14 April, 2017
The IEA projected the oil market would likely tighten throughout the year as non-OPEC oil production, not just in the USA, is forecast to increase once again.
Energy services firm Baker Hughes said on Thursday that drillers added 11 oil rigs in the week to April 13, bringing the total count up to 683. "It does appear that there is bit of focus on the data that came alongside inventory numbers which showed further increase in USA production".
But oil at above Dollars 50 a barrel has, in turn, attracted higher-cost producers in the United States back to the market, and frantic American drilling will push non-OPEC supply to surprisingly high levels throughout the year, the IEA predicted.
With the increasing rig count pointing to rising supply, Tony Headrick, energy market analyst at CHS Hedging, said OPEC would be watching. If you would like to discuss another topic, look for a relevant article.
OPEC meets on May 25 to consider whether to extend the supply cut beyond June. Saudi Arabia, Kuwait and most other OPEC members are leaning toward this if agreement is reached with other producers, OPEC sources told Reuters last month.
Then in December, non-OPEC producers led by Russian Federation agreed to cut their own output to 558,000 barrels per day.
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Brent crude traded at around $55.83 a barrel on Thursday shortly after the European open, down 0.04 percent, while USA crude was around $53.05 a barrel, down 0.11 percent.
West Texas Intermediate for May delivery rose 7 cents to settle at $US53.18 a barrel on the New York Mercantile Exchange. They were on track for their third consecutive weekly gain, the longest since early January. About 431,000 US crude contracts changed hands Thursday, short of the 531,000-contract average over the past 200 trading days.
LONDON, April 13 The global oil market is close to balance after almost three years of excess supply, as production cuts by the world's largest exporters offset a longer-term decline in demand in the richest nations, the International Energy Agency (IEA) said on Thursday.
That is less than the organisation had anticipated previously and could prove an "optimistic" forecast, it said.
On the other hand, the Paris-based IEA said on Thursday that it sees the global oil market as close to balancing after a fall in stockpiles in developed countries.