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10 June 2017, 07:07 | Cedric Leonard
South Korea's SK Innovation, which owns South Korea's top refiner SK Energy, said on Tuesday it expects US shale output to keep oil prices low, and is looking for opportunities to bring in USA crude oil.
The general conclusion is that this move by Trump is not going to be favorable to oil prices.
That compared with analyst expectations for a decrease of 2.5 million barrels. USA economic indicators from the United States, meanwhile, offered some surface support, but underlying figures on spending showed some negative pressures remain in the world's No. 1 economy.
Libya's oil production is expected to regain a three-year production peak of 800,000 bpd this week, the National Oil Corporation said, after briefly touching that level this month until a technical issue at Sharara oilfield dented output.
U.S. West Texas Intermediate crude futures dropped 26 cents, or 0.54 percent, to $48.1 per barrel.
He said the nation's oil production was still hovering around 1.5 million barrels per day, down from around 2.2 million bpd.
OPEC and Russian Federation initially agreed to production cuts in late 2016, but made a decision to extend those cuts another nine months at a meeting in Vienna last month. Brent crude futures were up 1.1 percent to $51.31 a barrel.
As more United States drilling mean greater hardship for OPEC and other major producers' attempt to control output so as to cut the global supply glut and alleviate prices. "We want to institutionalise cooperation between OPEC and non-OPEC producers", Saudi Energy Minister Khalid al-Falih said. It was Brent's lowest close since May 10.
"As these numbers are getting confirmed, the initial optimism about OPEC's temporary cuts, may turn to increasing skepticism about OPEC's choice of policy once the current output deal expires next year".
Faced with lingering glut woes, the oil cartel also discussed last week reducing output by a further 1 to 1.5 percent, and could revisit the proposal should inventories remain high, according to sources.
OPEC announced a production target of 32.50 million bpd at its November 30 meeting, which was based on low figures for Libya and Nigeria and included Indonesia, which has since left.
The EIA reported a sizeable decline of 6.43 million barrels in commercial United States crude inventories and a drop of 2.86 million barrels in gasoline stocks for the week ended May 26.
"Attention will be on US inventory stocks tomorrow, with expectations of a further draw this week, following initial indications of strong demand for gasoline after the AAA said that driving mileage over the holiday weekend was the highest since 2005", said analysts at Cenkos Securities.
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The Trump Jerusalem Waiver
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WWDC '17: First look at Apple's new iMac Pro
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