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Drop in US oil prices
02 March 2018, 03:39 | Maryann Sutton
Weekly April WTI Crude Oil
This is 0.27% above the closing level of the previous trading session.
For the record, al-Falih foresees a monitoring mechanism not too far removed from the one that now governs the OPEC cuts: "What we want is an evergreen framework that brings producers from OPEC and non-OPEC (countries) together in a market monitoring fashion that allows us to take quick decisions".
The IEA noted that, "After reaching an all-time high in 4Q17, global refining throughput is expected to slow by 0.4 mb/d in 1Q18 to 81.1 mb/d due to seasonal maintenance, primarily in the USA and Middle East".
He saidSaudi Arabia hoped Opec and its allies would be able to relax production cuts next year and create a permanent framework to stabilise oil markets after the current agreement on supply cuts ends this year.
The IEA stated in the OMR that, generally, the global oil demand growth for 2018 had been increased slightly to 1.4 mb/d, partly due to an optimistic GDP forecast from the International Monetary Fund.
Russian Federation and Angola were the two main oil suppliers to China in January, placing more than 10 million tons of a total of 40 million tons of oil imported into the country, according to Chinese customs figures quoted by Bloomberg.
On Tuesday afternoon, the West Texas Intermediate (WTI) and Brent, two major oil price benchmarks, went down by 1.89 percent and 1.52 percent to 62.70 US dollars and 66.27 dollars a barrel respectively.
Except for the brief hiccup two weeks ago, WTI prices have held above $60 a barrel since the start of 2018. Total volume traded was about 3% below the 100-day average.
Brent crude was down 40 cents, or 0.6 percent, at United States dollars 66.23 a barrel. The contract on Friday climbed 92c to settle at $67.31. In the meantime, Libya's National Oil Corporation made an announcement to set a force majeure on the 70,000 bpd EI Feel oilfield after the protest made by guards in the premises of the oil field.
Oil Minister Dharmendra Pradhan had stated that the west coast refinery and the planned Rs 33,000 crore petrochemical complex in Andhra Pradesh figured during his discussions with the visiting Saudi minister.
United States energy companies last week added one oil rig, the fifth weekly increase in a row, bringing the total count up to 799, the highest since April 2015, Baker Hughes energy services firm said on Friday. Contributions of 200 words or more will be considered for publication.
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