Oil prices rise on strong demand and uncertainty over Syria conflict
Oil prices rose on Monday, supported by strong demand and uncertainty over the conflict in Syria, although another run-up in U.S. drilling activity kept a lid on gains, Reuters news reads. 2017-04-10 09:54:54
U.S. bank Goldman Sachs said after the rig data release that year-on-year U.S. oil production ′would rise by 215,000 barrels per day in 2017′ once a backlog of production waiting to be brought back online was considered, according to the same source.
The soaring U.S. output contrasts with a supply cut led by the Organization of the Petroleum Exporting Countries (OPEC), which hopes to prop up prices by reducing supplies in the first half of 2017 - and maybe beyond.
"Reduced OPEC volumes and stronger U.S. output will result in a deeper discount for U.S. crude and support greater exports from the U.S. to Asia over the coming months," BMI Research said. It added, though, that in terms of overall volumes, "the U.S. will remain a small player in Asia as OPEC actively protects its market share."
Beyond the United States, other producers are also benefiting from OPEC′s supply cuts and tighter market. Brazil′s oil exports have soared 65 percent since February 2016, to a record of more than 1.46 million bpd, according to government data obtained by Reuters.
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