Crude oil prices bounce 0.13% on global cues

Crude oil prices bounce 0.13% on global cues”

Gross exports from Russian Federation and Saudi Arabia are expected to hold steady at current levels of more than 8 million barrels per day and more than 9 million barrels per day, respectively, while the US increases exports from 4.5 million in 2018 to almost 6 million this year and more than 8 million barrels per day in 2021.

Brent crude futures were at $66.21 per barrel, up 47 cents, or 0.7 percent.

Crude has rallied this year after the Organizaton of the Petroleum Exporting Countries and its allies including Russian Federation, a group known as OPEC+, returned to supply cuts as of January 1.

"The second wave of the US shale revolution is coming", IEA Executive Director Fatih Birol said in a statement, as cited by CNBC.

"The ministers reviewed various Saudi investment proposals in the Indian oil and gas sector, including the urgent steps to be taken to expedite the implementation of the first joint venture West Coast Refinery and Petrochemical Project in Maharashtra, estimated to cost the U.S. $44 billion, which will be the largest greenfield refinery in the world", a government statement said on Sunday.

Pradhan also pointed to the need for uninterrupted supplies of crude oil and LPG (cooking gas) to India in view of the OPEC+ cuts.

On Jan. 1, OPEC+ began new production cuts to avoid a supply glut that threatened to soften prices. However, the kingdom will supply overseas customers with less than 7 million barrels a day, 635,000 barrels less than refiners asked for, they said.

Offsetting OPEC efforts to prop up prices and the impact of disruptions like Venezuela is a surge in US oil supply.

Brent crude, the global oil benchmark, has recovered from a sell-off through November and December which saw it changing hands for as little as $50 a barrel. This report could trigger a volatile reaction because the markets are sensitive to rising US production.

Saudi Arabia and other OPEC nations have come under pressure from U.S. President Donald Trump, who urged OPEC in a tweet to "please relax and take it easy".

Oil futures headed higher yesterday amid reports that Saudi Arabia planned to extend efforts to reduce crude exports. This report is expected to show that inventories rose by 2.9 million barrels.

"US oil consumption [growth] previous year was about a half-million barrels per day, and as such it was the highest in all the countries around", Birol noted on Monday.

The extension of the deeper-than-agreed output cuts in April signals that Saudi Arabia is unlikely to press for any change at the next full OPEC+ meeting, scheduled for mid April in Vienna.

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