OPEC Faces 'Lose-Lose' Decision on Extending Oil Production Curbs

OPEC Faces 'Lose-Lose' Decision on Extending Oil Production Curbs

OPEC Faces 'Lose-Lose' Decision on Extending Oil Production Curbs

The cuts by OPEC members and other non-U.S. producers, combined with seasonal gasoline demand during the summer season, means "the rebalancing story will take place by the year end", said Barnabas Gan, an economist at Singapore bank OCBC, who expects USA oil prices to hit the $55 to $60 range in the next few months. Overall, however, the IEA said gains in crude oil prices are making US shale oil recover as operators respond to the improved market conditions.

Benchmark Brent crude futures were down 50 cents at $55.39 at 1126 GMT.

"The battle between the "sheiks and the shale oil producers" is far from decided. with all attempts by OPEC to achieve a lasting production deficit on the oil market being torpedoed by non-OPEC producers - first and foremost the USA", analysts at Commerzbank wrote.

According to direct communication with the Organisation of Petroleum Exporting Countries (OPEC), the country produced 1.269 million barrels per day last month.

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He further stressed that he expected oil prices to remain around $55 per barrel as a result of the implementation of the output cut plan. Explorers in the nation have added rigs for the past 13 weeks, data from Baker Hughes Inc. show. Ibe Kachikwu, said crude-oil production had risen to two million bpd.

May West Texas Intermediate crude CLK7, -0.70% rose 5 cents, or 0.1%, to trade at $52.70 a barrel on the New York Mercantile Exchange.

The battle for a share of China's growing oil market is intensifying, with the output restraint deal by "Opec and friends" only helping to open doors for rival suppliers. The group and 11 other non-OPEC oil producers have agreed to cut production for the first part of the year. Chief Executive Officer Amin Nasser said the global oil market is moving closer to balance despite the US shale boom.

In the Eagle Ford region, output is set to rise by 39,000 bpd to 1.22 million bpd, the third monthly increase.

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Thus, Saudi Arabia plans to develop 30 projects in the field of solar and wind energy to increase electricity production and reduce oil consumption, according to the Minister of Energy, Industry and Mineral Resources of Khalid al-Falih.

Opec's oil output fell in March to sit below the level where the cartel estimates demand for its crude this year, as attempts to tighten the market were bolstered by supply disruptions in member countries.

China has turned net oil product exporter since June 2015, with the highest recorded net oil product exports at 2.85 million mt for November 2016.

Inventory reports from the American Petroleum Institute and Energy Information Administration due this week could determine where WTI crude oil would head next, as a larger than expected buildup would renew oversupply concerns and weigh on prices while a reduction or smaller than expected buildup could put some upside pressure.

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