Saudi Arabia’s exports in the first six months of 2016 averaged 7.52 million barrels a day, compared with 7.46 million barrels a day in the same period a year ago, JODI data show. “There has been a lot of momentum in the oil price, fueled by some jawboning with regards to the possibility of a supply freeze deal”. Most has gone to Canada, which received 53.5 million barrels, followed by Curacao (8.68 million) and the Netherlands (6 million).
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During a meeting held by the OPEC members in June this year, producers failed to reach an agreement to limit production.
Futures for WTI added 0.64% to trade at $47.09 per barrel, while Brent futures rose 0.20% to $49.95 per barrel.
The prices are also propped up by decreasing USA inventories.
“We remain skeptical that renewed talks of a production freeze by OPEC and other large producers will lead to a deal”.
Moody’s said the most immediate threat to the global economy may be the outcome of the US presidential election.
According to the oil cartel, Nigeria’s oil production went to 1.527 million barrels per day in July, from 1.379 million in June.
“In our view we think it will be hard for them to meet and then sustain those levels”, Cohen said.
SINGAPORE – Oil prices dipped in early trading on Thursday as the prospect of record Saudi output weighed on markets and as traders cashed in on profits following an almost uninterrupted price rally in August of nearly 20%. Iran is pushing for an increase in production following the loosening of worldwide sanctions in January.
“I think the concern is that going back in there, when there’s this precedent of a very heavy enforcement on Iran sanctions”.
“The market has reached a comfortable level and needs a fresh catalyst to send stocks higher”, said Art Hogan, chief market strategist at Wunderlich Securities in NY. The upward momentum was mainly driven by expectation that the Organization of the Petroleum Exporting Countries might reconsider measures such as a production freeze to bolster prices.
“We see additional technical resistance scaling in at $50.72 ahead of prior highs at $51.92 to $52.29”, wrote Tim Evans, a Citi Futures analysts, who expects prices to bob in a narrow band until the OPEC meeting.
Oil prices eased slightly in Asia Thursday amid reports OPEC kingpin Saudi Arabia would further raise output in August.
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Analysts however, have said gains are being eroded by media reports that Saudi Arabia, OPEC’s top producer, is ramping up production to fresh record levels in August.
