Oil Falls As IEA Chief Sees 'Significant' Boost To US Output

19 January, 2017, 00:52 | Author: Brian Mcdaniel

Yesterday on Bloomberg, IEA Executive Director Fatih Birol said that higher oil prices will trigger a "significant" boost in USA shale output. So, we expect in 2017, as oil prices are increasing again, increasing shale oil production will cap the prices again.

Light, sweet crude for February delivery was recently down $1.14, or 2.17%, at $51.34 a barrel on the New York Mercantile Exchange, after earlier falling as low as $15.21 a barrel.

It's premature to say whether OPEC should continue cuts once the accord expires, Barkindo said in Bloomberg television interview in Davos.

In the meantime, the 800-lb. gorilla - US shale production - is on the rise.

Crude oil prices bottomed out in early 2016.

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Oil drew some support earlier Tuesday from top crude exporter Saudi Arabia, which said it would adhere strictly to its commitment to cut output under the agreement between OPEC and other producers, such as Russian Federation. "We think inventories are going to draw steadily as markets rebalance". DailyFX quotes Saudi energy minister Khalid Al-Falih as saying that extending the deal past the middle of the year is probably unnecessary, which may weigh further on prices.

"For each $10 per barrel increase in oil prices, oil demand will decline by 10 basis points".

Crude oil futures fell Wednesday morning as the dollar recovered versus other majors, denting commodities priced in the greenback.

He said that the powerful cartel's members were abiding by the terms of the 1.2 million barrels per day cut in output and that this would be effective from this month onwards. Last month, the Paris-based agency said it expected USA tight oil - as shale is also known - to rise only "marginally" in 2017.

However, exports from Iraq's State Oil Marketing Organization have been very high this year, with a company loading program showing that it plans to export as much as 3.64 million b/d of crude oil from its Persian Gulf terminals in February. Brent, the global benchmark, was recently down $1.20, or 2.16%, at $54.27 a barrel. The 2017 demand is projected to grow by another 900,000 barrels per day to 32.1 million bpd.



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