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14 November 2017, 06:02 | Kelvin Horton
Crude Oil Steady As OPEC Sees Strong Demand
Oman's oil minister, Mohammed bin Hamad al-Rumhi, said on Monday that he is confident there will be an agreement among global oil producers later this month to extend output cuts.
At a separate energy industry conference earlier Monday morning, al-Mazroui said the current OPEC-led supply cuts helped to remove almost 180 MMBbl of crude from storage in less than a year, CNBC reported.
Overnight, crude oil prices settled higher on Monday, as investors weighed the prospect of supply disruptions amid rising Middle East tensions while growing expectations of a ramp up in output capped upside momentum.
"The excess of OECD oil inventories over their five-year average levels has fallen by more than 50 percent in 2017, with inventories now at around 160 million barrels".
OPEC members are reportedly forming a consensus around extending by nine months their production-cutting deal with other crude exporters, through the end of 2018.
SINGAPORE, Nov 13 (Reuters) - Oil trading was cautious on Monday amid ongoing tensions in the Middle East and after a rising rig count in the United States suggested producers there are preparing to increase output.
The Sultanate's crude oil output stood at 235.33 million barrels in the first eight months of 2017, against 244.79 million barrels in the same period past year. The UAE, Opec's fourth-largest producer, sees no need for the organisation to hold an extraordinary meeting in the first quarter of next year, he said. The group is expected to agree an extension of the cuts beyond their current expiry date in March 2018.
In a related development, OPEC yesterday increased the forecast for 2018 demand for its crude by 360,000 bpd, from last month's report to 33.42 million bpd.
Meanwhile, with $2.39 rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $58.73 per barrel in the said week.
OPEC Secretary-General Mohammad Barkindo, speaking at the same event, said participants in the deal were committed to achieving market stability. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.62 per barrel, down 14 cents, or 0.25 percent. This year, all eyes are on the Middle East, the Saudi political purge, and the heating-up of tensions between the kingdom and Iran.
Bahrain said at the weekend that an explosion that caused a fire at its main oil pipeline on Friday was caused by sabotage, linking the attack to Iran, which denied any role.
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