Oil up, but Opec sees rapid growth in rival supply

David McNew  Getty Images

US crude-oil production this year is expected to grow by 520,000 barrels a day from December 2017 to December 2018, while the average year-on-year growth is expected to reach 1.04 million barrels a day, mostly coming from shale, the report said.

Chinese oil production fell 1.9 percent in January and February to a daily rate of around 3.77 million barrels per day, while the amount of crude processed by refineries rose 7.3 percent to 93.4 million bpd, implying that its import demand will remain strong.

The result, says Marshall, has been a decline in global crude inventories, which has contributed to higher oil prices. Output has been helped by the 25% rise in oil prices over the past year, along with improvements in efficiency and technology.

Brent crude oil futures were last up 2 cents at $64.66 a barrel by 2:10pm GMT, while US West Texas Intermediate futures were up 11 cents at $60.82 a barrel.

"The risk is now much higher that President Trump will not waive the sanctions when it is time to do so in May, thus derailing the deal", said Bjarne Schieldrop, chief commodities analyst at SEB AB.

"The total US crude, gasoline and distillate stocks have increased in eight of the past 10 weeks, raising 24 million bl in total since the start of the year".

Meanwhile, the American Petroleum Institute was said to report that USA crude stockpiles rose 1.16 million barrels in the week through March 9.

More news: Nepal Parliament Re-Elect Bidhya Bhandari As President

Despite this, oil markets remain relatively weak.

Gasoline stocks fell by 6.3 million barrels, compared with analysts' expectations in a poll for a 1.2 million-barrel drop.

Estimates by the EIA show global supplies will exceed 100 million bpd for the first time in the second quarter of 2018, while demand will only break through that level in the third quarter, implying a slightly oversupplied market.

Brent crude futures were at US$64.74 per barrel, up 10 cents, or 0.15%. The IEA will release its monthly oil report Thursday.

"The current healthy momentum in the global economy, together with the efforts undertaken by the OPEC and non-OPEC oil producing countries.is supporting the rebalancing of the oil market fundamentals", the report said.

The oil price is still showing a 1% loss so far this week as concern grows about the ability of Opec and its partners to counter rapid growth in United States crude production, which is tipped to hit a record 11 million bpd before the end of the year.

Related News:

  • Slovakia may face early parliamentary elections

    Slovakia may face early parliamentary elections

    The junior nationalist coalition party SNS said on Monday that it could accept either early elections or a cabinet reshuffle. A coalition partner had made Robert Kalinak's resignation a condition for continued support in government.
    McTominay called up to Scotland squad

    McTominay called up to Scotland squad

    Speaking at Hampden Park after announcing his squad, he said: "They are definitely prepared". He added: "It was enormously flattering, there's a huge interest in the national team".
    CL: Manchester United make shocking exit after loss to Sevilla

    CL: Manchester United make shocking exit after loss to Sevilla

    Paul Scholes said United's players had a poor "attitude" and Rio Ferdinand said United are a "work in progress". Unsurprisingly, Mourinho's comments drew criticism that mostly focused on his tactical approach to the game.
  • Women's basketball earns first-ever NCAA No. 1 seed

    Women's basketball earns first-ever NCAA No. 1 seed

    Quinnipiac is seeded No. 9 in the same region and will open at Gampel against No. 8 Miami on Saturday at 1:30 p.m. We are all excited at the chance to play in the postseason for the fifth time in the last six years.
    Microsoft to set up two data centres in the UAE

    Microsoft to set up two data centres in the UAE

    Etisalat is also consulting on migration and managed services to see to the smooth transition of business customers to the cloud. The new announcement expands Azure regions to 50 regions across the globe, which includes plans for 12 new regions.
    Jeff Goldblum is back in Frontier's Jurassic World Evolution

    Jeff Goldblum is back in Frontier's Jurassic World Evolution

    Jurassic World Evolution will feature an all-new story that will mention key characters and events from the Jurassic World series. Goldblum is also reprising his role of Malcolm for Jurassic World: Fallen Kingdom , which releases in movie theaters on June 22.
  • YouTube To Use 'Information Cues' To Combat Fake News

    YouTube To Use 'Information Cues' To Combat Fake News

    Expect to see Wikipedia links in videos promoting conspiracy theories and issues that are very likely to spark heated debates. Essentially, these "information cues" will be small cards that appear directl below videos in the YouTube app.
    Erdogan hopes Afrin to be captured by Wednesday evening

    Erdogan hopes Afrin to be captured by Wednesday evening

    It's a major issue of conflict for Turkey and the US that is expected to be discussed between the two countries later this month. Damascus has dubbed the Turkish campaign as "aggression", however, refrained from sending armed forces to the area.
    Pi Day: Google celebrates 30th anniversary of mathematical constant

