2019-02-22 12:15:00
OIL PRICE: NEAR $67
REUTERS - Oil prices were firm on Friday, supported by OPEC's ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute.
Despite this, prices remained just below 2019 peaks reached earlier this week as U.S. crude oil production hit a record 12 million barrels per day (bpd) and its exports also surged.
International Brent crude futures were at $67.18 per barrel at 0746 GMT, 11 cents above their last close, but below $67.38 per barrel reached earlier this week.
U.S. West Texas Intermediate (WTI) crude oil futures were at $57.15 per barrel, up 19 cents, but below this week's $57.55 per barrel 2019 high.
Traders said prices were lifted from earlier drops by hopes that Washington and Beijing could resolve their trade disputes, which have dented global economic growth, before a March 1 deadline, during negotiations this week.
Prices have also been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
OPEC and some non-affiliated producers such as Russia agreed late last year to cut output by 1.2 million bpd to prevent a large supply overhang from growing.
Goldman Sachs said in a note that it expects OPEC output to average 31.1 million bpd in 2019, down from 31.9 million bpd.
At least in part offsetting that is surging U.S. crude oil production, which reached 12 million bpd for the first time last week, the Energy Information Administration (EIA) said on Thursday.
That means U.S. crude output has soared by almost 2.5 million bpd since the start of 2018, and by a whopping 5 million bpd since 2013. America is the only country to ever reach 12 million bpd of production.
As output surges, U.S. oil stocks are also rising.
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Earlier:
2019, February, 20, 11:50:00
OIL PRICE: ABOVE $66 YET
REUTERS - International Brent crude futures were at $66.41 per barrel, down 4 cents from their last close, though still not far off their 2019 high of $66.83 per barrel, hit on Monday. U.S. West Texas Intermediate (WTI) crude oil futures hit 2019 highs of $56.39 per barrel on Wednesday but had slipped back to $56.16 per barrel by 0746 GMT, which was slightly above their last settlement.
2019, February, 18, 12:30:00
OIL PRICE: ABOVE $66
REUTERS - Oil prices on Monday hit their highest levels since November last year, lifted by OPEC-led supply cuts, U.S. sanctions on Iran and Venezuela, and hopes that the Sino-U.S. trade dispute may soon end.
2019, February, 13, 12:10:00
OPEC ISN'T A CARTEL
REUTERS - OPEC Secretary-General Mohammad Barkindo said the exporting group was not in the business of fixing oil prices, when asked on Monday to comment on a U.S. House committee passing a bill targeting OPEC oil supply cuts.
2019, January, 21, 11:50:00
OPEC CONFORMITY LEVEL 98%
OPEC - The JMMC calls on all participating countries of the ‘Declaration of Cooperation’ to redouble their efforts in the full and timely implementation of the supply adjustments to ensure that the oil market remains in balance in 2019.
