The recovery in shale production in the United States may be affecting the efforts of oil producers and OPEC members in the fight to rebalance supply and world oil demand, according to Panorama Offshore has been reporting in recent days. An example of this fact are the recent and successive drops in oil prices last week.
In the Friday, March 10, for example futures oil have the lowest since the end of November, recording a decrease of on average 9%. Crude oil, the West Texas Intermediate, the US, due for April fell to US $ 48.31 a barrel, down US $ 0.88, or 1.8%.
The same happened with Brent contracts maturing in May, on the ICE Futures Exchange (ICE Futures Exchange) in London. The oil had a loss of $ 0.82, or about 1.6% and trading at US $ 51.37 a barrel. The overall price was also affected, falling to US $ 51.14, lowest since November 30.
Meanwhile, crude oil inventories rose 8.2 million barrels last week and reached another record high of 528.4 million, which further increases the fears of a global excess. According to the news agency of North American Energy, was the ninth consecutive increase in inventories.
All this refers to production of shale uncertainty and increase in the stock has left the divided oil market. On the one hand, it grows the hope that the surplus can be controlled by OPEC cuts, on the other, are the ads, especially entrepreneurs, on the recovery of shale. What has caused doubts as to the commitment to reduction in production.
On 26th March, Kuwait should organize a meeting with members of OPEC and producers outside the cartel to assess the compliance of the production agreement and review if there is need to extend the cuts until June. For this week, monthly reports on markets are expected supply and demand for oil, natural gas as well as the numbers of US platforms. In the left now wait for the results so we can get an overview of the future situation.
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