“But what I want to say (is) that we are entering a period of much more volatility in the market … the name of the game is volatility,” he told Reuters Television in Abu Dhabi. Prices fell on Friday and ended the week 3 percent lower on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the economic health of the world’s second-largest oil consumer, China, after it reported the steepest falls in overall exports since 2009. Birol said although the OPEC agreement could signal higher oil prices, it would also encourage more production from the United States and elsewhere. Higher prices could also weaken global demand for oil, he added. “I expect the U.S. shale oil will go back to increasing production this year,” Birol said. He added that a recent trend of declining Chinese oil production due to low prices could be reversed if the market strengthened. Data from the U.S. you can try hereEnergy Information Administration showed crude production rose notably last week, particularly in 48 southern states. Overall production was 8.95 million barrels per day (bpd) last week, the most since April of last year.
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