Global oil supply to swamp demand in 2019 despite output cuts - IEA

Crude Oil

Global oil supply to swamp demand in 2019 despite output cuts - IEA

Venezuela accounted for 1 million bpd of heavy-sour crude production out of a worldwide total of 7 million bpd in 2017 ("World Oil Review", ENI, 2018).

Brent crude futures continue to track higher with bulls eying a break above the 2019 peak ($63.63/bbl).

The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group's production cuts and US sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday.

China's crude oil imports in January rose 4.8 percent from a year earlier, customs data showed on Thursday, to an average of 10.03 million barrels per day (bpd), the third straight month that imports have exceeded the 10 million bpd mark.

Despite the stunning surge in oil prices this year, Goldman Sachs says there is more to go for the critical energy commodity.

A U.S. House of Representatives committee approved the bill known as No Oil Producing and Exporting Cartels Act, or NOPEC, last week.

The OPEC's 14 members pumped 30.81 million bpd in January, down from 31.60 million bpd in December, according to its Monthly Oil Market Report.

The IEA noted that new U.S. sanctions announced in January on Venezuela's state oil company PDVSA have not so far caused market jitters.

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Previous pacts by OPEC and its partners including Russian Federation, often called OPEC+, to cut back production have been marked by initial low compliance rates by certain countries.

The price has largely plateaued since then, in spite of the subsequent imposition of US sanctions.

The ongoing closure of parts of the Keystone pipeline that brings Canadian oil into the United States also helped prop up WTI, traders said.

In the meantime, the political rift between Venezuela and the United States continues with the USA sanctions against the South American nation giving prices a slight boost.

US crude oil production remained at a record of 11.9 million barrels per day (bpd).

Crude inventories built for a fourth week in a row, rising 3.6 million barrels to 450.8 million barrels in the week to February 8.

The moderate growth is reportedly tied to the voluntary output cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and its non-OPEC allies. Analysts polled by Reuters forecast an increase of 2.7 million barrels.

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