Wednesday, 14 November, 2018

OPEC, allies may need to change course as oil inventories rise -panel

Why India needs to rethink its relationship with OPEC US issues warning to Russia about helping Iran escape upcoming oil sanctions
Kenneth Drake | 26 October, 2018, 04:32

USA crude oil stockpiles rose for a fifth consecutive week last week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday.

On whether OPEC and OPEC+ can fill the gap in case Iran left the oil market following United States sanctions, Falih indicated that Saudi Arabia had increased its production a lot since June to reach 10.7 million bpd.

Brent crude, the global benchmark, has dropped nearly 10 percent from a four-year high of $86.29 a barrel on October 3 as Saudi Arabia and Russian Federation promised extra supplies and US stockpiles climbed.

Brent crude LCOc1 settled at $76.17 a barrel, down 27 cents, or 0.4 percent.

Gasoline prices at the pump in Japan have risen for the 8th straight week, mainly due to the high cost of crude oil.

Highlighting Iran's "steady and stable supply of oil to customers", he stressed that no country has "the capacity to provide a replacement for the Iranian oil in the world's demanding market".

Oil is poised for the worst monthly decline since July 2016 as ongoing trade tensions stoke concerns over global growth that drives energy demand at a time when American crude stockpiles are increasing. To get waivers, he said buyers would be required to cut oil imports from Iran by more than the 20% demanded during the Obama administration.


The Opec and non-Opec oil producers, which agreed to relax supply curbs in June, may need to change course because of rising inventories and economic uncertainties, according to a ministerial panel's findings released on Thursday.

This was higher than the 1.8 million that traders were expecting.

"So we want to be watchful not to over-correct and cause a substantial inventory build", Al-Aama, who heads a joint OPEC and non-OPEC committee which monitors compliance and market fundamentals, said after a recent meeting of the panel, known as the JTC, in Vienna.

Looming U.S. sanctions on oil exporter Iran have helped support prices.

The sanctions on Iranian crude go into full effect on November 4.

"I believe that our (oil) exports could continue at a suitable level and..." During the same quarter, Iran's crude oil output dropped 5.73 per cent to 3,599 thousand barrels per day. The 10-year average level of production was 2.3 million barrels per day.

Al-Falih said plans to diversify the economy will continue, but oil and gas expansion will also remain a priority.

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