IEA expects speedier oil market rebalancing in H2 but 'much work remains'

22 Mai, 2017, 01:54 | Author: Marc Bacque

Kuwait's oil minister Essam al-Marzouq said today that his country supported the Saudi/Russian initiative.

"We believe the industry is more focused on robust activity at stable oil prices, rather than very high oil prices at this juncture, which is not sustainable over the long run", said its analyst Mabel Tan.

The EIA (U.S. Energy Information Administration) estimates that Iraq's crude oil production fell by 5,000 bpd (barrels per day) to 4.4 MMbpd (million barrels per day) in April 2017-compared to March 2017.

Venezuela is undergoing a wave of unrest with protesters angry at an economy in crisis, with food and medicine shortages and soaring inflation.

In the first quarter of 2017, "the oil market was nearly balanced", the International Energy Agency said in its latest monthly report.

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The main reason why oil prices remain low is that supply outstrips demand. Saudi Arabian production in April average 9.97 million barrels per day, nearly 1 percent below its quota under the multilateral deal.

Supply and demand in the oil market are close to matching up, the IEA said today, but rising USA supply could mitigate landmark OPEC-led production cuts.

In February, US crude output increased again and "in line with stronger recent performance from the US shale sector we have revised upwards our expectation throughout 2017", it said. USA bank Goldman Sachs said the deal "will likely further extend the oil price rebound... although the rally so far... has remained modest compared to the move that occurred previous year when the OPEC cuts were first announced".

The world's oil stockpiles increased only slightly in the first quarter and are set to decline in the second as demand picks up seasonally and OPEC constrains output, the IEA said Tuesday in its monthly report. Crude oil prices moved below $50 per barrel in late April on signs the designed balance envisioned by production cuts was slow to materialize.

Elsewhere on Nymex, gasoline futures for June climbed 1.2 cents, or roughly 0.8%, to $1.606 a gallon, while June heating oil added 1.4 cents to $1.523 a gallon. At the same time, at a meeting of the OPEC countries and countries outside of the cartel in Vienna on May 24-25, Russian Federation is going to propose maintaining the current parameters of the agreement. Oil extended gains while stocks were mixed.

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