The US Exports More Oil Than Saudi Arabia

Oil prices gain after bigger-than-expected fall in US stockpiles

At 416.1 million barrels, USA crude oil inventories were at their lowest since October 2018, and about 2% below the five-year average for this time of year, the EIA said.

11 de septiembre de 2019, 13:33London, Sep 11 ( Prensa Latina) OPEC lowered its forecast for global oil demand growth in 2019 and 2020 due to the global economic slowdown and the U.S.

"This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance", the report said.

Two OPEC delegates said deeper cuts could indeed be discussed on Thursday, when some OPEC+ ministers meet for a market monitoring committee in Abu Dhabi ahead of the formal OPEC+ meeting in December.

Oil prices LCOc1 pared an earlier gain after the report was released to sit just below $63 a barrel.

Oil prices hover around $63 a barrel compared with $75 in April, despite OPEC-led cut in production. Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.


Even so, stocks in July exceeded the five-year average - a yardstick OPEC watches closely - by 36 million barrels. Additionally, U.S. sanctions on Iran and Venezuela have reduced further bets on worldwide supplies.

The Organization of the Petroleum Exporting Countries (OPEC) saw the price of its reference basket of crude oil components drop by 7.9% in August to $59.62 a barrel, more than the 7.3% drop in Brent crude or the 4.7% drop in West Texas Intermediate (WTI) crude.

The IEA left its oil demand growth forecasts for oil demand growth unchanged at 1.1 million b/d for 2019, and 1.3 million b/d in 2020. It was the first increase this year.

Both benchmarks fell sharply the previous day following a report that U.S. President Donald Trump had weighed easing sanctions on Iran, a move that would potentially boost global crude supply. Saudi Arabia continues to pump far less than its quota of 10.311 bpd.

The report suggests there will be a 2020 supply surplus of 340,000 bpd if OPEC keeps pumping at August's rate and other things remain equal, more than the surplus forecast in last month's report.

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