*U.S., Russia& Saudi crude output: https://tmsnrt.rs/2Rua0R8. *U.S. to become net fuel exporter in 2020- Julius Baer. *OPEC leads efforts to cut supply to rein in glut.
American crude oil production reached a record 11.9 million bpd in the week ending Jan. 11, the Energy Information Administration (EIA) said on Wednesday, up from 11.7 million bpd last week, which was already the highest national output in the world.
Victor Shum of IHS Markit says he expects a deceleration in global economic growth, but not to the extent of causing "demand destruction" in the oil market.
*U.S. to become net fuel exporter in 2020- Julius Baer. *OPEC leads efforts to cut supply to rein in glut. West Texas Intermediate crude futures were at $52 per barrel at 0140 GMT, down 31 cents, or 0.6 percent, from their last settlement.
*Surging U.S. supply may undermine OPEC efforts. NEW YORK, Jan 16- Oil prices edged higher on Wednesday, buoyed by a U.S. equity market rally and a supply cut agreement by OPEC+, but gains were limited by data showing growing U.S. refined product inventories and record crude production. Futures drew support from a supply cut agreement from the Organization of the...
CARACAS/ NEW YORK, Jan 16- Venezuelan bonds have rallied sharply over the past week as the country's opposition has mounted a renewed legislative challenge to President Nicolas Maduro, whose second term in office started this month and has been widely dubbed as illegitimate. The country's bonds are nearly all in default as Venezuela's hyperinflationary...
After Alberta cut 325,000 barrels per day starting this month, the discount on Canadian heavy oil compared to benchmark U.S. crude oil shrank to less than $7 per barrel from more than $40 in October, providing relief for producers. "As soon as we heard this curtailment was taking place, we shifted our capital to Saskatchewan from Alberta," said Grant Fagerheim, chief...
*Surging U.S. stocks may undermine OPEC efforts. NEW YORK, Jan 16- Oil prices edged lower on Wednesday after data showed growing U.S. refined product inventories and record crude production, which could undermine global efforts to support prices. Brent crude futures fell 44 cents, or 0.7 percent, to $60.20 a barrel by 11:03 a.m. EST.
Goldman Sachs is bullish on commodities oil and gold for several reasons, ranging from the Federal Reserve signalling it will hike rates less aggressively than expected and a weakening dollar.
*OPEC- led supply cuts have supported crude prices. *Surging U.S. stocks may undermine OPEC efforts. The forecast could undermine oil markets which have been receiving support from supply cuts by the Organization of the Petroleum Exporting Countries, including top exporter Saudi Arabia, and major non- OPEC producer Russia.