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Russian Federation beats Saudi as top China oil supplier for second month

23 May 2017

India, which has repeatedly pressed OPEC members for oil price stability, has offered staff and other technical assistance to Aramco, Pradhan said.Barkindo, who took the top role at OPEC a year ago, did not directly address the potential Aramco investment in India, but said the group looks forward to rising Indian appetite for OPEC crude.

Last December, OPEC agreed to curb its output by about 1.2 million barrels per day from January 1 for six months. A meeting this week of the Organization of the Petroleum Exporting Countries this week will discuss whether the cuts are extended. "A major contribution to falling crude stocks in the next few months will be a ramp-up in global crude oil runs".

West Texas Intermediate for June delivery, which expires on Monday, rose 27 cents, or 0.5%, to $50.60 a barrel at 9.34 am on the New York Mercantile Exchange.

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"Everyone I talked to inside OPEC agrees with the nine-month (extension)" Khalid al-Falih told a press conference in Baghdad after a meeting with the Iraqi Prime Minister Haider al-Abadi and his Iraqi counterpart, Jabar Ali al-Luaibi. Comments along those lines from OPEC officials and from Saudi and Russian leaders haven't received as much attention as they may have deserved, analysts at Credit Suisse Group AG said in a note Monday morning.

Then in December, non-OPEC producers led by Russian Federation agreed to reduce their own output by 558,000 barrels per day.

Pradhan said India is growing consistently at over 7 per cent and the growth rate in the energy sector is 7-8 per cent, which is double the rate of many developed markets. For this to happen, demand must grow and stockpiles must be "drained further".

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"The Saudi statement that everyone agreed to a nine-month extension spurred optimism that the cuts will do something to correct the over-supply scenario", Gene McGillian, manager of market research for Tradition Energy in Stamford, Connecticut, said by telephone.

Pradhan reiterated that as a large import destination there should be no "Asian Premium" on the crude supplied to India and Asian buyers.

US shale oil producers have been steadily ramping up production with the Energy Information Administration forecasting USA output to hit a record of almost 10 million barrels a day in 2018.

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Goldman Sachs says that the U.S. rig count for new oil production has jumped by 404 since May a year ago, representing a rise of 128%.