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Oil prices rise on signs of tighter market

13 October, 2017, 11:39 | Author: Jeff Stephens
  • Angola falls back from leading oil production in Africa

In global markets, Brent crude futures were at $56.51, up 26c or 0.5%.

OPEC expects its efforts to clear the surplus in oil inventories to finally succeed by the end of the third quarter of next year, said people familiar with the group's internal forecasts.

In its monthly report released on Wednesday, OPEC indicated that market rebalancing will continue amid forecasts that global oil demand will rise by around 30,000 barrels a day for this year and 2018.

Oil prices rose on Friday as both United States crude production and inventories declined, pointing towards a tightening market.

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Output is 620,000 bpd higher than it was last year, and non-Opec supplies are expected to grow by 700,000 bpd this year, followed by a 1.5m bpd increase in 2018.

The shape of the Brent crude oil futures curve remains steeper than that of the West Texas Intermediate futures curve, as the WTI one to 13-month spread settled at minus 66 cents a barrel on October 5.

Vitol is anticipating an increase in U.S. crude production of 0.5 to 0.6 million bpd in 2018, at which point the increase in production would cause cost inflation, rendering at least some of today's current production projects unprofitable.

Brent also rose 2 percent the previous day.

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Chinese oil imports fell by 179,000 barrels a day in August, but remained above 8 million barrels a day.

"This means OPEC must deepen its production cuts to finish its job of bringing oil stocks back to the five-year average", Fritsch said.

The step would not withdraw the United States from the deal but would give Congress 60 days to decide whether to impose new sanctions.

"If you look at the economics on most of the big Permian players, not many of them make a lot of money", Taylor said, speaking to Reuters.

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