US Oil Rallies as Exporters Trim Production

Friday, February 15, 2019

U.S. oil prices rose on Friday, gaining for a fourth day on hopes of further supply cuts by major exporters, despite uncertainty about U.S.-China trade talks.

U.S. West Texas Intermediate (WTI) crude futures were at $54.79 per barrel at 0038 GMT, up 40 cents, or 0.7 percent, from their last settlement. They rose 51 cents, or 0.95 percent, on Thursday.

International Brent crude oil futures had yet to trade, after closing up 1.5 percent in the previous session.

"The crude oil market shrugged off concerns about the trade talks as signs of further reduction from OPEC+ continue to mount," ANZ Bank said in a research note.

The producer group known as OPEC+ has agreed to cut crude output by a joint 1.2 million barrels per day. Top exporter Saudi Arabia said it would cut even more in March than the deal called for.

Russia has cut its oil production by 80,000-90,000 barrels per day from its level in October, Moscow's reference level for its cuts, the country's energy minister said.

Still, U.S. government data on Wednesday showed U.S. crude stocks last week rose to their highest since November 2017 as refiners cut runs to the lowest since October 2017.


(Reporting by Colin Packham; editing by Richard Pullin)

Categories: Finance LNG Shale Oil & Gas Oil Production Natural Gas North America Shale

Related Stories

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Wood JV Gets EPC Job for Shell off Brunei

CNOOC Starts Production at Offshore Field in South China Sea

BW Opal FPSO Vessel set for Work off Australia

Indonesia's Medco Starts Production at Natuna Sea Fields

CNOOC Puts Into Production New Oil Field in South China Sea

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

CNOOC Starts Production at Two New Oil and Gas Projects

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

Current News

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com