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20 May 2017, 01:58 | Kelvin Horton
Saudi Arabia looks toward a post oil dependent future
But by May 17, July contracts for Brent crude were trading at $51.55. In line with "stronger recent performance from the USA shale sector, we have revised upwards our expectation throughout 2017, and we now expect total USA crude production to exit the year 790,000 b/d higher than at the end of 2016, which is an upward revision of 100,000 b/d since last month's report".
United States crude inventories rose by 882,000 barrels in the week ending May 12 to 523-million barrels, according to the American Petroleum Institute (API), defying expectations of a drop. Both benchmarks slipped back from session highs after a report that USA energy companies added oil rigs again in the latest week.
Analysts say Saudi Arabia wants to extend the plan by up to 9 months through next winter.
Both benchmarks rose on Wednesday after news of a drawdown in USA crude inventories and a dip in US output.
USA crude stocks fell by 5.2 mb w/w, the largest decline since the year-end dip in stocks.
In addition to USA crude stocks drawing down for the sixth consecutive week, the EIA showed an increase in refining rates.
Many investors remain concerned about growing US crude production, which has climbed 10 percent since mid-2016 to 9.3 million barrels per day. That could slow the supply drawdown.
Crude stocks at the Cushing, Oklahoma, delivery hub USOICC=ECI rose by 35,000 barrels, EIA said. We continue to expect OPEC production cuts to have their intended consequences, and we expect a favorable outcome to the May 25 OPEC meeting.
We assume that OPEC rolls over the November agreement in late May for a further six months at the current level of production restraint. Crude oil might close the day with profits. Off-topic, inappropriate or insulting comments will be removed.
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International Brent crude futures were at $50.46 a barrel at 4.38am GMT on Thursday, up 24c, or 0.5%, from their last close. Brent crude was up 57 cents, hovering at $50.79 per barrel, while US West Texas Intermediate jumped 61 cents to $47.94.