Markets

Oil prices rise on prospect that Saudi Arabia seeking output cut extension

Oil prices rise on prospect that Saudi Arabia seeking output cut extension

In its latest short-term outlook report, the U.S. Energy Information Administration said U.S. crude oil production rose 9.1 million barrels a day in March, the highest level in a year. Net crude oil imports increased by a smaller amount (460,000 b/d), as US crude oil exports rose despite a decline in USA crude oil production.

The IEA findings echo the Organization of the Petroleum Exporting Countries's monthly report released on Wednesday that showed the cartel's combined production fell an average 153,000 barrels a day last month to 31.9 million.

Opec is considering whether to extend the supply cut deal beyond June and most members, including Saudi Arabia and Kuwait, are leaning towards this if all producers, including non-Opec also agree, Opec sources told Reuters last month.

The U.S. data followed more bullish data from OPEC nations, which said they had cut March oil output beyond the measures they had promised.

In December, OPEC and non-OPEC producers agreed to cut output by 1.8 million barrels per day for six months to help stabilize oil prices.

Oil prices were little changed in modest volume on Thursday, during a week in which crude benchmarks recouped more of March's losses on increased hopes world supply and demand were nearing balance.

Participating OPEC members are touting compliance amid a sustained rally in crude oil prices, fueled in part by geopolitical tensions.

Crude oil for May delivery on the New York Mercantile Exchange gained 1 cent, or 0.02%, to trade at $53.41 barrel by 10:40AM ET (14:40GMT) compared to $53.47 ahead of the report.

Crude surged on Wednesday, putting oil prices on track for their longest winning streak since August 2016 on reports Saudi Arabia will back extending output reductions.

North Korean state media warned on Tuesday of a nuclear attack on the United States at any sign of American aggression as a U.S. Navy strike group steamed toward the western Pacific.

In 2016, the United States was the world's largest net exporter of refined products, with a significant portion of crude oil input to US refiners supporting those exports.

"What they're losing in market share the U.S.is looking to pick up", said Oliver Sloup, market analyst at iitrader.com "I don't think there's much room above $55".

USA crude inventories hit a record 535.5-million barrels in April.


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