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New Europe declare : Oil prices drop to three-months lows

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Meanwhile, Kuwait’s Oil Minister Essam al-Marzouk reportedly has said the country supports extending the current OPEC oil production cut beyond its June deadline.
WTI fell 17 cents to $48.32 a barrel, Reuters reported.
Traders doubt OPEC deal will reduce oil glut, offset US production riseShare on Facebook Share on Twitter Share on Google+ Share on LinkedIn +Crude oil prices fell to three month lows on March 13 as traders doubted that agreed cuts by Organization of Petroleum Exporting Countries and non-OPEC members would significantly reduce the oil supply glut offsetting rising US supplies.
US drillers added oil rigs for an eighth consecutive week, Baker Hughes data showed on March 10.
Kuwait supports extending the agreement after its June expiry date to help rebalance the global market, he added.

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The Saudi oil minister explicitly said that the accord adherents would not abide “free-riders,” which is how he referenced the shale producers, in particular.
Of course, the steadily rising oil rig count indicates that even more production is on the way, and it is not impossible to foresee overall production rising toward 10 million barrels per day over the course of the next 12 months.
Up until this week, rosy rhetoric about limiting output from OPEC and Russia, among others, lifted prices and kept them elevated.
Statements by Saudi Arabia’s oil minister and OPEC’s Secretary General were hardly reassuring about them continuing the current production limiting accord, after June 30, when it is set to expire.
There were several catalysts: Crude oil inventories in the United States hit a new, record level, according the Department of Energy’s weekly status report, which also showed U.S. oil production rebounding to within five percent of last year’s record to nearly 9.1 million barrels per day.

Oil prices could hit 2016 lows—commentary*/

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Commodities: Oil prices fall to three month-low amid growing US supply

Oil prices were put under further pressure at the end of last week, when energy services firm Baker Hughes reported US drillers added oil rigs for the eight consecutive week.
“Saudi Arabia has cut production by more than what we promised [in December 2016], but we will not bear the burden of free riders.”
Oil prices flirted with a three-month low on Monday (14 March), as Opec’s efforts to curb production were undermined by an increase in US inventories and drilling activity.
“Oil markets remain vulnerable to losses moving forward with gains limited as optimism starts to wane over the effectiveness of Opec’s production cut,” said FXTM research analyst Lukman Otunuga.
“Although Opec members may be commended on their attempt to stabilising the oil markets by cutting production, the fact that oil prices are almost where they were when the initial production cut deal was announced is a major cause for concern.”

Commodities: Oil prices fall to three month-low amid growing US supply*/

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