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14 May 2018, 06:13 | Hattie Nash
Source U.S. Energy Information Administration Short Term Energy Outlook May 2018
The deal between the Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russian Federation to cut supplies and erase a global glut has helped oil prices reach $78 a barrel, their highest level since 2014.
Oil held losses below $71 as OPEC signaled it has enough spare capacity to mitigate any impact on markets even if renewed USA sanctions on Iran curbs exports from the group's third-largest producer. The upward revision was mainly the result of firm OECD data for the first quarter of 2018.
Improving conditions for shale-derived oil and gas pushed total USA capacity past the 10m bbl/day mark in November last year, with the country expected to account for 1.5m bbl/day of the projected 1.7 m bbl/day supply growth from non-OPEC producers this year.
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"Increasing crude oil prices affect the USA economy primarily through two channels: putting downward pressure on consumption by reducing households' non-energy disposable income; and increasing nonresidential fixed investment as oil-related investment activity picks up".
"In conclusion, global growth momentum seems to be well established in the short-term, and the most recent weakness, seen mainly in some OECD economies, may only be temporary".
"The oil market was underpinned in April by renewed geopolitical issues, tightening product inventories and robust global demand", OPEC said in the report.
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"NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources", said the cartel.
April say Saudi Arabia and Algeria increase output, but this was partially offset by lower production in Venezuela, Gabon and Nigeria, the cartel added. WTI Crude oil slipped to $70.45 per barrel or for 0.35%, according to Reuters.
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