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02 March 2018, 03:36 | Lorenzo Hawkins
Weekly April Brent Crude Oil
Al-Falih's implication that the market could easily go south again is timely given surprising news out of the United Kingdom that for all the talk about aging oil fields, that nation is about to become a net crude oil exporter for the first time in 14 years.
USA light crude CLc1 is forecast to average $58.88 a barrel in 2018, up from $58.11 in the January poll.
"We've got a lot more oil to produce and we'll be through that 11 million barrel-per-day threshold much sooner than expected", said Streible.
On Tuesday afternoon, the West Texas Intermediate (WTI) and Brent, two major oil price benchmarks, went down by 1.89 percent and 1.52 percent to 62.70 US dollars and 66.27 dollars a barrel respectively.
But soaring USA production is upending global oil markets at a time when other major producers - including the Middle East-dominated OPEC and Russian Federation - have been withholding output to prop up prices.
The U.S. bypassed Saudi Arabia late previous year and is nipping on the heels of Russian Federation to be the world's biggest oil producer. Brent, the global benchmark, lost 87 cents, or 1.3%, to $66.63 a barrel.
London Brent crude slipped 3 cents to $67.28 a barrel, after climbing nearly 4 percent last week.
US oil production C-OUT-T-EIA could surpass 11 million barrels per day this year, with production already near a record above 10 million bpd.
Gasoline stocks rose by 2.5 million barrels, compared with analysts' expectations for a 190,000-barrel drop.
This is coming as the International Energy Agency (IEA) has predicted that the United States would overtake Russian Federation as the world's biggest oil producer by 2019 at the latest, as the country's shale oil boom continues to upend global markets. The most active US gasoline futures RBc2 fell as much as 3.1 percent to $1.9354 a gallon. However, inventories are forecast to have risen by 2.7 million barrels last week, a preliminary Reuters poll showed on Monday. In addition to its weekly statistics, the EIA will also publish a monthly report on crude supply, which may show substantial upward revisions in crude output.
Even if the demand for oil increases (if you subscribe to the theory that states the global economy is witnessing robust growth), the supply side will flood the oil market, and it could have an adverse effect on oil prices.
It noted the impact of growth of American production, saying, "Increasing U.S. production, driven by growth in the shale oil sector, has put a limit on price increases". FRX/ A strong dollar makes oil more expensive for buyers using other currencies.
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On the same day, Israeli Prime Minister Benjamin Netanyahu hailed the US announcement as "a great day for the people of Israel". Trump said many previous presidents had made the move an election promise but failed to fulfill it. " But I get it ", he said.