OPEC oil supply set for sharp drop in August: PetroLogistics

OPEC oil supply set for sharp drop in August: PetroLogistics

U.S. oil production also continues to edge higher and weekly data from EIA shows that total U.S. oil production is close to 9.5 million bpd, the highest since June 2015.

Oil in NY has fluctuated below $50 a barrel this month amid concerns a global glut is draining slower than expected as rising output, particularly from the USA, offsets production cuts by the Organization of Petroleum Exporting Countries and its allies.

Yesterday, industry data showed US crude oil stocks fell by 3.6 million barrels at the end of last week, the American Petroleum Institute (API) reported, slightly more than expected following a much larger decline the week before.

OPEC has been trying very hard to reduce the volume of oil supply in the market in order to lift oil prices.

In line with the country's new oil policies, alongside increasing the production, Iran is conducting new projects to make its crude oil more attractive for global oil markets. Brent crude oil was up 40 cents at $52.06 a barrel.




Brent crude, the global benchmark, lifted 0.89 per cent to $52.33 a barrel while U.S. benchmark West Texas Intermediate (WTI) futures increased 0.86 per cent to $48.24 a barrel.

The U.S. Energy Information Administration will release its official weekly oil supplies report at 10:30AM ET (1430GMT). "One key concern remains how much of an impact the re-routing of OPEC barrels to Asia (primarily by the Saudis) is having on manipulating inventory levels in the U.S. However, crude inventories are drawing across the entire OECD". He also noted that a higher inventory level of refined products is a sign that "end demand is lacking".

Libya's Sharara oil field has resumed production, however, analysts feel that output may be affected due to instability in the country. The market has subsequently responded to conflicting reports about whether the oil field is set to reopen.

However, a string of new projects coming online this year, including Suncor Energy's Fort Hills project and Canadian Natural Resources' Horizon Phase 3, could lead to a glut and put pressure on prices. Parties to the agreement opted to extend it into March during meetings earlier this year.

Natural gas futures for September delivery held steady at $2.941 per million British thermal units.

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