Billions wiped from ASX energy companies as oil price falls

30 May, 2018, 18:38 | Author: Shannon Aguilar
  • Oil prices fall as supply from top three producers set to rise

"But at the same time there are some worries over a fall in US oil demand if more Middle East crude supplies flow into the market", Hwang said.

"There is ... scope for an increase in OPEC output".

Saudi Arabia and Russia's potential policy shift does not materially change Goldman Sachs Group's bullish oil outlook, the bank's analysts, including Damien Courvalin, said, reiterating the bank's forecast of Brent at US$82.50 per barrel in the third quarter.

USA crude is cheaper than both the OPEC basket and the Russia Urals benchmark, so it would be eating directly into OPEC+'s market share.

In recent months, Saudi Aramco has been lifting its OSPs to Asia, with the price for its benchmark Arab Light grade being set for June cargoes at a premium of $1.90 a barrel to the Oman/Dubai average, the highest since August 2014.

Over the last month the price of oil came within a whisker of $80 per barrel due to political volatility and a supply dip, but fresh increases in production have seen the price of the black stuff start to slide.

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To be certain of this, Saudi Arabia keeps advocating for the reduction of oil production from the Organisation of Petroleum Exporting Countries (OPEC), which for the first time, have been really effective through various agreements signed among the OPEC member states. What's going on in the global oil market to trigger this decline, which is welcomed the world over by energy consumers?

The sharp price decline was triggered on Friday by Saudi Arabia, the biggest oil exporter in the world and de facto leader of oil cartel OPEC.

RECORD crude oil volumes exported from the United States will be heading to Asia in the next couple of months to take another piece of the market away from Russian Federation and producers in the Organisation of the Petroleum Exporting Countries (OPEC).

US President Donald Trump's decision to reimpose sanctions on Iran and Venezuela's slumping output drove oil to the highest level in more than three years earlier this month, prompting complaints from consuming nations like India about higher costs. Without compensating supply from other members, this number looks likely to expand as the U.S. reimposes sanctions on Iran and the collapse of Venezuela's oil industry worsens.

OPEC, led by Saudi Arabia, had largely dictated the oil price in the past. There was no settlement Monday for West Texas Intermediate because of the US Memorial Day holiday and all trades will be booked Tuesday. Domestic oil production is at an all-time high of 10.7 million bpd, not far from Russia's. US crude CLc1 was up 40 cents at $67.13.

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