OPEC, Non-OPEC To Meet On Same Day As Scheduled May Gathering

OPEC, Non-OPEC To Meet On Same Day As Scheduled May Gathering

OPEC, Non-OPEC To Meet On Same Day As Scheduled May Gathering

Last November, OPEC members along with non-OPEC countries such as Russian Federation have agreed to reduce their daily output by 1.8 million barrels during the first half of this year in a bid to end the global supply glut.

Oil was trading lower Wednesday morning, down 9 cents to $52.32 at about 9:50 a.m.in NY.

Shale production in May was set for its biggest monthly increase in more than two years, according to the U.S. Energy Information Administration, as producers boosted drilling activity.

The Organization of Petroleum Exporting Countries will decide at its meeting on May 25 whether to prolong the cuts, Secretary General Mohammad Barkindo said.

China's March gasoline output rose 2.5 percent year-on-year to 11.24 million tonnes, the highest level since at least April 2014, China's National Bureau of Statistics said, adding fuel into an Asian market that is already well supplied. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.8% at $51.25 a barrel. Futures touched $51.43, the lowest since April 6.

Oil prices extended losses Wednesday as official data showed the first weekly climb in US gasoline supplies in two months.

United States gasoline production fell by 133,000 bpd (barrels per day) to 9,794,000 bpd on April 7-14, 2017.

Wednesday's data was broadly similar to the latest figures from the American Petroleum Institute released during the previous session.

"It seems that Aramco is preparing for the long shutdown of the Riyadh refinery by increasing production from other refineries as they need to keep some products in stocks while the refinery is closed", independent analyst Mohamed Ramady told Bloomberg from London.

Overall, WTI edged higher to the $52.50 p/b area ahead of the USA open with Brent trading back just above the $55.00 level.

Following through on indications earlier this week that it was assuming a bullish stance on oil, Citigroup on Tuesday predicted that commodities overall will enjoy a bumper year in 2017, with crude soaring to the mid $60s by the end of December. The producers need to extend their deal to cut supplies through the end of the year amid concerns that Russian Federation is lagging behind on its pledged reductions, the bank said.

Oil prices are on pace for their biggest daily percentage decline since early March, and USA crude oil production is expected to rise in both 2017 and 2018.

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