Crude Oil Inventories Decline; Supply at 2018 Peak: IEA

Crude Oil Inventories Decline; Supply at 2018 Peak: IEA

The American Petroleum Institute (API) said Tuesday that supplies fell by 7.382 million barrels last week, while gasoline inventories gained by 2.3 million barrels and distillate stocks increased 1.5 million barrels.

Al Mazrouei went on to claim that the OPEC production cuts have so far "been working perfectly" in removing the global glut; however, he said that prices in the low $40s up to the $60s within the space of a year is undesirable and that moving forward he and his colleagues are hoping for less market volatility - which again he thinks will occur in 2018.

The cartel raised its forecast for non-OPEC production growth in 2017 and 2018.

Overall, total USA crude oil imports from Saudi Arabia fell to the lowest level in 30 years, with some of that decline made up by increased imports from Iraq, EIA reported.

Oil prices rose on Wednesday as industry data showed a larger-than-expected drawdown in US crude stockpiles, while expectations for an extended shutdown of a major North Sea crude pipeline also continued to bolster markets.

- OPEC crude supply fell in November for the fourth consecutive month to 32.36 mb/d, down 1.3 mb/d on a year ago. They are now 111 mb above the five-year average.

BP plan to buy Australian petrol pump network blocked
Sims added: "This acquisition will likely affect metropolitan price cycles by making the price jumps quicker, larger and more coordinated".

This week's closure of the Forties pipeline network that carries about 400 kb/d of North Sea oil added momentum to Brent crude oil prices that have settled above $60/bbl since the end of October.

The EIA (U.S. Energy Information Administration) forecasts that United States crude oil production will average 9.2 million barrels per day in 2017.

So, on our current outlook 2018 may not necessarily be a happy New Year for those who would like to see a tighter market.

Prices eased early Thursday after the International Energy Agency increased its forecast for USA oil output growth in 2018, raising the prospect of excess supply.

"But 2018 as a whole is showing a closely balanced market", the IEA said.

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