Saudi cuts oil output as OPEC points to 2019 surplus

Saudi Arabia reins in oil production as demand forecasts waver

Saudi Arabia reins in oil production as demand forecasts waver

Production from Nigeria and Iraq more than made up for the Saudi's July output reduction.

Saudi Arabia replaced Iraq as top oil supplier to India in July after a gap of more than a year, according to data from industry and shipping sources, as a higher intake of Iranian oil ahead of United States sanctions altered trade routes.

Global oil demand growth for 2019 was lowered by 20,000 barrels per day (bpd) to 1.4 million bpd while non-OPEC oil supply in 2019 was revised up by 30,000 bpd to 2.13 million bpd.

Iran's oil exports peaked at nearly 3 million bpd in May this year, but they have since fallen to around 2 million bpd as Asian buyers, including Japan, South Korea and India, began to shun its crude ahead of the sanctions.

Crude LCOc1 edged lower after the OPEC report was released, trading below $73 a barrel. Bloomberg's monthly OPEC oil production survey put the Middle Eastern nation's output at 10.65 million barrels a day last month.

Meanwhile, production fell by 57,000 to 600,000 bpd in Libya, by 53,000 to 10.39 million bpd in Saudi Arabia, with output from Venezuela dropping by 48,000 to 1.28 million bpd, according to OPEC.

Perseid meteor shower set to peak this weekend
But in India, it will be the most visible on the nights of August 11-12 and August 12-13, and will be underway after midnight. The meteors can appear anywhere in the sky, but they look the brightest against the darkest sky, which is straight up.

On the supply front, data USA data on Wednesday showed crude output C-OUT-T-EIA rose by 100,000 barrels per day (bpd) to 10.9 million bpd in the week ending August 10.

Oil demand from Asia's biggest importers, China and India, is growing more slowly than expected, exposing weakness in two of the world's largest economies and eroding a key pillar of global petroleum prices amid trade tensions.

"If you look at pure economic figures, the impact of the tariff disputes is still quite small, perhaps 0.5 percent of GDP growth".

Despite the slight reduction in forecasts, Opec indicated the robust growth in demand is driving global oil markets into deficit.

And the higher prices that have followed the OPEC-led deal have prompted growth in rival supply and a surge of USA shale.

Oil demand growth in 2019 will be lower than originally expected, the Organization of the Petroleum Exporting Countries and Russian Federation stated in its monthly report. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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