Oil eases on China refining dip, higher USA crude output

Oil eases on China refining dip, higher USA crude output

Oil eases on China refining dip, higher USA crude output

Kazakhstan's oil output in the first five months of 2018 rose 6.4 percent from the same time a year ago to 37.7 million metric tons (1.83 million bpd), Deputy Energy Minister Makhambet Dosmukhambetov said on Tuesday.

While economic growth is projected to be strong in the US, Europe and Japan, there is a chance of a slowdown in China and India, OPEC said.

Oil prices recovered Wednesday after data showed a sharp drop in us inventories, even as production jumped toward 11 million, while President Trump again blamed OPEC for high oil prices.

The second-largest production decline came from Venezuela, which in May saw its volume shrink by 42,500 BPD, to 1.39 MMBPD, according to OPEC.

"I think the Trump tweet makes the Saudi's job of getting compromise at the OPEC meeting tougher", said Joe McMonigle, senior energy policy analyst at Hedgeye Potomac Research in Washington.

Saudi Arabia has floated several plans to fellow OPEC members as the kingdom seeks consensus before the meeting in Vienna next week. While Opec countries are still the dominant suppliers to Asia, nearly all big importers in the region have increasingly turned to USA crude after a four-decade ban on American exports was lifted in late 2015.

Crude has more than doubled since bottoming out below $30 a barrel in early 2016, causing US motorists to face the highest gasoline prices since late 2014.

Data from secondary sources, reported by OPEC monthly, showed Tuesday Saudi Arabia's oil output in May was 9.98 MMBPD - which is a 85,500 BPD jump over April's output, Kallanish Energy learns.

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US West Texas Intermediate (WTI) crude futures were at $65.99 a barrel, down 37c or 0.6% from their last settlement.

With output in Russian Federation rising back above 11 million bpd in June and Saudi production climbing back above 10 million bpd, supplies from the top three producers are increasing.

"Even if the Iran/Venezuela supply gap is plugged, the market will be finely balanced next year, and vulnerable to prices rising higher in the event of further disruption", the report said.

Brent crude futures, the global benchmark for oil prices, were at $76.46 per barrel at 0046 GMT, down 28 cents, or 0.4 percent, from their last close. "There is going to be a real issue", he wrote, predicting prices above $US150 per barrel within two years. The cartel meets June 22-23 in Vienna, and producers are seen as likely to raise production, perhaps before the limits are due to sunset at year-end.

Moscow believes the new arrangement it proposes would provide stability for the oil market through a period of high demand during the northern hemisphere summer, the person said.

US production rose to 10.9 million barrels a day in the week, but Kilduff said the market appeared able to absorb the increase.

Trump drew lots of tweeted responses, including one from oil hedge fund founder Pierre Andurand, who expects prices will be above $150 a barrel in less than two years.

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