OPEC squeezes oil output to 4-year low, Russian Federation compliance low

14 February, 2019, 10:55 | Author: Brooke Harris
  • The Opec+ cuts are taking effect and US data is starting to reflect these changing market conditions. — Reuters  file

"China trade talks, ignoring the risks now in place from the loss of Venezuelan barrels", US bank J.P. Morgan said in a weekly note.

Nigeria's crude oil production including condensate has taken a dip, falling to 1.999 million barrels per day in January from 2.081 million bpd in December, figures from the Ministry of Petroleum Resources has revealed.

Khalid al-Falih, 59, who is also chairman of Saudi Aramco, the state-owned oil group, said that the company meant to build an worldwide energy exploration and production business for the first time.

Oil prices rallied yesterday amid signs that the Organisation of Petroleum Exporting Countries (OPEC's) production cuts are taking hold.

Most of those crudes have an even higher sulfur content than Venezuela's, which will require extra processing to make fuels of acceptable quality, and in any event the quantities are limited in the short term.

However, analysts are warning that record U.S. supply and anticipated economic slowdown later this year might start capping the world's oil markets.

"Oil production is rapidly falling and companies that normally resell Venezuelan crude have not found ways to mitigate the effect of the United States sanctions", Barclays bank said.

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Output has gone into free fall as the country's isolation has increased, shrinking from 2.4 million bpd in 2016 to 2.0 million bpd in 2017 and 1.5 million bpd in 2018, according to the Joint Organisations Data Initiative.

But climbing USA oil stockpiles weighed on prices.

United States oil supplies dropped by almost 1M barrels last week, API reported.

The Organisation of the Petroleum Exporting Countries (OPEC) said on Tuesday that it had cut its output by nearly 800,000 bpd in January to 30.81 million bpd.

Saudi Arabia plans to produce around 9.8 million barrels per day of oil in March, over half a million bpd below its pledged production level under a global supply-cutting deal, Energy Minister Khalid al-Falih told the Financial Times.

Oil descended into a bear market in November, a swift drop from four-year highs seen in October, as traders grew anxious over strengthening USA production and an outlook for softer global fuel demand.

If refiners are unable to source enough heavy and extra heavy crude, they will buy the next best alternative, in this case medium density crudes, so the impact of sanctions is rippling through the entire oil market.

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