Economy

Saudi energy minister: Oil supply is sufficient, market is balanced

Saudi energy minister: Oil supply is sufficient, market is balanced

Oil prices on Tuesday were within reach of four-year highs hit in the previous session, as looming USA sanctions against Iran and unwillingness by the Organization of the Petroleum Exporting Countries (OPEC) to raise output supported the market.

The committee said in a statement that it was satisfied "regarding the current oil market outlook, with an overall healthy balance between supply and demand".

"OPEC did not guarantee that they would automatically replace lost Iranian barrels of oil due to sanctions", said Bob Yawger, director of the futures division at Mizuho Securities USA.

The OPEC oil cartel raised its global production forecast this weekend based on higher-than-predicted USA output in a report outlining a long-term rise in net demand, particularly in developing countries.

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"We protect the countries of the Middle East", added Mr Trump. Unless an agreement is reached to fill this supply gap, and US President Trump is vocal in calling for it to be filled, prices will continue to push higher with little in the way of resistance on the charts.

In contrast to the dramatic policy U-turn that Trump's tweets provoked earlier this year, Saudi Arabia, Russia and their allies signaled less urgency and stopped short of promising specific extra volumes of crude. The U.S. Energy Information Administration (EIA) expects domestic crude oil production will increase over the next five years and then flatten after 2022, staying at about 11 million to 12 million barrels per day through 2050.

OPEC and non-OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.

The United States will increase tight oil production to 13.4 million bpd in 2023 from 7.4 million bpd in 2017, with total US output reaching 20 million bpd, OPEC said. US crude futures (CLc1) rose 20 cents to $72.28 a barrel, close to the highest since mid-July. Brent crude rose above $80 a barrel last week, provoking the US president to direct his first social-media barb against the cartel since July 4.

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Last year, Opec and other oil-producing nations including Russian Federation said they would extend a deal, first agreed in 2016, to cut production to help support oil prices after they fell below $50 a barrel.

“The U.S. remains by far the most important source of medium-term supply growth, contributing. two-thirds of new supply, driven by surging tight oil output, ” it said.

Falih said Saudi Arabia had spare capacity to raise output but such a move was not required at the moment and might not be needed next year as, according to OPEC's projections, a stellar rise in non-OPEC production could exceed global demand growth. Brent crude may spike to over $100 in the fourth quarter because the market doesn't have much capacity left to replace Iranian supplies, Mercuria co-founder Daniel Jaeggi said at the annual Asia Pacific Petroleum Conference in Singapore on Monday.

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