Economy

UAE expects balanced oil market in 2018

UAE expects balanced oil market in 2018

United Arab Emirate energy minister says OPEC's success is such that there is a sentiment of others wanting to join "the clan". This year also started with the OPEC vs. shale tug-of-war, although in the first two weeks of 2018, geopolitical risks and declining inventories trumped concerns over the rise in USA shale, and supported oil prices and sent Brent briefly breaking above $70 a barrel on Thursday.

"Market fundamentals in 2017 are good, but we expect to see another good year of production in 2018", said Suhail Al Mazroui.

Mazroui said that draining the oil glut needed time to bring global oil inventories down to the industry's five-year average.

Russian Energy Minister Alexander Novak said ministers from leading Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers will discuss the possibility of exiting the deal at a coming committee meeting, adding "the market surplus is decreasing, but the market is not completely balanced yet", according to CNBC.

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USA shale production has been on the slide in recent times, further aiding the sharp rise in oil prices with the Energy Information Administration (EIA) reporting crude inventories fell by almost five million barrels to 419.5 million barrels in the week to 5 January, according to the BBC.

US commercial crude stocks fell by nearly 5 million barrels in the week to January 5, to 419.5 million barrels.

But Fatih Birol, head of the International Energy Agency, warned on Friday that while oil prices at $65 to $70 per barrel are good for oil producers now, there is a risk that such a level would encourage more oversupply from USA shale drillers.

He also said OPEC isn't concerned about a potential supply disruption shock due to crude output declines in Venezuela and political unrest in Iran.


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