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OPEC Urges US Shale to Take Responsibility on Output Cuts
12 October 2017, 12:45 | Ruby West
Why OPEC says'Extraordinary Steps are needed
OPEC forecast higher demand for its oil in 2018 on Wednesday and said its production-cutting deal with rival producers was getting rid of a glut, pointing to a tighter market that could move into a deficit next year. With West Texas Intermediate, the USA benchmark for the price of oil, trading at a significant discount to most other rival grades, industry analysts said it's likely that more, not less, US crude oil will wind up on the global market.
Brent crude futures LCOc1 were trading down 14 cents, or 0.3 percent, to $56.47 per barrel by 12:32 p.m. EDT (1232 GMT).
In a monthly report, the Organisation of the Petroleum Exporting Countries said the market could find support in winter from low distillate fuel stocks and forecasts of colder weather, which would boost distillates demand for heating.
OPEC lowered its estimate of supply growth from non-OPEC countries next year, seeing a rise of 940,000 bpd, down 60,000 bpd from the previous forecast, due to downward revisions to Russian Federation. Last year, average US oil production was 8.9 million bpd, lower than the 2015 level of 9.4 million bpd. "I don't think there are many losers out there".
Top producer Saudi Arabia told OPEC it pumped 9.973 million bpd in September, up about 22,000 bpd from August and still below its OPEC target of 10.058 million bpd.
OPEC and other producers are looking to create an extension to their deal to cut production ahead of the official November meeting of the cartel. Remember, higher crude oil prices have a bullish impact on oil exploration and production companies (RYE) (VDE) like Devon Energy (DVN), Whiting Petroleum (WLL), and Newfield Exploration (NFX). Last month, it expected a 590,000 bpd year-over-year increase to 9.84 million bpd. Analysts had expected a draw of 2 million barrels.
He also said Nigeria and Libya, who were exempted from the pact, "are making progress towards full recovery" of production, after which they could join the OPEC-led agreement. He said the picture was "not clear because you still have hurricane related news".
Although an Iraqi military spokesman denied any attack, John Kilduff, a partner at Again Capital LLC, said "worries over Kurdistan are helping.get us back over 51".
News of the outage sent US gasoline margins RBc1-CLc1 up as much as 4.4 percent to a session high of $16.62 a barrel.
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