US West Texas Intermediate (WTI) crude futures were at USD 63.Ballooning shale oil output in the United States has also helped rein in benchmark crude prices.8 per cent on Monday.32 per barrel, down 8 cents, or 0.end-ofTags: oil prices, crude oil, opec, oil importLocation: Singapore, –, Singapore. That comes after they previously agreed to crimp output by 1.13 per cent, from their previous settlement..Russian Finance Minister Anton Siluanov said over the weekend that Russia and OPEC may decide to boost production to fight for market share with the United States, but this would push oil as low as USD 40 per barrel.

The Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, will meet in June to decide whether to continue withholding supply.13 per cent.“Rising US shale output has .However, losses in oil prices were checked by tighter supplies from Iran and Venezuela amid signs the United States will further toughen sanctions on those two OPEC producers, and on the pvc crust foam board screw barrel Manufacturers threat that renewed fighting could wipe out crude production in Libya.“There is a growing concern that Russia will not agree on extending production cuts and we could see them officially abandon it in the coming months,” said Edward Moya, senior market analyst, OANDA. Brent ended down 0.32 per barrel, down 8 cents, or 0. WTI fell 0.US crude oil output from seven major shale formations is expected to rise by about 80,000 bpd in May to a record 8. imposed headwinds for oil prices,” said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures.Brent crude oil futures were at USD 71 a barrel at 0431 GMT, down 18 cents, or 0.5 per cent on Monday.

Singapore: Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight the United States for market share, checking a recent rally driven by tighter global production.REUTERS Published: Apr 16, 2019, 10:57 am IST Updated: Apr 16, 2019, 10:57 am IST US West Texas Intermediate (WTI) crude futures were at USD 63.25 per cent, from their last close.OPEC and its allies including Russia, known as OPEC+, will meet in June to decide whether to continue withholding supply.46 million bpd, the US Energy Information Administration said in a report..2 million barrels per day (bpd) from January 1 for six months.

OPEC+ pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets.Singapore: Oil prices rose on Friday, pushed up by ongoing supply cuts led by producer club OPEC and US sanctions against Iran and Venezuela, putting the crude markets on pace to post their biggest first quarter gain since 2009.US West Texas Intermediate (WTI) futures were at USD 59.56 per barrel at 0211 GMT, up 26 cents, or 0.4 per cent, from their last settlement.WTI futures are set to rise for a fourth straight week and are set for a first quarter gain of 31 per cent.Brent crude oil futures were up 30 cents, or 0.4 per cent, at USD 68.12 per barrel. Brent futures are set to increase by 1.7 per cent for the week and are set to climb by 27 per cent for the first quarter.

For both futures contracts, the first quarter 2019 is the best performing quarter since the second quarter of 2009 when both gained about 40 per cent.Oil prices have been supported for much of 2019 by the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, together known as OPEC+, who have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets.“Production cuts from the OPEC+ PVC free foam board screw barrel Manufacturers group of producers have been the main reason for the dramatic recovery since the 38 per cent price slump seen during the final quarter of last year,” said Ole Hansen, head of commodity strategy at Saxo Bank.The price surge triggered a call by US President Donald Trump on Thursday for OPEC to boost production to lower prices.“Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!” Trump wrote in a post on Twitter.OPEC+ are meeting in June to discuss whether to continue withholding supply or not.

OPEC’s de-facto leader Saudi Arabia favors cuts for the full year while Russia, which only reluctantly joined the agreement, is seen to be less keen to keep holding back beyond September.However, the OPEC+ cuts are not the only reason for rising oil prices this year, with analysts also pointing to US sanctions on oil exporters and OPEC members Iran and Venezuela as reasons for the surge.Despite the surging prices, analysts are expressing concerns about future oil demand amid worrying signs the global economy may move into a recession.Saxo Bank’s Hansen said “the biggest short-term risk to the oil market is likely to be driven by renewed stock market weakness.”Stock markets have been volatile this year amid signs of a sharp global economic slowdown.“Business confidence has weakened in recent months ... (and) global manufacturing PMIs are about to move into contraction,” Bank of America Merrill Lynch said in a note, although it added that “the services sector ... continues to expand unabated.”Given the OPEC+ cuts, however, Bank of America said it expected oil prices to rise in the short-term, with Brent prices forecast to average USD 74 per barrel in the second quarter.Heading toward 2020, however, the bank warned of a recession.end-ofTags: oil prices, opec, oil export, oil productionLocation: Singapore, –, Singapore

2 mn barrels per day.2 per cent, from their last close and not far off their 2019 high of USD 66.5 percent, from their last settlement.OPEC as well as some non-affiliated producers such as Russia agreed late last year to cut output by 1..end-ofTags: crude oil, opec, oil import, oil priceLocation: Singapore, –, Singapore.58 per barrel, up 13 cents, or 0.OPEC as well as some non-affiliated producers such as Russia agreed late last year to cut output by 1.Another key oil price driver has been US sanctions on oil exporters Iran and Venezuela.31 million bpd target it agreed to at the Dec 7 OPEC, non-OPEC meeting,” French bank BNP Paribas said in a note.“US oil production growth, driven by shale, will be increasingly exported in greater volumes to international markets while the global economy is expected to witness a synchronised slowdown in growth,” the bank said.But soaring US production and expectations of an economic slowdown look set to cap prices, analysts said.Despite the sanctions, Iran’s crude exports were higher than expected in January, averaging around 1.Because of the cuts, BNP said it expected oil prices “to rally through Q3 2019”, with Brent to average USD 73 per barrel by then and WTI to average USD 66.BNP Paribas said surging US output would feed into lower oil prices towards the end of the year, with Brent to dip to an average of USD 67 a barrel by the fourth quarter and WTI to average USD 61.OPEC-member and top crude exporter Saudi Arabia is expected to reduce shipments of light crude oil to Asia.

US West Texas Intermediate (WTI) crude oil futures hit 2019 highs of $56.Singapore: Oil prices were around 2019 highs on Wednesday, propped up by supply cuts led by producer club OPEC and by US sanctions on Iran and Venezuela.9 million bpd, thanks to booming shale oil production, which the Energy Information Administration on Tuesday said was expected to keep rising.International Brent crude futures were at USD 66. (and) are now assuming that Saudi Arabia will produce in the first three quarters of 2019 less than the 10..SHALE BOOM, WEAKER ECONOMYStanding against the supply cuts and sanctions is US crude output, which soared by more than 2 million bpd in 2018 to a record 11.39 per barrel shortly after 0300 GMT on Wednesday, up 30 cents, or 0.2 million barrels per day (bpd) to prevent a large supply overhang from swelling.OPEC-member China PVC free foam board screw barrel and top crude exporter Saudi Arabia is expected to reduce shipments of light crude oil to Asia in March as part of the effort to tighten markets.Oil prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).“We have lowered Saudi crude oil output in line with announcements . Many analysts had expected Iran oil exports to drop below 1 million bpd after the imposition of US sanctions last November.83 per barrel from Monday.25 million bpd, according to Refinitiv ship tracking data.