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

Southeast Asia TRENDER Report 2020

Kamis, 03 Desember 2020 - 13:15 WIB

ZALORA Launches Inaugural Southeast Asia TRENDER Report

The report seeks to answer retail e-commerce conundrums for fashion, beauty and lifestyle segments in the region that have been further fuelled by the ongoing pandemic.

PATA Face of the Future 2021

Kamis, 03 Desember 2020 - 12:15 WIB

Submissions Invited for PATA Face of the Future 2021

PATA is a not-for-profit membership association that acts as a catalyst for the responsible development of travel and tourism to, from and within the Asia Pacific region.

Hotel Resonance Taipei, Tapestry Collection by Hilton

Kamis, 03 Desember 2020 - 11:45 WIB

Hilton Launches First Hotel under Tapestry Collection in Asia Pacific

Square International Stays Corp, a subsidiary of Prince Housing & Development Corp, under a franchise agreement with Hilton.

Daniel J. Blanchett is an English and Emotional Intelligence lecturer at President University in Cikarang and is currently pursuing a Masters in Management Technology

Selasa, 01 Desember 2020 - 06:00 WIB

Leveraging Business Opportunities through the Push-Pull-Moring Model in a COVID-19 World

Utilizing the Push, Pull, Mooring model (PPM) businesses can identify and take advantage of customer dissatisfaction in the marketplace by competitors.

Oleg Mogilevsky - Product Marketing Manager at Check Point Software Technologies (Photo by Linkedin)

Selasa, 10 November 2020 - 11:00 WIB

Five Reasons to Reevaluate Your Endpoint Protection

With the new emerging threats caused by remote working standards, security professionals need to reevaluate their approach to protecting endpoints. In order to do so, it’s vital that organisations…