Saudi economy to buoy on rising oil production, says BMI
23 July, 2018, 08:19 | Author: Regina Silva
U.S. West Texas Intermediate (WTI) was up 14 cents at $69.60 a barrel, after reaching a high of $70.03 earlier.
Presumably, these factors will continue to influence traders in the days and weeks to come, as US president Donald Trump maneuvers to impose tariffs on all $500 billion of imported goods from China.
USA drillers this week cut oil rigs by the most since March, with the rate of growth slowing over the past month with recent declines in crude prices.
The Saudis and their allies - which include several neighbors from the Gulf Cooperation Council and also non-OPEC producer Russian Federation - promised at the Organization of Petroleum Exporting Countries' last meeting in late June to increase output by about 1 million barrels a day to offset disruptions in Venezuela and Libya, plus the looming losses in Iran. USA gold futures were down 0.5% at $1,218.30 an ounce.
However, both benchmarks are on track for their third weekly loss, after big declines on Monday, with Brent set to drop 3.6 percent and WTI to fall by 2 percent.
Trump is reimposing sanctions on Iran, which ships most of its oil through the Strait, in an effort to squelch the country's oil sales.
It's no surprise that the U.S.is at the forefront of global production and consistently proving wrong the hordes of critics who until very recently were convinced that outages in Libya and plummeting production in Venezuela would cause a calamitous crude tightening.
But prices found some support after OPEC's largest oil producer said it would temper its exports next month.
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The kingdom told fellow producers on Wednesday that output in July will be in line with June's level of just below 10.5 million barrels a day, people familiar with the matter said.
As per Goldman Sachs, unpredictable policy from the USA government is increasing volatility in the oil and fuel markets.
The Independent further in its report said a more significant supply gap would not emerge until sanctions against Iran enter full force in November. More recently, however, officials such as Secretary of State Mike Pompeo and Treasury Secretary Steve Mnuchin have suggested a more flexible approach could be taken.
The problem is being compounded by weak appetite for crude in Asia, where concerns are building about the strength of demand, the daily quoted experts at consultant Energy Aspects Ltd as saying.
Meanwhile, according to a report from Baker Hughes, the number of USA oil rigs fell by 5 this week to 858.
"You're having supply come back on to the markets, so it's not surprising to see a little bit of weakness", Zahir said. "If it replaces the lost volumes from Iran and Venezuela, overall supplies will eventually be balanced".
Saudi Arabia's real GDP growth will accelerate substantially in 2018 and beyond, due to rising oil production and prices and recovering business confidence, according to a new report from BMI Research.
Information for this article was contributed by Julian Lee and Wael Mahdi of Bloomberg News.
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