Today, Crude Oil Price Continues Increase in Asian Markets

By : Abraham Sihombing And Aldo Bella Putra | Friday, February 02 2018 - 20:00 IWST

OPEC (Foto Ist)
OPEC (Foto Ist)

INDUSTRY.co.id - Tokyo - West Texas Intermediate (WTI) crude oil prices rose 0.5 percent, or 32 cents, to $ 66.12 a barrel in Asian futures on Friday (02/02/2018) morning. In addition, Brent crude oil prices rose 0.3% or 19 cents to US $ 69.84 per barrel.

The increase was a three-day advance in a row after a survey showed strong OPEC and Russia members' compliance with plans to cut oil supplies to global markets.

Apparently, the survey results were able to offset the anxiety of oil producers against the decline in oil prices in the future in line with the surge in crude oil production United States (US).

The Reuters survey showed that OPEC oil production in January 2018 rose from the lowest position in the last 8 months. That's because of the high oil production of Nigeria and Saudi Arabia in offsetting the decline of Venezuelan production.

However, the compliance of all OPEC member states against the plan to reduce the supply of crude oil to the global market remains strong and goes according to plan.

According to the survey, OPEC oil production in January 2018 reached 32.4 million barrels per day (bpd), or 100,000 bpd higher than in December 2017. Looking ahead, the production figure will be revised down by 110,000 bpd to reach its lowest level since April 2017.

According to the Reuters survey, the oil producers' compliance involved in the deal to cut supply to the global oil market increased to 138% in January 2018 compared to 137% December 2017.

It shows that OPEC and its allies remain compact and their commitment to cut crude supplies to the global market has not wavered. In fact, oil prices had reached the highest level since 2014.

The cohesiveness of OPEC with its allies has attracted the attention of market participants so they are not worried about rising US oil production again.

"The high commitment of the oil producers has prompted a strong partnership between OPEC and Russia and its allies in keeping the world crude oil price down," said Greg McKenna, Head of Market Strategy at AxiTrader Futures Exchange.

Meanwhile, the US Energy Information Agency (US Energy Information Agency / EIA) revealed, US crude oil production in November 2017 reached 10 million bpd. It was for the first time since 1970. (Abraham Sihombing)

News Comment

Today's Industry

Beras (Foto/Rizki Meirino)

Rabu, 21 Februari 2024 - 08:43 WIB

Gov’t to Continue Disbursing Rice Assistance

President Joko “Jokowi” Widodo has ensured that the Government will continue rolling out the rice assistance program for low-income families. The President made the statement when handing…

Ilustrasi pabrik beras. (Foto: DetikFood)

Rabu, 21 Februari 2024 - 08:40 WIB

Bapanas Head Ensures Availability of Rice Stock Ahead of Ramadan

The National Food Agency (Bapanas) has ensured the availability of rice for the fasting month of Ramadan and Eid al-Fitr 1445 Hijri/2024 CE. “We believe that there is enough rice for the fasting…

Receives Chairman of Jababeka (KIJA), Menpora Dito Ready to Support the Development of Sports SEZs

Rabu, 21 Februari 2024 - 08:23 WIB

Receives Chairman of Jababeka (KIJA), Menpora Dito Ready to Support the Development of Sports SEZs

Chairman of PT Jababeka Tbk (KIJA), Setyono Djuandi Darmono met the Minister of Youth and Sports of the Republic of Indonesia (Menpora RI) Dito Ariotedjo at the Kemenpora RI Office, Senayan,…

The Indonesian Embassy in Cairo Receives Aid for Palestine

Senin, 19 Februari 2024 - 17:39 WIB

The Indonesian Embassy in Cairo Receives Aid for Palestine

The Indonesian Embassy in Cairo welcomes the Radjiman Wedyodiningrat Warship (RJW-992) which arrived at the Al Arish Port, North Sinai Province of Egypt at 8.00 A.M. Cairo local time (13/02).…

Celebrating 65 Years of Indonesia - Cambodia Relations: Indonesian Embassy in Phnom Penh Organizes Roundtable Dialogue

Senin, 19 Februari 2024 - 17:31 WIB

Celebrating 65 Years of Indonesia - Cambodia Relations: Indonesian Embassy in Phnom Penh Organizes Roundtable Dialogue

Phnom Penh, Cambodia - The Indonesian Embassy in Phnom Penh organised a Roundtable Dialogue celebrating Indonesia-Cambodia Relations for 65 Years at the embassy (13/2). The event was attended…