Oil Prices Jump Over 1 Percent Amid Tightening Supply
Oil Prices Jump Over 1 Percent Amid Tightening Supply
WTI: Downside opening up towards $ 63.50 amid rising US supplies
15 April, 2019, 03:41
US West Texas Intermediate (WTI) crude futures were at $63.78 per barrel, up 20 cents, or 0.3 per cent, from their previous settlement.
Output declines in OPEC because of the supply pact, plus the sanctions on Venezuela and Iran, have exceeded expectations.
The two major producers are estimated to account for 1.76 million bpd in loss output this year, according to the International Energy Agency's (IEA) Oil 2019 Report released on March 11.
Current oil demand stands around 100 million bpd. Macroeconomic uncertainties can take their toll on oil demand, the IEA said.
There is worldwide shortage in the oil market due to the interventions in production by the oil cartel OPEC.
While demand in China, India and the United States grew, the OECD warned that "the oil market shows signs of tightening" amid mixed signals over the global economic outlook.
According to the report, only time will tell if the EIA current demand forecast (1.4 mb/d) proves accurate, but the "risks are now to the downside".
It said that US, Brazil, Russia, UK, Australia, Ghana, Sudan and South Sudan will be the main drivers of supply growth this year.
Venezuela reported a production figure of 960,000 bpd, down by a massive 472,000 bpd, as power outages and U.S. sanctions cripple the South American oil producer.
OPEC production, meanwhile, fell 0.55 million bpd in March to 30.13 million bpd - a four-year low - largely due to cuts in Saudi Arabia and crisis-hit Venezuela, the IEA said.
The kingdom also self-reported production of 9.79 million bpd, its lowest since January 2017 and a fall of 350,000 bpd month on month.
OPEC, along with Russian Federation and other non-member countries, is trying to keep 1.2 million barrels per day (b/d) off the market through June, following a collapse in crude prices at the end of 2018.
Adding to the impact of the involuntary declines, top exporter Saudi Arabia has cut production by more than it agreed under the global pact. However, U.S. gasoline stocks fell by a whopping 7.7 million barrels, sending U.S. gasoline futures higher by 3.5 per cent on their close on Wednesday.
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