Published: Fri, July 14, 2017
Sci-tech | By Jose Becker

Oil prices hold steady as investors watch U.S. supply

Oil prices hold steady as investors watch U.S. supply

Uncertainty remains regarding the duration of and adherence to the current OPEC production cuts, which could influence prices in either direction.

Libya and Nigeria are expected to send representatives to the next meeting of the OPEC and non-OPEC Joint Technical Committee on July 22 in Russia, Barkindo said. Non-OPEC supply is expected to rise by 700,000 bpd this year and 1.4 million bpd next year.

As Andy Hall, a hedge fund manager has said, OPEC has failed its mission, by cutting production instead of exports, and by "talking up" the market, letting U.S. shale drillers to attract investors while prices briefly soared.

According to Gary Ross, global head of oil at PIRA, while the USA will rank in the top ten oil exporters, it is unlikely it will either join OPEC or cut production in an effort to keep prices up, because it simply has no interest in doing so: it strengthens Donald Trump's political agenda of "energy dominance".

Prices "are likely to remain at the lower end of the recent trading range until U.S. oil investment and production decline", said Rob Haworth, senior investment strategist, at U.S. Bancorp Wealth Management. Demand accelerated in the second quarter, growing to 97.4 million barrels a day - 1.5 million barrels a day faster than in the second quarter of 2016.

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Barring fresh attacks on oil facilities, the minister said, Nigeria hopes to manage the recovery process for the next four to six months, with the country's production level at about 1.7 million barrels, excluding condensate. Since the shale revolution through 2000s, US producers reached a production level that took the country from a net importer to a net exporter. But Qatari ships will be barred from using Egyptian ports and the economic zone in the canal.

The French oil and gas company Total reported that it had signed an agreement with Qatar Petroleum and received a 30 percent share in the concession of the Al-Shaheen offshore oil field for 25 years, starting July 14, 2017.

Oil exporters outside the 14-country OPEC group will ramp up their production by almost 2% to 58.96 million bpd next year, due to expected increases in North America, Brazil and Russian Federation, according to the forecast.

By the IEA's estimate, it's not just three members undermining OPEC's efforts. The additional supply from the an already over-saturated oil market has often been blamed for plummeting prices. The EIA report showed inventories fell by 1.6 million barrels, compared with analyst' expectations for a 1.1 million barrel gain.

He further said Nigeria, though committed to the deal, would have to get to a predictive level of comfort to voluntarily join in the production cut.

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