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Oil in Global Economy Series: Key oil market updates

While the oil market continues to focus on supply/demand fundamentals, these are some key updates that you need to keep a tab on,

  • U.S. oil rig count: The United States is continuing to see a surge in production. According to the latest report, the production rose to 10.27 million barrels per day. Despite fewer rigs operating compared to 2014/15, the production efficiency has pushed the overall production higher.  As of latest report, the numbers of operating rigs rose from 791 to 798. The numbers of operating rigs have increased more than 150 percent since bottoming in May 2016.
     
  • Venezuela crisis: Crisis continues in Venezuela. A country which has the largest reserve of crude oil is reportedly running low on gasoline. The oil production is dwindling too. The latest production report from OPEC showed that the production declined to just 1.6 million barrels per day. 
     
  • Saudi Arabia’s desire for the deal: Saudi Arabia’s oil minister Khalid al-Falih indicated that the kingdom intends to continue with production quota even if there is a shortage in the market. However, with the U.S. production rising, a tighter oil market doesn’t look imminent.  

Key global oil benchmarks:

WTI - $62.2/barrel

Brent - $65.2/barrel

OPEC basket - $62.4/barrel

Urals - $63.2/barrel

Oman - $63.8/barrel

Dubai - $62.3/barrel

Western Canada Select - $34.2/barrel

 

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