Energy ETFs Plunge as OPEC Looks to Higher Production
26 May, 2018, 06:49 | Author: Martin Tyler
Crude oil prices fell Wednesday after the Energy Information Adminstration reported a massive increase in crude oil stockpiles.
Brentcrude futures were trading $1.08, or 1.4 percent, lower at $78.45 a barrel as of 10:54 a.m. EDT, while US crude lost 85 cents to $71.35 a barrel.
Brent futures fell 37 cents, or almost 0.5 percent, to $79.20 a barrel by 0636 GMT, after climbing 35 cents on Tuesday.
"It is the intent of all producers to ensure that the oil market remains healthy, and if that means adjusting our policy in June, we are certainly prepared to do it", Al-Falih said.
"This discussion about possible OPEC supply increases after the June meeting has put a brake on the oil price for the time being, so $80 is a big hurdle to overcome", Commerzbank (OTCMKTS:CRZBY) strategist Carsten Fritsch told the Globe and Mail.
Concern about a potential drop in Iranian oil exports following Washington's exit from a nuclear arms control deal with Tehran have driven prices to multi-year highs.
Yesterday US crude was above 70 dollars a barrel, today it's slipping to 68.48.
US crude hit its highest level since 2014 on Monday amid rising concerns that Venezuela's oil output could fall further following the country's presidential election and potential sanctions on the OPEC-member nation. Data provider Genscape Inc. was said to report that inventories fell by about 475,000 barrels between May 18 and May 22 at the key pipeline hub in Cushing, Oklahoma.
FocusEconomics, a Spain-based economic think tank, says after surveying economists and analysts: "We do not expect the current sweet spot in oil prices will be sustainable further down the road".
Later on May 23, official data on oil reserves in the country from the U.S. Energy Department will be published.
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Dudley said he saw oil prices falling to between $50 and $65 because of surging shale output and OPEC's capacity to boost production to cover a potential shortfall in Iranian supplies owing to USA sanctions.
Saudi Arabia and other major OPEC producers could in theory add more supply, but have yet to do so.
A dearth of pipelines in West Texas' Permian Basin, the most prolific USA oil play, is leaving supplies trapped in the region.
Iran had a 1 million b/d drop in crude output the last time sanctions were imposed.
U.S. crude oil production has risen by more than a quarter in the past two years, to 10.73 million bpd.
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