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Oil Pushes Higher, Despite Growing US Output

14 March 2018

The EIA is due to publish its latest weekly US production data on Wednesday.

A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Some is related to position-squaring ahead of today's USA consumer inflation report, which could also impact the dollar and future demand for crude oil.

The price for Brent crude oil, the global benchmark, was down 0.52 percent as of 9:23 a.m. EST to $65.15 per barrel.

The most significant price action this week is likely to take place after the release of the American Petroleum Institute's weekly inventories report on Tuesday and Wednesday's U.S. Energy Information Administration report.

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The predictions and the forecasts for the oil production are looking grim at an expected 11 million barrels per day and more by the end of the year.

Refinery crude runs rose by 85,000 barrels per day (bpd), API data showed.

The split is driven by differing views over whether $70 a barrel would send USA shale companies into a production frenzy that could cause prices to crash.

Oil markets climbed on Monday, March 12, on the back of a drop in the number of United States rigs drilling for more production and as the USA economy continued to create jobs, which industry hopes will drive higher fuel demand, NAN reports.

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U.S. Shale production is expected to rise above 11 million bpd by late 2018, taking the top spot from Russian Federation, according to the International Energy Agency (IEA).

That expected increase would top the 105,000 bpd climb in March from the previous month, to what was then expected to be a record high of 6.82 million bpd, the EIA said.

Zawiya exports crude from Libya's giant El Sharara oilfield, which produces 300,000 bpd, more than a quarter of the North African country's output.

While the producer group complied with a pledge to curb output and ease a glut in 2017, USA flows that are gaining a bigger slice of the prized Asian market may prompt some nations to boost supplies, said Warren Patterson, a commodities strategist at the Dutch bank.

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The increases in US production has this year exceeded the supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), which have been in place since 2017 in an effort by the cartel, and supported by non-OPEC member Russian Federation, to prop up prices.

Oil Pushes Higher, Despite Growing US Output