Crude oil prices claw back losses, but record U.S. output weighs

Crude Oil Slides Despite Inventories Decline

Oil prices got close to $80 per barrel in May, a level it has not seen since November 2014, on strong demand, ongoing supply cuts led by producer cartel OPEC and looming US sanctions against major crude exporter Iran. The more active August contract rose 0.3 percent.

During the said week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $76.41 per barrel with 65 cents increase compared to the preceding week.

WTI's discount to Brent widened to as much as $11.57 a barrel, largest since 2015, before narrowing to $10.76 a barrel as both grades retreated.

The largest fall in production was registered in Nigeria, according to the survey based on shipping data from external sources, Thomson Reuters flows data, and information provided by sources at OPEC and oil and consulting firms.

US Crude Oil futures remained under pressure in comparison to global Brent Crude, which rallied to push the spread between the 2 to the highest level in more than 3 years. Real global growth will reach 4 percent this year for the first time since 2011, the Organisation for Economic Co-operation and Development forecast this week. Though the Vienna agreement yielded its intended effect, the latest OPEC and non-OPEC producing countries' meeting in November 2017 agreed to extend oil output curbs until the end of 2018.

Crude production continued to set a weekly record high, edging up to 10.8 million bpd, though the weekly US figures are subject to revisions; monthly data for March will be released later on Thursday.

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With U.S. crude locked up onshore by infrastructure bottlenecks, a surge in supply and easing in prices may be the only thing standing between us and the next downturn. We agreed that there will be a certain oil output volume and quota if it does not harm global investors. The Permian basin, which stretches across West Texas and eastern New Mexico, is the largest USA oilfield.

Production in Texas rose by 4% to nearly 4.2 million bpd, a record high based on the data going back to 2005.

Rosneft accounts for about 40 percent of total oil output in Russian Federation, which pledged to cut its output by 300,000 bpd from January 2017 as part of the global deal with the Organization of the Petroleum Exporting Countries.

Output from North Dakota held around 1.2-M BPD, while output in the federal Gulf of Mexico declined 1.1$ to 1.7-M BPD. Energy ministers from Saudi Arabia, the United Arab Emirates and Kuwait plan to meet on Saturday to discuss OPEC matters.

U.S. natural gas production in the lower 48 states rose to an all-time high of 88.8 billion cubic feet per day (bcfd) in March, up from the prior record of 87.7 bcfd in February, according to EIA's production report.

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