Oil Prices Ease on Signs of Steady Output From Some Producers

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China said Monday its domestic daily crude production averaged some 4 million barrels a day in the first half of 2017, down 5.1% from a year earlier.

Gulf crude accounted for about 58.5 percent of India's imports compared with about 66 percent in May, while the share of oil from Latin America, Africa, and Central Asia, including Russian Federation, rose, according to ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts. China imported 8.55 million bpd of oil in first half of this year, up 13.8 per cent from the same period in 2016.

At the same time, Libya is completely exempt from the need to reduce crude production, which has declined dramatically long before OPEC agreed on their cuts. Eugen Weinberg has been saying this for a while, but he has been a lonely voice among bankers who rushed to revise their oil price forecasts upwards before the ink on the OPEC agreement was dry.

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This added to an IEA report raising its demand estimate.

Libya is looking to reach the 1-million-bpd mark by the end of July and 1.32 million barrels per day by the end of the year, which is possible keeping in mind the progress that Libya has made so far.

Meanwhile, Saudi Arabia is hoping to cut oil exports to the U.S. in a bid to drain American oil inventories, a strategy that could see the United States imports of Saudi crude dropping to just 800,000bpd in August.

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Throughput last month hit 46.08 million tonnes, or 11.21 million barrels per day (bpd), a 2.3-percent rise from a year ago and up from May's 10.98 million bpd, data from the National Bureau of Statistics (NBS) showed on Monday.

The data followed figures from Houston-based oil services group Baker Hughes Friday which showed USA drillers added two new rigs to their production lines last week, bringing the total to 765, the highest since August 2015. Crude oil production rose back and touched 9.4 mbpd. This is going to remain the biggest head-wind for oil prices. Last Friday, oil prices have risen throughout the week on news of a higher demand in China and closed to $46.54 although some markets are still concerned regarding an oversupply due to the lower than expected decline in the USA crude oil production.

The bounce in prices could extend in the near term given that most of the bearish triggers have been baked into prices.

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Brent crude futures, the worldwide benchmark for oil prices, were at $49.08 per barrel at 0126 GMT, up 17 cents, or 0.35 percent, from their last close.

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