COLUMN - Lower oil prices start to rebalance the market: Kemp - Reuters:
Lower oil prices are starting to rebalance the oil market by slowing the rise in U.S. crude output and encouraging Saudi Arabia and its allies to extend production cuts through the end of 2019.
U.S. crude production rose 241,000 barrels per day (bpd) to 11.905 million bpd in March from February, according to the U.S. Energy Information Administration (“Petroleum Supply Monthly”, EIA, May 2019).
U.S. crude output during the first three months of the year was up 1.575 million bpd compared with the same period a year earlier, but the growth rate has slowed from 1.920 million bpd in the third quarter of 2018.
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