Saudi Arabia Reduced Its Crude Oil Production in July
NYMEX WTI Crude Oil -0.5% closed at 67.28 bbl (USO) 13 August 2018
- OPEC released its monthly Oil Market Report Monday.
- Saudi Arabia did reduce Crude Oil production in July following preliminary reports last week, despite its agreement to raise output, following recent OPEC/NOPEC meetings.
- Secondary sources reported that Saudi Arabia cut oil production by 53,000 BPD (barrels per day) to 10.4-M BPD.
- However, overall, OPEC’s Crude Oil output rose by 41,000 BPD (barrels per day) to 32.3-M BPD in July.
- Non-OPEC Crude Oil supply in Y 2018 was revised up by 73 tb/d from the previous MOMR to average 59.62 mb/d, representing an increase of 2.08-M BPD year/year. The Key reason for this upward revision was an adjustment for the Chinese supply forecast due to the higher-than-expected Crude Oil output in 1-H of Y 2018.
- In Y 2018, Crude Oil demand growth is anticipated to increase by 1.64 mb/d, 20 tb/d lower than last month’s projections, mainly due to weaker-than-expected Crude Oil demand data from Latin America and the Middle East in Q-2 of Y 2018.
- Total Crude Oil demand is anticipated to reach 98.83 mln bpd. For Y 2019, world Crude Oil demand is forecast to grow by 1.43 mln bpd, also some 20 tb/d lower than last month’s assessment.
- Total world consumption is anticipated to reach 100.26 mln bpd. 2018, demand for OPEC crude is expected at 32.9 mln bpd, 0.6 mln bpd lower than the Y 2017 mark. In Y 2019, demand for OPEC crude is forecast at 32 mln bpd, around 0.8 mln bpd lower than the 2018 mark.
|NYSEArca:USO||14.01||13 August 2018||-0.07||14.01||14.05||13.68||27,379,600|
|HeffX-LTN Analysis for USO:||Overall||Short||Intermediate||Long|
|Neutral (0.08)||Neutral (-0.22)||Neutral (0.11)||Bullish (0.35)|
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