Oil falls on lower China growth targets, doubts on Russian output curbs
- Author: Ronnie Bowen Mar 07, 2017,
Mar 07, 2017, 0:41
"As long as producers in the US add more drilling rigs, shale production will continue in a sustained uptrend adding further pressure on OPEC to not only extend the accord beyond the original six months, but possibly cut even deeper", said Dominick Chirichella from the New York-based Energy Management Institute.
"We expect a balanced oil market in 2017 for the first time in almost three years", said Steve Pastor, president of BHP's petroleum business.
OPEC's compliance with promised cuts of 1.2 million bpd rose to 94 percent in February, but Saudi Arabia was responsible for the bulk of them, Reuters data showed.
Pointing to U.S. President Donald Trump's promise to reduce regulations in the sector in order to launch an "energy revolution" in the country, experts indicate that American energy companies will have a more positive view in the conference. "I'm anxious they've overdone it, since we haven't seen much happen with measures that would support the market - i.e. inventories". "This will only work if the Saudis continue to make cuts to justify prices". Volume traded was about 14 percent below the 100-day average. This is 25 percent below the previous year. The global benchmark closed at a $2.30 premium to May WTI.
But the production rise from the US, followed by Brazil and Canada substantially, will not be enough to overcome the risk of supply shortages due to declining investments, Birol said, since the IEA sees demand rising from China and India strongly.
Flyers pick up Valtteri Filppula from Tampa for Mark Streit
But Streit's contract ($5.25 million) is running out and Filppula's ($5 million) still has another year left. Per Pierre LeBrun of ESPN , the deal will send a fourth round pick to the Lightning in exchange for Streit.
Late last week, the eastern-based Libyan National Army (LNA) and allied forces retreated from Es Sider and Ras Lanuf, two of Libya's largest export terminals, as a faction known as the Benghazi Defence Brigades (BDB) attacked.
Goldman Sachs analysts wrote Sunday evening that despite an "uninspiring start" to the process of working off the oil glut, they expect demand and supply will come into balance.
"We are very close", Saetre said.
"I'm keeping my eyes on CERA this week", Bob Yawger, director of the futures division at Mizuho Securities USA Inc.in NY, said by telephone.