Brent Crude Holds Steady Around $64 Levels

Brent Crude Holds Steady Around $64 Levels

Brent Crude Holds Steady Around $64 Levels

The closure this week of the Forties pipeline network in the North Sea, which had been found to be leaking, "added momentum to Brent crude oil prices that have settled above $60 (per barrel) since the end of October", the IEA said. Inventories remain 111 million barrels above the five-year average however.

Meanwhile, West Texas Intermediate gained 0.60 per cent, to Dollars 57.50 per barrel, while Brent crude rose 50 cents at USD 63.84.

China's November crude runs reach 49.4 million metric tons, up 8.1% on year with January to November crude runs up 5.2% to 518.66 million metric tons even as domestic crude oil production fell 2.5% on year to 15.7 million metric tons with year-to-date output at 175.64 million metric tons, down 4.1%.

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IEA expects non-OPEC supply to rise by 0.6 mb/d in 2017 and 1.6 mb/d next year.

Increased investment in USA tight oil is likely to drive non-OPEC crude supply growth in 2018 and was a key force behind above-forecast output this year, OPEC said on Wednesday.

Global oil demand for 2017 is expected to stand at 1.53m bbl/day, above initial forecasts, as a result of strong economic growth across most of the world. In September, the U.S. Energy Information Administration reported U.S. output rose by 290,000 barrels a day to almost 9.5 million barrels a day, almost a million more than 2016 production. Total supply growth could exceed demand growth: indeed, in the first half the surplus could be [200,000 barrels a day] before reverting to a deficit of about [200,000 barrels a day] in the second half, leaving 2018 as a whole showing a closely balanced market.

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However, crude futures prices declined in November on higher United States crude production and a drop in monthly Chinese imports, although political tension ensured that prices did not slump too far.

For 2018, OPEC revised up its forecast for non-OPEC supply growth by 120,000 barrels per day.

The projections, published in OPEC's monthly oil report, come a fortnight after the cartel agreed to extend production cuts through 2018.

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OPEC's own crude output is likely to edge up to 33.2 mb/d next year from 32.8 this year, a smaller increase than previously thought.

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