    Pi Day: Google celebrates 30th anniversary of mathematical constant

    Google states that this year is the 30th year of celebrating Pi day, as it was first recognised by physicist Larry Shaw in 1988. Close to a trillion places have been calculated of pi and since it is an irrational number, it can go upto infinity.
  • Raspberry Pi 3 Model B+ Launched: Offers More Power, Faster Networking

    Raspberry Pi 3 Model B+ Launched: Offers More Power, Faster Networking

    As the name suggests, the Pi 3 B+ shares many features with the original Raspberry Pi 3 Model B , launched back in February 2016. And similar to the Pi 3 Model B , it costs $35 - while the previous model is now on sale for $5 less through some outlets .
    PyeongChang 2018 sets Winter Paralympics ticket sales record

    PyeongChang 2018 sets Winter Paralympics ticket sales record

    Hall finished behind Russian skier Aleksei Bugaev who won gold under a neutral flag and France's Arthur Bauchet who grabbed silver.
    Philippines' Duterte to issue notice of withdrawal from ICC

    Philippines' Duterte to issue notice of withdrawal from ICC

    He added: "However, President Duterte won't save himself from ICC investigation by withdrawing the Philippines as a State Party to the Rome Statute".


Most liked

Apple buys 'Texture' Magazine Subscription App
Previously, Apple had a Newsstand app of its own, but the service never took off, and Apple chose to just terminate the service. The Apple logo is pictured inside the newly opened Omotesando Apple store at a shopping district in Tokyo June 26, 2014.

Miley Cyrus sued for $300 million over 'We Can't Stop' copyright infringement
May is seeking a trial by jury, plus a halt to sales and performances of Cyrus' song as well as damages and legal fees. Listen to both songs below and judge the alleged similarities for yourself.

Here are the local nominees for the 2018 James Beard Awards
Gerard Craft of Niche won "Best Chef: Midwest" in 2015 , and Kevin Nashan of Sidney Street Cafe took the same award a year ago . Post-Dispatch restaurant critic Ian Froeb is a member of the James Beard Awards restaurant and chefs awards committee.

All Scots Toys R Us stores to close down within weeks
However, it added that no suitor materialised in what is proving to be a dire time for high street retailers. The Sun Online has contact Toys R Us and we are expecting a statement shortly.

Haseeb Drabu's PDP Leader exit will not affect allianve in govt: BJP
When contacted Syed Altaf Bukari confirmed to that he has entrusted with additional responsibility of Finance Department . While I understand and accept the decision of the party, to take to the media before talking to me was painful.

Federal appeals court's ruling upholds most of Texas' "sanctuary cities" law
Attorney General Ken Paxton , who had defended the law in court, said he was pleased with the ruling . Unsafe criminals shouldn't be allowed back into our communities to possibly commit more crimes".

Pre-registration Started for Westworld the Mobile Game
Westworld is based on the HBO original series and is being produced by WB Games San Francisco and Kilter Films. Watch Westworld FREE With a 7-Day Risk-Free HBO Trial! Pre-registration has opened for Westworld .

NPHS Student's Response to After School Walk-out Plan at NPHS
Andrew Cuomo will be joining some of them at two schools in Brooklyn and Manhattan, CBS2's Janelle Burrell reported. The date marks one month since the mass shooting at Majory Stoneman Douglas High School in Parkland, Florida.

Ravens to release Danny Woodhead
For the first time since he was limited to just three games in 2014-15 did Woodhead fail to find the end zone in a season. He had 56 yards on 14 carries and 33 receptions for 200 yards in eight appearances during the 2017 season.

Evacuations ordered ahead of next Southern California storm
An evacuation center had been opened at the Goleta Valley Community Center at 5679 Hollister Ave.in Goleta. Snow levels will lower to between 4,000 and 5,000 feet with this colder storm.

Halep topples Wang to reach Indian Wells quarter-finals
The 25-year-old Czech Pliskova blasted four aces and broke Anisimova's serve three times in the one hour, 32 minute match. To reinforce their hopes, Venus has to beat Carla Suarez Navarro or wildcard Danielle Collins in the quarterfinals.

Jordy Nelson Rumors: WR Interested in Joining Patriots, Raiders After Release
The New England Patriots have lost a number of key free agents so far this offseason, but help could be on the way. He and Aaron Rodgers also hold the franchise record for most touchdowns (65) between a receiver-quarterback duo.

Arsenal legend Nicholas confident Wenger will announce departure this Friday
The north London club are without a league title since 2004 and fans have lost patience with Wenger's failure to build a new powerhouse.

Boots Riley's "Sorry to Bother You" Looks Insanely Funny from First Trailer
The film was a Sundance hit back in January, and marks the feature debut from writer-director and rapper Boots Riley . The film screened on Sunday at SXSW .

Main concern about new tariffs: Trade war
And there is now a race for the rest of the world to catch the exemption train, before it leaves the station in two weeks' time. Other world leaders expressed hope that deals would be made with the Trump administration to avoid tit-for-tat tariffs.