Angolan oil exports drop, IEA says worse to come

Angolan oil exports drop, IEA says worse to come

Based on the IMF's report, the IEA increased their global demand growth forecast from 1,3 million b/d up to 1,4 million b/d.

And weekly figures from the American Petroleum Institute released Tuesday showed US crude inventories rose by 5.66 million barrels for the week ending Friday, the second consecutive week-over-week increase.

Indeed, the IEA reports that the participants' oil inventories did actually drop dramatically - from 264 million barrels in December 2016 all the way down to 52 million barrels in December 2017. "I think the oil companies would be the first to tell you that stability in the oil price is important to them", he added. Analysts had forecast a decline of 1.20 million barrels.

Traders are concentrating on the supply side of the market.

USA oil prices were under pressure from expectations that weekly crude inventory data from the United States government, due on Wednesday, would show a second straight rise.

The US will become the top oil producer in the world as soon as this year according to a prediction from the International Energy Agency.

"We just don't export LNG; we export freedom", Perry added.

Rising prices have USA shale producers pumping more, sending total US output to an all-time record above 10 million barrels per day. Higher prices have allowed companies to increase output, reduce debt, improve cash flow, hedge production forward, and boost exports. With the United States administration now in a protectionist frame of mind, the domestic oil industry has a lot of political backing and incentive to expand production levels. Other OPEC producers want in on the action too.

While crude has mostly stayed above $60 a barrel this year as OPEC and its allies continue to cut production to drain a global glut, investors worry record USA oil output could thwart the group's efforts.

The gathering was also attended by Suhail Al Mazrouei, the United Arab Emirates oil minister who serves this year as Opec president, and his counterpart from Qatar, Mohammed bin Saleh Al Sada, and Equatorial Guinea's energy minister, Gabriel Obiang. "It's not just a problem for OPEC, it's a problem for the entire industry", Emmanuel Kachikwu, the oil minister, said in Houston, although he did not provide specific details on what exactly OPEC producers were asking USA firms to do. USA assistance for its clean tech industry prevents China from monopolizing benefits that can come to an economy when higher oil prices prompt countries to shift more quickly to energy saving technologies and renewable energy.

The OPEC doesn't seem to be interested in oil prices above $60/b. The cartel faced off against the USA shale industry in 2014 by keeping the taps open and allowing a crude oil glut to build. Saudi Arabia specifically said at the time that it was not prepared to curtail its own production and allow US shale producers to fill in the gap.

We jointly agreed then [on last year's meeting with USA shale producers] that we should continue with this dialogue.

OPEC, meanwhile, has shown no signs of moving to produce more, with output from members at a 10-month low. Trump claimed that it was a move to "protect USA industry". Additionally, on February 27, oil entered an engulfing bearish pattern on the daily chart, which indicates a bearish reversal.

Brent crude futures for May delivery fell $1.45 to settle at $64.34 a barrel, a 2.20 percent loss.



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