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U.S. oil rebounds on lower output from U.S., Russia, OPEC

Published 10/01/2019, 09:42 AM
Updated 10/01/2019, 09:50 AM
© Reuters. U.S. oil rebounds on lower output from U.S., Russia, OPEC
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SINGAPORE, Oct 1 (Reuters) - U.S. crude futures rebounded in
early Asian trade on Tuesday after production at the world's
largest oil producers fell in the third quarter, partly
recovering from a more than 3% drop in the previous session.
U.S. West Texas Intermediate crude CLc1 was up 45 cents,
or 0.7 percent, at $54.52 a barrel by 0127 GMT.
Output from the Organization of the Petroleum Exporting
Countries and Russia fell in September while production from the
United States dropped for a third month in July.
OPEC's output fell to the lowest in eight years in September
at 28.9 million barrels per day (bpd), down 750,000 bpd from
August's revised figure and the lowest monthly total since 2011,
a Reuters survey found. Saudi Aramco has restored full oil production and capacity
to the levels they were at before attacks on its facilities on
Sept. 14, the head of its trading arm said on Monday. Saudi
Arabia pumped about 9.78 million bpd in August. Russia's output declined to 11.24 million bpd in Sept. 1-29,
down from 11.29 million bpd in the previous month, sources said,
although it's still above the quotas set in an output deal
between Russia and OPEC. U.S. crude oil output fell 276,000 bpd in July to 11.81
million bpd as federal offshore Gulf of Mexico production slid,
according to a U.S. Energy Information Administration monthly
report released on Monday. Output at the world's biggest oil producer peaked at 12.12
million bpd in April.
Oil prices are likely to remain steady, with Brent averaging
$65.19 a barrel and WTI $57.96 in 2019, as flagging demand
outweighs supply shocks, a separate Reuters survey showed.

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