Oil inventories of developed nations decline: OPEC report
15 May, 2018, 22:41 | Author: Shawna Walton
Iran has boosted its oil production almost 1 million b/d since the nuclear deal lifted Western sanctions in January 2016.
Additionally, data from market intelligence firm Genscape showed that inventories at Cushing, Oklahoma, the delivery point for USA crude futures, fell more than 400,000 barrels in the week to May 11, according to traders who saw the data.
Meanwhile, Iran called for clarity over its nuclear deal with world powers, following US President Donald Trump's withdrawal from the 2015 pact.
Sputnik reported that get ready for a spike in oil prices up to $100 a barrel - a level not seen since 2014 - in 2019, Bank of America Merrill Lynch analysts forecast.
With renewed US sanctions looming against OPEC-member Iran, analysts said crude prices were well supported.
The remarks from Middle East producers "did force investors to look a little bit more closer at the impact of U.S. sanctions on Iran and certainly there's some questions about the impact that we'll eventually see", Daniel Hynes, a senior commodities strategist at the Australia & New Zealand Banking Group Ltd, said.
Michael Wittner, an analyst at Societe Generale, forecasts US sanctions will remove 400,000-500,000 BPD of Iranian crude from the global oil market, Reuters reported. Iraq's compliance was at 63%, and it was the only member not to have curbed production as agreed under a deal that took effect January 1, 2017 and is scheduled to run through the end of 2018.
"The clash in Israel worsened market sentiment over geopolitical risks in the Middle East, even though it wouldn't directly impact oil's supply and demand", Mikiko Tate, a senior analyst at Sumitomo Corporation Global Research, said by phone from Tokyo.
The tightening market has just about solved the global supply overhang that has weighed down oil prices between 2014 and 2017.
U.S. shale oil production is expected to rise by about 145,000 bpd.to a record 7.18 million bpd.in June, the U.S. Energy Information Administration said on Monday.
LaForge, from Wells Fargo Institute, says the supply-demand balance in the oil market is already shifting toward oversupply, given that growth in demand is limited by an economic expansion that at least in the U.S.is in its later stages.
In addition to the Iran situation, the latest EIA figures painted a picture of lower fuel supply in the United States, which heaped additional upward pressure on prices at the pump.
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