Titans of oil world meet in Houston after two-year price war

Titans of oil world meet in Houston after two-year price war

It is too soon for the world's top oil exporters to discuss extending a historic deal to curb output beyond June, oil ministers from Iraq and Russian Federation said on Monday at the CERAWeek conference in Houston.

"At that time, the share of spare production capacity to global oil demand was close to four per cent and in this picture, the spare production capacity will be less than two per cent", he said. Futures are up 48 percent from a year ago.

"Signals we get from oil companies [both national and private] are not very encouraging". IEA on Monday released its five-year outlook, titled "Oil 2017", in which the agency said global supply may struggle to keep pace with demand after 2020. "They are trying to wait out the turnaround season, which will be over in a month, and are betting OPEC will continue to pull back barrels".

Azerbaijan submitted the daily oil production data for February 2017 to the OPEC Joint Technical Committee (JTC) as part of implementation of the Vienna agreement to cap oil output, Azerbaijan's Energy Ministry told Trend. He said the size of this shale boom, however, depends on where prices go. The U.S. land drilling rig count is up 55 percent in the past 12 months, and many of them are in the Permian. Benchmark Brent crude settled at $56.01 a barrel on Monday.

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Experts believe that OPEC and Russia's decision to restrict oil production will increase production capacities of US oil companies by creating upward pressure on oil prices.

According to the latest Baker Hughes report, USA oil rig count increased by seven to 609, the highest level in the last seventeen months.

"While the shale production rebound has surprised to the upside, the slightly larger production cuts than we had expected and most importantly, the higher 2016 realized demand level, lead us to expect a slightly faster normalization in OECD inventories through 2017 than previously", the analysts wrote.

Non-OECD oil demand growth will increase by 8.5 million bpd, meaning consumption in these countries will be 28 percent higher than that in the OECD by 2022, the IEA said.

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