OPEC Chief Urges US Shale To Curb Oil Output

Judith Bessette
Outubro 12, 2017

In a freaky plea to American producers, all which are private enterprises as opposed to Opec members' state-owned oil companies, Barkindo said "extraordinary measures" might be required in 2018 to sustain the rebalanced market in the medium to long term.

Still, OPEC in its latest monthly report forecast higher demand for its oil in 2018 and once again reiterated that its cutback efforts are getting rid of the global glut; plus, it lowered its forecast for output growth from producers outside the cartel by 100,000 barrels per day (bpd) this year and 60,000 bpd in 2018.

Oil prices rallied for a third straight session as the Organization of the Petroleum Exporting Countries (OPEC) said the oil market showed signs of rebalancing.

Brent crude futures, the worldwide benchmark for oil prices, were up 6 cents, or 0.1 percent, at $55.85 a barrel.

With West Texas Intermediate, the USA benchmark for the price of oil, trading at a significant discount to most other rival grades, industry analysts said it's likely that more, not less, US crude oil will wind up on the global market.

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OPEC, along with other producers including Russian Federation, agreed to cut output by 1.8 million barrels per day (bpd) through March 2018 to balance the market.

Saudi Arabia has the added interest of wanting to keep crude prices high ahead of a public listing of five percent of shares in its giant Saudi Aramco oil firm, which is set to take place next year. "At the moment, there is no talk of an extraordinary meeting", he told media.

In its regular monthly report, the International Energy Agency said that global oil stocks are likely to dip in 2017 and should mostly be in balance next year assuming unchanged OPEC production. It said that Aramco planned to supply 7.15 million barrels a day, "despite a very strong demand", which exceeds 7.7 million barrels a day. Barclays said it expected "a return to build mode next year", while PVM's Stephen Brennock said the International Monetary Fund viewed the economic recovery as being "on thin ice".

The United States is not participating in the supply cut, and its output has risen 10 percent this year to more than 9.5 million bpd.

"A rise above that level would encourage USA oil producers to expand their drilling activities, otherwise the lower prices could lead to a reduction" in investments, it added.

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