Saudi Arabia hopes to extend oil cuts to end-2017 or longer

Debra Rodriguez | 10 May, 2017, 00:32

Oil and gas consultancy firm FGE founder and chairman Dr Fereidun Fesharaki forecasts that a production cut untill year end by Opec and several non-Opec members is still not going to be sufficient in stabilising oil prices at US$50 (RM216.50) to US$60 a barrel, as inventory is expected to continue to rise from a build-up of United States volumes.

A cornerstone of the Saudi promise to rebalance the market would be to extend, potentially into 2018, a pledge led by the Petroleum Exporting Countries (OPEC) and other producers including Russian Federation to cut output by nearly 1.8 million barrels per day (bpd) during the first half of the year.

US West Texas Intermediate (WTI) crude futures were at $46.85 per barrel, up 63 cents, or 1.36%. The price for Brent crude oil was down 0.3 percent about a half hour before the opening bell to $49.19 per barrel.

Brent crude futures, the worldwide benchmark, for oil prices, were at $49.85 per barrel on Monday, up 75 cents, or 1.5 per cent, from their last close.

USA oil production and stockpile data, at the same time, has kept investors from extending bets that OPEC production cuts will be significant enough to elevate prices in the medium term.

"Based on consultations that I've had with participating members, I am confident the agreement will be extended into the second half of the year and possibly beyond", said Mr. Al-Falih. Prices slid back to levels seen in November before the supply deal was made.

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The EIA forecast that USA oil demand for 2017 will grow 290,000 bpd, up from its previous forecast for 250,000 bpd growth.

Now, Saudi Arabia's oil minister has said that they're trying to extend the cut even further, perhaps even moving into 2018.

In separate statements just hours apart on Monday, the world's largest crude producers said publicly for the first time they would consider prolonging their output reductions for longer than the six-month extension widely expected to be agreed at the OPEC meeting on May 25.

For the week to May 2, investors cut bullish bets on Brent to the lowest level since late November, while hedge funds and money mangers also cut gross long positions in USA crude futures to the lowest since early November.

Output levels have stood above 9-million barrels a day for the past 11 weeks as shale producers activate more oil rigs. The report showed that Saudi Arabia's crude exports declined from 7.7 million barrels per day in January to 6.96 barrels per day in February.

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Saudi Arabia hopes to extend oil cuts to end-2017 or longer

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