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Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions

Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions

West Texas Intermediate, the US marker, is $3.21 a barrel below Middle East benchmark Dubai.

U.S. West Texas Intermediate (WTI) crude futures were at $71.08 a barrel, down 23 cents, or 0.3 percent, from their last settlement.

At Nigeria's current crude oil production of two million barrels per day, the country earns estimated $155.080 million (N55.828 billion) at the current exchange rate of N360/$1.

Growth in USA output, meanwhile, has tamed price moves for US benchmark crude in recent sessions, preventing it from notching a fresh multiyear high.

"You have the threat that a high enough price will start to activate the 7,700 drilled but uncompleted wells in the Lower 48 states", said Walter Zimmerman, chief technical analyst at ICAP TA.

With renewed USA sanctions looming against OPEC-member Iran and oil demand strong, analysts said crude markets will likely remain tight for much of the year.




The agency estimates that global oil inventories fell an average of almost 0.6 million barrels per day (bpd) in each of the past five quarters (January 2017 through March 2018).

"For now, the rapidly changing geopolitical landscape will move the attention away from stocks as producers and consumers consider how to limit volatility in the oil market", the agency stated.

The key oil demand growth center-China-has just beaten its own imports and refinery runs records, as refined oil product exports jump and domestic crude oil production hits seven-year-lows. Crude oil production in March was around 3.76 million bpd, flat compared with the average levels in January and February. The coming US sanctions pushed up oil prices last week after President Donald Trump withdrew the United States from the nuclear deal.

"The commitment of Saudi Arabia and the rest of OPEC to the production cuts is a major factor in supporting the price at the moment as well as the possibility of reduced exports from Iran due to sanctions", said William O'Loughlin, investment analyst at Rivkin Securities.

The pending USA sanctions against Iran have also contributed to the price rise.

World supply, meanwhile, rose 1.78 million bpd in April from a year earlier, driven predominantly by non-OPEC production.


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