Saudi Arabia's June Crude Output Exceeds OPEC's Production Limit

Violet Tucker
July 12, 2017

"We extended the invitation but unfortunately there is a previous commitment for the Nigerian oil minister", the minister said.

Goldman notes that the 6.3 million barrel drop in US crude stockpiles last week was historically high. "Per-barrel prices may fall back into the $20s early next year and average $35 a barrel in the first half of 2018, prompting massive cuts in USA drilling rigs".

Brent for September settlement increased 40 cents to $47.11 a barrel on the London-based ICE Futures Europe exchange.

Russia, which is cooperating with OPEC in a deal to stem production, said it was ready to consider revising parameters of the deal if needed.

PetroChina was awarded the tender to sell the cargoes and is expected to load the oil off the US Gulf Coast, said a trading source with direct knowledge of the sale.

By not cutting deeper, Saudi Arabia may be serving its other objectives, particularly as the country grows increasingly wary of giving any more price support to the resurgent US shale-oil industry, said Helima Croft, head of commodity strategy at RBC Capital Markets.

The fragile political state of Venezuela, which is an OPEC member and produces about 1.7 million barrels of crude oil every day could see that flow dry out on further political deterioration.

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The two countries have been exempt from a deal to cut 1.8 million barrels per day in production.

"Capping Libya and Nigeria might help but won't cut the supply by much", he added.

Already, OPEC and non-OPEC producers have invited the two countries to a committee meeting taking place in St. Petersburg, Russia, on July 24.

Crude has declined 18% this year amid concerns that rising world supply will outweigh production cuts from OPEC.

However, it was observed that both countries have boosted production which puts a heavy weight on prices worldwide and this triggered the goal of including them in the talks.

If Libya and Nigeria are able to stabilise their output at current levels, they will be asked to cap supply as soon as possible, Almarzooq said.

But OPEC's Secretary-General, Mohammad Barkindo, said in Istanbul that it was premature to talk about that option.

Other reports by Guamnewswatch

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