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Oil markets close 2017 trades positive atmosphere
09:09 - 31/12/2017
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Information / Baghdad ..
The crude oil markets closed in 2017 in a very positive atmosphere as prices recovered and surplus inventories shrank faster than expected. Brent crude gained 17% year-on-year and US crude was up 12% and the first exceeded $ 60 a barrel.
The oil market has offset many of the previous losses and recovered from the stalemate and deflation caused by the price crunch since mid-2014 and US production is about to record a new record of 10 million barrels a day by the end of the year to compete with Saudi Arabia and Russia.
The price recovery in 2017 is mainly due to the OPEC-led cut-off agreement with independent producers, which has been extended twice in 2017 for a period of nine months to cover reductions for the full months of next year 2018. China, with international organizations led by OPEC to grow demand at a strong pace exceeding 1.5 million barrels per day in the new year, surpassing the increases in US production estimated by OPEC by about one million barrels per day.
The surplus of stocks in 2017 declined at a rapid pace to reach 100 million barrels at the end of the year compared to 340 million barrels over the five-year surplus in early 2017. It had a large negative impact on the market and deepened the supply gap of crude oil.
In this context, the Organization of Petroleum Exporting Countries (OPEC) confirmed that the oil market forecasts for 2018 indicate a continuous improvement in the fundamentals of the market with the data confirmed a significant recovery in demand, pointing out that oil production in the United States still needs to monitor As this production will continue to bear the bulk of impact on world oil supply. Ending / 25
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