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OPEC 'rebalancing' underway oil output dips

13 September, 2017, 00:42 | Author: Kristen Ingram
  • 6 2017 shows the Hotel Mercure in Marigot near the Bay of Nettle on the French Collectivity of Saint Martin during the passage of Hurricane Irma

Khalid Al-Falih, energy minister for the Saudis, agreed with his Venezuelan, Kazakh, and United Arab Emirates counterparts during a group meeting in the Kazakhstan capital of Astana to consider prolonging production cuts "beyond the first quarter of 2018, if needed".

Brent crude oil futures settled up 6 cents, or 0.1 percent, to $53.84 a barrel while U.S. West Texas Intermediate crude rose by 59 cents, or 1.2 percent, to $48.07.

OPEC's oil output dipped in August, the organization said Tuesday, a sign that supply and demand could be moving further towards balance.

After the API report, USA gasoline futures rose RBc1, surpassing their session high.

At around $54 per barrel, the price for Brent crude oil, the global benchmark, is up almost $7 per barrel from June 30, but still below its peak of just over $56 per barrel for the year. Production had been on the rise over the summer, raising concerns OPEC's deal to cut output wasn't working.

Oil prices finished higher Monday as investors assessed the impact of Hurricane Irma on energy demand in Florida and Hurricane Harvey's extent of damage to oil refineries on the Gulf Coast. The deal, reached in late 2016, initially called for a six month period, which later was extended with another nine months until the end of March 2018.

The deal aims to curb a glut that has weighed on crude prices for more than three years.

The deal agreed late past year to reduce output by about 1.8 million bpd until March 2018 helped to keep prices as high as $58 a barrel in January, but they have since sagged as global stocks have not fallen as quickly as expected.

"The oil market reacted to the Saudi talks", said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting told Reuters. It also said demand will be higher than it previously thought.

The API is due to release its data for last week at 4:30 p.m. EDT (2030 GMT) on Tuesday and the EIA report is scheduled at 10:30 a.m. EDT on Wednesday.

Opec said its pact to reduce output, which includes Russian Federation among other producers, is beginning to cut into inventories.

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