Markets

Russia's top oil boss sees risk of shale crippling OPEC deal

Russia's top oil boss sees risk of shale crippling OPEC deal

Oil futures rose on Thursday after slumping to a three-week low in the previous session, buoyed by a report from an industry body that showed United States crude stockpiles had fallen more than expected.

Crude Oil: Is It the Beginning of a Bear Market?

Libya's rising production and exports add to soaring USA output, which largely thanks to shale oil drilling has jumped by more than 10 percent since the middle of previous year to over 9.3 million bpd C-OUT-T-EIA, close to top producers Saudi Arabia and Russian Federation.

But U.S. production is not growing as fast as the government earlier predicted.

The Organization of the Petroleum Exporting Countries (OPEC) and non-members are committed to reducing global oil inventories to a five-year average, said Saudi Energy Minister Khalid Al-Falih in Moscow on Wednesday.

Official data showed crude inventories in the United States, the world's top oil consumer, fell sharply last week as refining and exports surged to record highs.

U.S. West Texas Intermediate crude futures were up 78 cents, or 1.6%, at $49.10 a barrel.

Libya's production edged up from 210,000 to 760,000 barrels a day while Nigeria rose from 100,000 to 1.7 million after oil fields in both countries continued production seeing that domestic conflict has diminished.

Last week OPEC and some non-OPEC producers extended a deal to cut 1.8 million bpd in supply until March 2018.

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NEW YORK, June 2 (Reuters) - Crude fell more than 1 percent on Friday, heading for a second straight week of losses, on worries that U.S. President Donald Trump's decision to withdraw from an worldwide climate accord will spur further domestic production and contribute to a persistent global oversupply.

All dynamics are factored in: The IEA's growing outlook for global oil demand, the now confirmed OPEC and Russian production cuts, and a robust outlook for USA production growth.

President Trump's withdrawal is unlikely to support oil prices.

Traders said the price fell on the news of higher output in war-torn Libya and a rise in U.S. production.

Crude inventories fell 6.4 million barrels (bbl) in the week to May 26, far more than analysts' expectations for a decrease of 2.5 million bbl.

Libya, an OPEC nation that's exempt from the production-cut deal, is said to have increased its output to 3-year highs of late.

Crude-oil futures veered heavily lower on Wednesday as markets already underwhelmed by Opec's recent output-curb extension now quit the asset on fears of surging Libyan production.

"If OPEC wants to keep the market balanced next year, they will probably need to extend the production cut to all of 2018", Martijn Rats, managing director at Morgan Stanley in London, said by email.


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