Crude Oil Price to 18/03/19

Posted On March 19th, 2019 - 5:26 pm | by Oil and gas press

The price of OPEC basket of fourteen crudes stood at $66.87 a barrel on Monday, 18 March 2019, compared with $66.91 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

WTI 59.09 per barrel +1.0

Brent 66.65 per barrel +0.8

Demand in China is growing at a stronger rate than expected

Oil Slips As Alberta Relaxes Oil Production Cuts

The province of Alberta is further relaxing the production cap it imposed in January in an effort to prop up Canadian oil prices.

Alberta is now increasing the limits on oil production by 25,000 bpd in May and by another 25,000 bpd in June, also taking into account that “less diluent is needed in warmer weather for bitumen to flow in pipelines, meaning more capacity,” the province said in a statement.

As Canadian oil production was growing last year, takeaway capacity constraints and maintenance at U.S. refineries in the fall of 2018 drove down the price of Western Canadian Select (WCS)—the benchmark price of oil from Canada’s oil sands—to as low as US$14 a barrel in October and November, with its discount to WTI at around US$50 a barrel.

In early December, the Alberta government moved in to shore up the price of Canadian heavy oil and in the most drastic measure yet, the province of Alberta mandated an oil production cut of 325,000 bpd beginning in January 2019.

In recent weeks, the discount of WCS to WTI has been below US$15 a barrel, compared to more than a US$40 differential in the fall of 2018.

Alberta has been gradually easing the cuts, the previous time being at the end of February when the province said that April oil production would be up by 100,000 bpd compared to the initial limit set for January.: More

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