Oil prices on the New York Stock Exchange continue to rise after rising 3.2 percent on Wednesday, the strongest growth in the oil market since December 1, 2016. However, experts believe that this will not last too long.
US stocks fell 5.25 million barrels more than expected last week, but are still very high. The Department of Energy said U.S. oil production rose to 9.3 million barrels per day last week, the highest level since August 2015.
Meanwhile, oil supplies to the fuel markets have continued to decline since early January. OPEC and non-OPEC countries' crude production is down by about 1.8 million barrels of oil per day.
Such measures are associated with the Treaty on the reduction of oil supplies by the cartel during the first six months of 2017, however, the period may be extended even in the second half of the year. The decision can be made at a meeting of the cartel on May 25 in Vienna.
Saudi Arabia's Energy Minister Khalid Al-Falih said the cut in oil supplies from OPEC could be extended until 2018. This provision is also supported by Russia. But it turns out that oil production in Saudi Arabia increased slightly in April to 9.946 million barrels per day, according to an anonymous source with access to production data.
During the previous session in the US, crude oil rose $ 1.45, or 3.2 percent, to $ 47.33 a barrel.
US oil rises after gaining 3.2 percent on Wednesday
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Azovpromstal® 11 May 2017 г. 10:56 |
