US Crude Oil Output Hits Record 10.47-M BPD in March
04 June, 2018, 10:02 | Author: Shawna Walton
NEW YORK, June 2 ― Oil prices retreated yesterday after the dollar rose on better-than-expected United States employment data, which pressured greenback-denominated commodities, including crude.
US West Texas Intermediate crude had lost 16c or 0.2% to $66.88 a barrel by 4.23am GMT, after falling nearly 2% on Thursday.
Hedge funds are the least bullish on rising West Texas Intermediate crude prices in nearly seven months as American output keeps breaking records, while Saudi Arabia and Russian Federation signal they're getting ready to open the taps after more than a year of restraint.
However, the American Petroleum Institute (API) on Wednesday reported surprise buildup of 1.0 million barrels of USA crude oil inventories in the same week.
US crude oil refinery inputs averaged about 17.2 million barrels per day during the week ending May 25, or 527,000 barrels per day more than the previous week's average.
OPEC and non-OPEC countries agreed in November 2016 in Vienna to cut oil production by 1.8 million barrels per day, roughly 2 percent of global oil production, to ease a global supply glut and push up oil prices that dropped below $30 in early 2016 as the situation wa further exacerbated by China's economic slowdown and the USA increasing oil output as a shale oil producer. That was a rise of 215,000 barrels a day (bpd) over the 12 months.
Concerns about growing U.S. crude production and a glut trapped inland due to a lack of pipeline capacity have pressured prices of WTI, doubling its discount to Brent over the course of a month.
Global benchmark Brent fell 77 cents to US$76.79 a barrel.
Instead, he noted that Venezuela's output has fallen by about 500,000 bpd this year and could drop by the same amount by the end of 2018, while USA drillers would struggle to boost output by more than 1.2 million bpd: "So we need every last barrel of those supplies to take us to where we need to balance the market".
U.S. crude oil inventories decreased in the week to May 25, the U.S. Energy Information Administration (EIA) said in a report on Thursday.
USA drillers added two oil rigs in the week to June 1, bringing the total to 861, the most since March 2015, General Electric Co's (GE.N) Baker Hughes energy services firm said on Friday.
Rosneft PJSC is testing its capacity to bring back production it cut under the deal between Moscow and OPEC by boosting output this week by about 70,000 barrels a day, Renaissance Capital said.
The statement added that the ministers also emphasised the need for healthy market conditions that stimulate adequate investments in the energy sector, in order to ensure stable oil supplies are made available in a timely manner to meet growing demand and offset declines in some parts of the world.
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