Remembering Peak Oil: Saudi Arabian Production Was Supposed to Peak in 2006

Feb 22, 2017, 00:47

LONDON, Feb 21 OPEC and outside producers including Russian Federation will boost compliance with agreed oil output curbs in a bid to clear a supply glut that has weighed on prices, the group's secretary general said on Tuesday.

The bigger reason oil price are not yet in the clear is that investors are anxious that the production cut might not be effective in restoring a balance in the demand and supply dynamics. While Crude Oil has lagged many of its commodity brethren, there does appear to be a unified march higher in the commodity field that could continue if the anticipation of inflation persists.

Since that agreement was signed, oil prices have surged 17% to $54.40 a barrel.

Moors says certain oil stocks, "the darlings of energy investors", are about to make a comeback now that oil prices are rising.

As crude oil prices recover further, cost reflation may partly offset reduced costs linked to less regulation.

Net long USA crude futures and options positions are also at a record high, US data showed on Friday.

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In a key note speech at the conference Opec's Sec-Gen Barkindo said that only 100% compliance from Opec producers would be acceptable while also raising the possibility of other producers cutting production. OPEC's production cuts are now focusing on mostly heavy and medium grades of crude oil, which opens the door for the provide these commodities to countries in need, including China.

On the fundamental front, we got word that OPEC is looking to step up its compliance with the late-November supply cut accord. Transactions on Monday will be booked Tuesday for settlement purposes because of the U.S. Presidents' Day holiday.

Wonfull will likely buy the cargo from Swiss trader Trafigura [TRAFG.UL], an active seller of USA crude in Asia, said a second trader who closely tracks oil deals in Shangdong.

Russian Federation overtook the OPEC de-facto leader in December, when both countries started restricting supplies in line with the cuts agreed between the cartel and other global producers to oust the problem of oil glut.

The price for Brent crude oil was up 2.1 percent about an hour before the start of trading in NY to $56.97 per barrel. To start with, OPEC excluded two of its biggest producers, Nigeria and Libya from the production cuts and it allowed Iran to raise its output slightly. "This bullish stance is countered by the ever-increasing inventories in the United States and rising rig counts", PVM Oil Associates strategist Tamas Varga said in a note.

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