Oil slides amid 'lack of clarity' on OPEC and record U.S. production

Crude Oil Slides Despite Inventories Decline

US Crude Oil production rose 215,000 BPD to 10.47-M BPD in March, the highest on record, the Energy Information Administration (EIA) said in a monthly report Thursday.

Crude stocks at the Cushing, Oklahoma, delivery hub for WTI fell 556,000 barrels, EIA said.

WTI's discount to Brent widened, settling at US$11.02 a barrel after ballooning to as much US$11.57 during the session, largest since 2015.

"We are going into summer, the high demand season, and I think we are going to see a fall in USA crude oil inventories, but shale oil output is growing". Real global growth will reach 4 percent this year for the first time since 2011, the Organisation for Economic Co-operation and Development forecast this week. The cartel has never been able to restrict supplies and control oil prices for very long, because oil comes from a diverse set of suppliers (both OPEC and non-OPEC), many of whom have a strong incentive to cheat and boost oil production above their quotas. The total active United States. rig count, which includes oil and natural-gas rigs, rose by 1 to 1,060.

Brent hit a three-week low below US$75 a barrel on Monday after OPEC and its allies, including Russian Federation, indicated they could adjust their deal to curb supplies and increase production, but recovered later in the week.

In addition to the EIA's numbers, which come close to matching those of top producer Russia, Baker Hughes disclosed in a report released Friday that US energy companies added two oil rigs in the week to June 1, bringing the total count to 861, the highest level since March 2015.

[Newsmaker] Declaration of end to Korean War possible in Singapore
Trump suddenly withdrew from the meeting last week, only to announce a day later that it could still get back on track. Despite saying the two sides made "real progress", Pompeo also cautioned that there might be no quick solution.

OPEC extended the agreement in November 2017, with the production cuts scheduled to remain in place until the end of 2018.

Iran's light crude oil price rose 43 cents in the week ended on May 25, to continue its upward trend for third consecutive weeks.

Meanwhile in the USA, bottlenecks in key shale plays such as the Permian basin are keeping record-breaking levels of output trapped. We agreed that there will be a certain oil output volume and quota if it does not harm worldwide investors.

In other crude oil news, oil imports from Venezuela dropped more than 3 million bpd to 13.21 million bpd in the month, approaching the all-time low 13.20 million bpd, reported in January of 2003.

The OPEC cuts which saw cutbacks of 1.8 million barrels per day of output, achieved a 149 percent commitment in April, according to statistics by the OPEC Secretariat in Vienna, Austria.

USA natural gas production in the lower 48 states rose to an all-time high of 88.8 billion cubic feet per day (bcfd) in March, up from the prior record of 87.7 bcfd in February, according to EIA's production report.

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