellow group member Iran because of renewed USA sanctions on the Islamic Republic are likely to partially offset this higher supply, the bank said.

In 2003, the Philippines and Thailand signed a memorandum of understanding to jointly study, investigate and assess the possibilities of cooperation, including the identification of strategic locations for oil stockpiling and distribution points.

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US West Texas Intermediate crude was down $1.05, or 1.55%, at $66.83 a barrel, sitting around its lowest since 17 April.

China has also raised concerns about whether enough oil is being pumped, according to a Saudi statement issued after Energy Minister Falih called China's energy chief on Friday to discuss cooperation between their countries and to review the oil market.

US energy companies added 15 rigs looking for new oil in the week ending May 25, bringing the rig-count to 859, the highest level since 2015, in a strong indicator that American crude production will continue to rise.

OPEC oil producers and Russian Federation are due to meet in Vienna on June 22 to discuss easing supply curbs that have helped drive world oil prices to $80 a barrel.

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Oil traders were active on Monday despite the Memorial Day holiday and the closure of USA stock and bond markets.

The creation of the Strategic Petroleum Reserve (SPR) is founded on a number of joint worldwide studies, according to the DOE-Oil Industry Management Bureau.

Despite worries over Iranian and Venezuelan oil, there are many solutions for the global supply system to fill the gap and prevent any supply constraints. The U.S.is due to reimpose economic sanctions on Iran after recently deciding to withdraw from its nuclear pact with Tehran. There was talk a few months ago that this five-year average may not be the best measure of global oil supply. So far, the cartel has gone where Saudi Arabia has wanted it to go, some more willingly than others, but still together, as higher prices are generally good for oil-dependent economies.

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