Oil rises to $67 on cuts to Saudi, Venezuelan exports

Kenny Grant
March 13, 2019

Oil prices have been receiving broad support this year from supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russian Federation aimed at tightening markets. Mr. Falih said the group was unlikely to change its output policy in April and if required would make adjustments in June.

"We will see where the market is by June and adjust appropriately", Falih said after a meeting with Indian oil minister Dharmendra Pradhan in New Delhi.

The United Arab Emirates in February exceeded its OPEC target for oil output cuts, achieving 119 percent of its goal, the country's energy minister said on Tuesday at an energy conference.

Both Ministers also discussed about possible adverse impact of recent geopolitical developments on global oil market, the statement added. The group, known as OPEC+, agreed to reduce supply by 1.2 million bpd for six months.

A host of involuntary supply curbs in OPEC members, caused by unrest in Libya and US sanctions on Iran and Venezuela, have also boosted prices.

The United States could overtake Russian Federation and rival Saudi Arabia in terms of crude oil exports by 2024, according to a new forecast from the International Energy Agency. "Aramco is finalizing their April allocations today or tomorrow so we will know more on Monday". Brazil, Norway, the UAE and Guyana are also set to become the biggest sources of supply growth, but their total oil output will still fall behind that of the US. You have to look at the market as a whole.

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On the other hand, production in USA hit a record of more than 12 million bpd in February.

The supply growth is a positive thing in the IEA's view, as oil demand around the world could increase by up to 1.2 million barrels per day over the next five years.

Mr. Falih said Chinese demand was breaking records month after month and estimated the country would breach 11 million bpd this year. -China trade dispute. The Paris-based IEA, which advises most major economies on energy policy, didn't quantify the impact on demand in the event the United Kingdom leaves the European Union in a disorganized fashion.

"This shows Saudi Arabia's resolve to keep the oil market balanced by keeping oil supply tight", said Carsten Fritsch, an analyst at Commerzbank.

India, which imports four out of every five barrels of oil it consumes, is expanding its strategic reserves to shield from perennial political risk in the Middle East and Africa that account for the bulk of its purchases.

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