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Russian Daily Oil Output Edges Up in 2017 to 30-Year High

03 January, 2018, 01:55 | Author: Kristen Ingram
  • WTI Crude Oil Price Hits 60 bbl Highest Since Mid-2015

Crude Oil prices closed Y 2017 with strong gains on signs the global glut that has dogged the market since Y 2014 is shrinking.

The spread between US crude and Brent hit the narrowest in almost two weeks.

In the week ended December 29, 2017, U.S. crude oil inventories are expected to fall below 425 MMbbls (million barrels) for a further upside in oil prices.

Anti-government protests in Iran have fueled uncertainty in the global oil market.

However, the strong close outs of the year herald what many experts say is the inevitable outcome of high prices: increased USA production in 2018, which will clash directly with the Organization of the Petroleum Exporting Countries' (OPEC) ongoing attempt via its extended output cutbacks to rebalance the market. The US benchmark, West Texas Intermediate (WTI), was up 0.35 per cent at $60.63 at the time of writing after hitting a June 2015 high of $60.73 earlier.

The fall in United States crude oil inventories and U.S. crude oil production could be behind oil's gain.

Lipow said he expected USA crude prices to creep up to around $63 a barrel by the end of next year, while Brent would remain around $67 a barrel as US oil exports rise to record levels.

Federal Reserve Bank insists oil must exceed $60 for a boost in USA drilling.

Russian Federation said it would cut its output by 300,000 bpd from the 30-year monthly high of 11.247 million bpd hit in October 2016 and achieved the targeted cut by the second quarter.

Extreme cold weather across much of North America could also boost US crude prices by causing production problems in the oilfields.

Prices have been supported by an outage on the Forties crude pipeline that was expected to last several weeks.

Protesters also attacked police stations elsewhere in Iran late into the night on Monday, news agency and social media reports said.

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