Crude oil sideways trend remains in play, the price failed to handle 20&50Dsma (WTI and Brent) on Tuesday session (Mar07). Higher lows visible on the daily chart.
Here is the Oil news from different sources:
OPEC is concerned about the market, assess the effect of oil reduction agreement, and then action, said Saudi oil minister Al-Falih.
He also added, Oil demand is expected to grow by 1.5 million barrels per day in 2017. Worried that the global energy industry investment will lag behind the supply and development situation. Oversupply is “temporary”. Crude oil demand is “misleading”. Investors are welcome to return to the US shale oil market. Although the oil market down, but Saudi Arabia to maintain the oil industry spending.
Saudi oil production is less than 10 million barrels / day.
Saudi Arabia has yet to decide how to deal with cuts in the second half of 2017. Some countries have failed to live up to the oil exemptions. We do not want to cut oil in depth, after all, it will cause market disruption. If you wait long enough, the crude oil market has long been balanced.
Long cyclical investment is still lagging behind. OPEC is currently in the global crude oil market share of one third.
US Energy Information Administration (EIA): Raised US oil output in 2017 is expected to 921 million barrels / day, before the material is 898 million barrels / day; US oil output is expected to reach a record high in 2018. Raised 2018 global crude oil demand growth is expected to 13 million barrels / day, is now expected to increase year on year increase of 159 million barrels / day.
Raised 2017 Brent crude oil prices are expected to 54.62 US dollars / barrel (previously expected to 54.54 US dollars / barrel), to maintain the expected 2018 in 57.18 US dollars / barrel unchanged.
Kuwaiti national oil company Bourisli: Kuwait has cut oil 14.6 million barrels / day, Kuwait joined the OPEC production agreement before the oil production of 29.5 million barrels / day.
Kuwait January – February oil production rate of 115%.
OPCE Secretary General Barkindo: OPEC and IEA are committed to minimizing future differences.
OPEC has confidence in Russia’s 30 million barrels / day crude oil production target.
Russian oil minister in December 2016 said it would take time to honor oil production commitments.
OPEC will hold a special working group meeting in Vienna on 15 March.
The future decision to further reduce oil production will be joint action.