Shale oil boom to hurt OPEC well into 2018

Shale oil boom to hurt OPEC well into 2018

"There was also a sign of slowing energy demand in China, the world's second largest oil consumer, with a recent survey showing April growth in the country's services sector at its slowest in nearly a year", OPEC added.

"In 2018, we expect non-Opec production to grow by 1.5m bpd which is slightly more than the expected increase in global demand".

"Our first outlook for 2018 makes sobering reading for those producers looking to restrain supply", the IEA said.

The world's oil glut is likely to persist next year in a blow to efforts by major producers to shore up the oil price by cutting output, according to a leading energy authority.

OPEC's own compliance with the cuts has been questioned, and the producer group said in a report this week that its output rose by 336,000 barrels per day in May to 32.14 million barrels per day.

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At 2:22 p.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 160.94 points, or 1.05 per cent, to 15,218.61.

Also on Nymex, natural-gas prices were little changed ahead of Thursday's EIA update on supplies of the fuel, after a drop Tuesday to their lowest finish since mid-March.

In addition, US crude stockpiles fell by 1.7 million barrels, less than the expected decline of 2.7 million barrels.

Two OPEC members not included in the deal also have recently seen increases in production: Libya's output has reached almost 800,000 b/d, a level not seen since 2014, and Nigeria has announced the lifting of force majeure for Forcados exports, potentially making available to the market more than 200,00 b/d.

"I'd have expected demand to be closer to 9.6-9.8 [million barrels a] day for this time of year, but I haven't lost all hope just yet", he said.

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Cash-strapped USA shale firms scaled back their hedging programs in the first quarter, leaving them more vulnerable to tumbling spot market prices just after OPEC reached a landmark deal to curb global supply.

Earlier this month, seven Muslim countries, including Saudi Arabia, the United Arab Emirates and Bahrain broke off diplomatic relations with Qatar over alleged support of terrorist groups, a charge denied by Doha.

The U.S. benchmark for crude was down 56 cents to $45.90 a barrel after the report's release.

Amid reports of inventory increases, further surges in future non-OPEC supply and prices lying stagnant in the $40s, it's becoming clear that the OPEC deal to extend production cuts in place since November has not had the desired effect.

The pullback in hedging was driven by rising service costs and expectations that prices would continue to rally after the Organization of the Petroleum Exporting Countries extended those cuts in May, analysts said.

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