Few impulses for oil price rebound: expert

Saudi Arabia, Russia and Iraq have increased their oil output, which mitigates the declines by the United States and leads to unlikely price rebound, an oil expert forecasted Tuesday.

Jonty Rushforth, the global editorial director of oil and shipping price group at research firm S&P Global Platts, made the remarks at the one-day Dubai Oil Forum held here on Tuesday.

He said while the U.S. crude output is expected to decline by 700,000 barrels per day in 2016, but further output gains are seen in Iraq, a major oil supplier, whose output volume would rise by 20 percent this year, along with other modest rises in other countries like Brazil and Canada.

The only OPEC member state which plans to post a significant decline in oil output will be Venezuela, Rushforth said.

Additional hydro-carbon supply is fueled by the comeback of post-sanctions Iran, he added, quoting Iran's President Hassan Rouhani who claimed oil exports have risen by 400,000 barrels per day since mid-January this year.

Meanwhile, Rushforth said despite huge job cuts in petroleum industry giants such as Schlumber, Haliburton and BP, years would be taken before the effect becomes significant.

The expert, nevertheless, refused to estimate to what level the oil price will hit by the end of this year. Endit