Oil rises 2% on Saudi Arabia, OPEC cuts

Oil rises 2% on Saudi Arabia, OPEC cuts

Saudi Arabia plans to reduce its oil exports to 6.9 million barrels per day (bpd) in March, down from 8.2 million bpd previous year, the country's energy minister, Khalid Al-Falih, announced yesterday.

USA bank Morgan Stanley said the surge in us crude oil production, which tends to be light in quality and which rose by more than 2 million barrels per day (bpd) a year ago to a record 11.9 million bpd, had resulted in overproduction of gasoline.

Given that much of the heavy lifting of the output restrictions will fall on OPEC's top producer Saudi Arabia, and fellow Middle East producers Kuwait and the United Arab Emirates, it's likely that the barrels lost will be heavy, or medium-heavy crudes.

But the country's oil industry has been in relative and absolute decline for the last 50 years as problems of producing and marketing its heavy crudes have been compounded by an unattractive investment regime and mismanagement.

Larger-than-expected production cuts by some major oil suppliers and falling seasonal crude inventories due to growing demand are set to push up oil prices, Goldman Sachs said.

Moreover, economic sanctions introduced by Washington against Venezuela and Iran are bolstering crude prices by enforcing a global supply limit.

Worldwide benchmark Brent crude traded at around $62.90 Tuesday morning, up 0.8 percent, while U.S. West Texas Intermediate (WTI) stood at $53.46, more than 0.6 percent higher.

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"Energy commodity prices were mixed in January".

The report comes at a time when tensions in Venezuela are reaching boiling point, with the oil-rich, but cash-poor, country in the midst of the Western Hemisphere's worst humanitarian crisis in recent memory.

At the same time, major countries within OPEC are eyeing worldwide expansion for the first time.

"Going forward, the world is going to be Saudi Aramco's playground", he told the Financial Times, saying that it would no longer be "focused only on monetising the kingdom's resources" and was keen to develop a global gas business.

The company has built a substantial worldwide "downstream" presence in refining, with...

The latest short-term energy outlook "puts the nation on track to set a new production record for a third consecutive year", EIA Administrator Linda Capuano said in a statement. OPEC and other countries will either have to continue curbing extraction to maintain prices in the future or accept an energy independent US and the likely oversupply of energy that would bring to the market.

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