The US imports and exports substantial volumes of petroleum
The US imports and exports substantial volumes of petroleum
Oil Rises Strongly Supported by Cuts, Sanctions
15 March, 2019, 05:07
Opec on Thursday cut the forecast of global demand for its oil this year as rivals boost production.
Opec sources have said an extension of the pact is the likely scenario. United States crude oil demand in 2019 is expected to rise by 360,000 barrels to 20.81 million barrels per day, a former Energy Information Administration (EIA) for an increase of 350,000 barrels per day.
Growth in China's industrial output fell to a 17-year low of 5.3 percent in the first two months of the year, official data showed on Thursday, pointing to further weakness in the world's second-biggest economy and top crude importer.
This increase in price was mainly attributed to an announcement from the Energy Information Administration on Wednesday, reporting that USA crude supplies fell by around 3.9 million barrels last week. The EIA now expects USA oil production to average 12.3 million barrels per day this year and 13.0 million barrels per day next year. WTI plunged more than 3 percent in the previous session.
For 2020, the government said it expected USA crude oil demand to rise by 220,000 bpd to 21.03 million bpd, unchanged from previous forecasts.
Earlier this week, Saudi Energy Minister Khalid al-Falih said production cuts by the OPEC and allies, including Russian Federation, would likely continue until June, at least. Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output well below 10 million bpd, a Saudi official said on Monday, as the kingdom seeks to drain a supply glut and support oil prices.
Thamer Ghadhban told reporters that an Opec meeting in Vienna in April would assess member states› compliance with agreed production cuts and whether to extend the curbs until the end of the year.
Iraq is committed to the deal and working to stabilise markets, and is producing slightly more than 4.5 million bpd, below its full capacity of almost 5 million, Ghadhban said.
Brent crude oil futures hit a 2019-peak of $68.14 per barrel on Thursday before easing modestly to $67.05 by 0840 GMT, up 50 cents or 0.74 percent from Wednesday's close. Brent touched $67.76 a barrel on Wednesday, its highest since November 16.
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