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U.S. Crude Oil (WTI) traded above the $63 handle on Tuesday, as the American Petroleum Institute (API) reported an exceptionally large draw of 11.19 million barrels of U.S. crude oil inventories for the week ending 5th January, against an expectation of 3.89 million barrels. This is the sixth week in a row that API has reported large draws. Oil prices have also been supported by a year of production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia. The cuts, which started in January 2017, are scheduled to continue through 2018.
Attention will now turn to the Energy Information Administration (EIA) inventory data due on Wednesday. If the large draw is replicated, it would be the biggest decline in inventories for this time of the year since 1999.
Oil rose above $75 a barrel on Tuesday to its highest since November 2014 before paring some gains, supported by Opec-led production cuts, strong demand and the prospect of renewed US sanctions on Ir
The Gulf Today
The UAE Energy Minister Suhail Al Mazroui said on Monday that the global oil market is still being balanced, but Opec is targeting the right level of inventories for market stability.
Opec and non-Opec member countries have fulfilled their vision by cutting production to support oil prices, an energy expert from S&P Global Platts said in Abu Dhabi on Sunday. “The oil price today i
The State of Kuwait has been committed to cutting oil production so as to restore balance at global markets, Kuwaiti Minister of Oil, Electricity and Water Bakheet Al- Rashidi said on Friday.
A global oil glut has been virtually eliminated, according to a joint Opec and non-Opec technical panel, two sources familiar with the matter said, thanks in part to an Opec-led supply cut deal in pl
The Gulf Today