• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 26 mins Oil prices going Up? NO!
  • 10 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 9 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 15 hours Oil prices going down
  • 18 hours Could oil demand collapse rapidly? Yup, sure could.
  • 2 days Could Venezuela become a net oil importer?
  • 8 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 2 days Oil Buyers Club
  • 15 hours Saudi Arabia turns to solar
  • 2 hours Kenya Eyes 200+ Oil Wells
  • 2 days Gazprom Exports to EU Hit Record
  • 2 hours Are Electric Vehicles Really Better For The Environment?
  • 17 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 1 day Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 16 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 7 hours OPEC soap opera daily update
Alt Text

Is This The Most Contentious OPEC Meeting Yet?

OPEC’s members have been divided…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Oil Prices Rebound On Crude, Gasoline Inventory Draws

Oil terminal

The Energy Information Administration reported a large crude oil draw of 4.1 million barrels for the week to June 8, after a 2.1-million-barrel increase a week earlier.

A day earlier, the EIA said in its latest Short-Term Energy Outlook that in May, oil production in the United States averaged 10.7 million bpd, forecasting the average for 2018 at 10.8 million bpd. That’s up from 9.4 million bpd in 2017.

For gasoline, the authority estimated a 2.3-million-barrel draw in inventories, with the average daily production at 10.5 million barrels, versus a hefty 4.6-million-barrel build and daily production of 9.7 million barrels a week earlier.

Distillate inventories last week were down by 2.1 million barrels, which compares with a build of 2.2 million barrels in the prior week. Distillate production in the week to June 8 averaged 5.1 million barrels daily, versus 5.3 million bpd in the previous two weeks.

The EIA report follows API’s estimate of a moderate build of 800,000 bpd in crude oil inventories, which fell short of analyst expectations for a draw of 2.74 million barrels. It also comes amid reports that both Russia and Saudi Arabia are now exceeding their production quotas ahead of the June 22 meeting of the OPEC+ club. Related: Can Saudi Arabia Prevent The Next Oil Shock?

The latest update from that camp is that Russia may offer its partners a return to production rates from October 2016, which most participants in the cut deal took as a basis for the cuts. Russia itself agreed to cut 300,000 bpd from its October production average, which was a record 11.2 million bpd.

Adding to headwinds, Reuters reported earlier today that crude oil in floating storage in Europe had hit an 18-month high, at 12.9 million barrels, or over a quarter of global floating oil storage.

At the time of writing, West Texas Intermediate traded at US$66.03 a barrel and Brent crude was at US$75.83 a barrel.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News