OPEC December Oil Production

OPEC December Oil Production

There were "growing indications that the oil market is heading smoothly toward rebalancing".

Brent for March settlement slipped 7 cents to end the session at $69.31 a barrel on the London-based ICE Futures Europe exchange.

After long years of punishingly low oil prices, The global oil market is moving closer to reaching a healthy balance between supply and demand after a long time of devastating low prices of oil, OPEC said on Thursday.

"We expect an increase in global demand in 2018 by 1.5-1.6 million barrels a day, which exceeds our expectations", he said, indicating that an increased demand can allow the market to absorb all production, either from conventional or unconventional sources such as shale oil".

Tight oil is another term for shale. But the first week of 2018 saw production in the United States slipping from 9.782 million bpd in the last week of 2017, down to 9.492 million bpd.

The bank now sees Brent averaging $64 a barrel in 2018, versus an earlier estimate for $56 a barrel. Saudi Arabia and Russian Federation have repeatedly stressed that when the time for the deal ends, this will be done gradually.

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The IEA warned that mostly due to USA shale, total supply growth could exceed demand growth. The forecasts have projected USA sanctions could threaten several hundred thousand barrels per day of Iranian oil production, but unilateral action from Washington won't be as effective as the coordinated global sanctions from years ago. It will take discipline for members to slowly boost output to some intermediate target.

The above zero-based chart gives us a better view of what OPEC crude only production has done since 2005. They can not afford another price slump. There are fears however that their work could be undone by the USA taking advantage of higher oil prices and ramping up shale production.

The producers will formally review their accord in June, and may start to wind it down in the second half of the year, Citi's Morse and SocGen's Wittner said.

It increased 0.72 percent, confirm OPEC statistics.

With plenty of surplus oil still around, ministers from the UAE, Iraq and Kuwait insist there's no need to change strategy today.

OPEC has raised its forecast for oil supply from non-member countries in 2018 as higher prices encourage USA shale drillers to pump more, offsetting an OPEC-led deal to clear a supply glut and a deepening plunge in Venezuelan production. Energized by new investment, US production could top 11 million barrels a day next year, surpassing both Saudi and Russian output, according to USA government forecasts. Distillate production averaged 5.1 million barrels a day last week, down about 200,000 barrels a day compared to the prior week's production.

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