Oil markets were relatively stable on Thursday, as rising US Crude Production was met by expectation that OPEC will extend an ongoing production cuts during a meeting on 30th of November. US has staged a resurgence in energy production in the last few years thanks primarily to US Shale boom. According to latest IEA estimates, US is set become a dominant force in the International Energy markets and become a net exporter by 2025.
Rising exports in natural gas, particularly LNG, will allow the U.S. to become a net exporter by the mid-2020s, surpassing Qatar to become the world’s biggest LNG supplier. Oil exports will exceed imports by 2027; the U.S. government has predicted 2026.
Brent crude futures, the international benchmark for oil prices, were at $61.98 per barrel at 0438 GMT, 11 cents above their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $55.37 a barrel, 4 cents up from their last settlement.
However, despite rise leading prices up to the highest levels in 2 years; WTI and BRENT benchmarks have fallen more than 4 percent in value since hitting 2015 highs last week.
Analysts said prices were relatively well supported due to efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to withhold oil production in order to tighten the market and prop up prices.
The deal is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss policy, and it is expected to agree an extension of the cuts.
