U.S. crude oil refinery inputs decrease last week

22 January, 2019, 00:14 | Author: Kevin Carter
  • Lease Operator Jon Pearson checks well pressure on a lease owned by Parsley Energy in the Permian Basin near Midland

However, U.S. crude oil production C-OUT-T-EIA rose by more than 2 million bpd in 2018, to a record 11.9 million bpd.

According to exchange data compiled by Bloomberg, as of last Friday, WTI Crude had gained 18 percent since the beginning of 2019, making this the best start to a year for the USA benchmark since 2001.

Oil prices edged lower on Monday, echoing a weaker tone on global stock markets after evidence that economic growth in China, the world's second-largest crude consumer, eased in 2018. "By the middle of the year, US crude output will probably be more than the capacity of either Saudi Arabia or Russian Federation", the IEA said.

International Brent crude oil futures were at $62.57 per barrel at 0215 GMT, down 13 cents, or 0.2 percent, from their last close.

After closing out 2018 in free-fall amid fears of a global supply glut and economic slowdown, U.S. crude prices have rebounded more than 18% to start this year.

EIA expects global oil production growth in 2019 to be led by countries that are not part of OPEC, particularly the United States. As of writing this article, Spot Crude oil WTIUSD is trading at $52.74 per barrel up by 1.07% on the day.

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Continuously rising US shale production will make the United States a net exporter of crude oil and petroleum products in the fourth quarter of 2020, the EIA said in its January Short-Term Energy Outlook (STEO), which offered a first glimpse into the administration's forecasts for 2020.

Oil headed for a third weekly increase on expectations that production cuts by OPEC and resilient fuel demand will keep global markets in balance.

Even as OPEC and allied exporters cut production, however, US output has surged close to 12 million bpd in the latest week, and some traders and investors are concerned that growth in global supply this year will outpace demand.

OPIS chief oil analyst Tom Kloza on the outlook for oil prices.

"While the other two giants voluntarily cut output, the USA, already the biggest liquids supplier, will reinforce its leadership as the world's number one crude producer", the agency said in its monthly report on global oil markets. Refinery utilization rates fell by 1.5 percentage points. "By the middle of the year, United States crude output will probably be more than the capacity of either Saudi Arabia or Russian Federation". In November, waivers were announced for eight major Iranian oil importers, among them China, India, Japan, South Korea, Turkey, Taiwan, Italy, and Greece.

EIA forecasts global oil demand to grow by 1.5 million b/d in 2019 and in 2020, with China as the leading contributor in both years.



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