By: Ronnel W. Domingo - 05:15 AM November 06,
2018
A continued downtrend
in global oil prices is seen amid increased crude production especially in the
United States, which helped push down pump prices in the Philippines for the
fourth consecutive week.
Based on monitoring by
the Department of Energy (DOE), the downtrend was continuing as data from the
US Energy Information Administration (Useia) showed an “unexpectedly strong
build” in US crude stockpiles.
Useia data released on
Nov. 1 showed that US crude oil output reached 11.3 million barrels per day
(mbpd) in August.
“This is the first time
that monthly US production levels surpassed 11 mpbd,” the agency said in its
latest monthly supply report.
“US crude oil
production exceeded the Russian Ministry of Energy’s estimated August
production of 11.2 mbpd, making the United States the leading crude oil
producer in the world,” the EIA said.
The Washington-based
body also said that in February, US crude output exceeded that of Saudi Arabia
for the first time in more than two decades.
In Manila, the DOE said
that despite US’ economic sanction on Iran—which became effective Nov. 4—the
global oil market remained positive with regard to supply security.
“Iran’s exports have
not declined as much as predicted a couple of months ago and it is now clear
they will not fall to zero, even after US sanctions are reimposed,” the DOE
said.
In its own monthly
report, the Organization of the Petroleum Exporting Countries (Opec) said its
output as a group might have risen in September to an average of 32.76 mbpd
last September.
Opec said the latest
estimate pegged worldwide total oil demand for 2018 at 98.79 mbpd.
Petron, Shell, Caltex,
PTT and Total have cut prices of diesel by 90 centavos a liter and of gasoline
by P1 a liter starting 6 a.m. Tuesday.
Price cuts for gasoline
for the past four weeks—which combine at a total of P5.20 a liter—has reversed
the previous seven weeks’ rally that saw pump prices rise by a total of P5.05 a
liter.
Based on DOE
monitoring, the latest movements brought the price of diesel in Metro Manila to
within the range of P43.55 to P48.79 a liter while a liter of gasoline with an
octane rating of 95 is now in the range of P48.75 to P59.07.
So far this year,
prices of diesel have gone down 15 times but have gone up 29 times, resulting
in a net increase of P11.90 a liter.
Also, prices of
gasoline have gone down by 14 times but have gone up 30 times for a net
increase of P9.17 a liter.
No comments:
Post a Comment