After weeks of interruptions by wildfires in Alberta workers returned to the fields
and turned on the taps again.
Canada’s Suncor Energy on Sunday said it has begun a “staged
restart” of its operations--oil
production in Nigeria remains precarious.
Earlier this month Nigerian oil Minister Emmanuel Ibe Kachikwu
reportedly stated that the country’s
oil production had fallen by almost 40% to 1.4m barrels per day
due to militant attacks on facilities in the Delta region.
US Energy Information Authority stating that oil production from seven major US Shale facilities
is expected to drop by 113K b/d to 4.96m b/d in June and May.
There are also concerns that electricity blackouts and shortened working weeks
will continue to hamper
the production of oil in Venezuela.
EIA this month released its Outlook suggesting that
there is potential for an upward
revision to its 2016 demand projections given higher than expected
growth of 1.4m b/d in Q1.
India alone accounted for
nearly 30% of the Q1 global increase in demand for oil in a trend which could
continue into Q2 and beyond.
The Indian economy grew 7.6% in the year to March 31 2016.
Although the Finance Ministry has forecast a growth rate between 7% and 7.75%
this year, the WSJ reported a projection
of about 8% from a government official.”
Traders prepare for the June
2nd producers meeting.
The UAE’s economy minister
joined forecasters looking
for $60 crude this year with demand and production moving more in line.
“It’s possible for oil prices to reach $60 or more during this summer" as
demand increases in the US.
Crude will end the year
higher than $60 a barrel, Mario Maratheftis, global chief economist at Standard Chartered.
SEB Bank forecast last week
that Brent would touch $60 at times in 2016.
The OPEC
meets in Vienna on Thursday and most analysts did not expect any changes in the group's
production.
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