Oil prices stable as OPEC says market is rebalancing

Oil prices stable as OPEC says market is rebalancing

Oil prices stable as OPEC says market is rebalancing

"Number two, to sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability on a sustainable basis going forward", the top OPEC man said without elaborating on what these measures might include, although he mentioned that OPEC would welcome more participants in the production cut deal.

Oil prices were stable early Tuesday with OPEC pointing to a rebalancing market even as the US looked forward to getting production back following Hurricane Nate. "Between the first half and second half this year, demand growth is nearly about 2 million barrels (per day), which is very robust", he said. The cuts have helped revive crude, which had fallen to half its 2014 peak.

Oil prices have increased for the third consecutive day amid stronger indications that the crude market is gradually tightening following years of oversupply.

"This news shortly follows the historic visit of the Saudi King to Moscow, and we know that both of these nations are among the highest contributors to global oil production", said Ahmad.

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Last year, average USA oil production was 8.9 million bpd, lower than the 2015 level of 9.4 million bpd.

In a further sign that the supply excess is easing, Opec said inventories in developed economies declined by 24.7 million barrels in August to 2.996 billion barrels, 171 million barrels above the five-year average.

Increasing demand for oil will be matched by added supplies, but Opec's forecasts for the balance of supply and demand foresee a greater reliance on the cartel's output.

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However it doesn't see prices climbing soon.

"A rise above that level would encourage United States oil producers to expand their drilling activities, otherwise the lower prices could lead to a reduction" in investments, it added.

Goldman Sachs expects prices for prompt delivery of Brent crude oil to remain high, supported by falling inventory levels and by OPEC's drive to curb production. The main USA contract, WTI, was at $51.30.

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