This might limit USA crude oil exports, which could increase global oil supply.
USA 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. Meanwhile, sources told Reuters that OPEC producers and their partners are expected to extend their cuts to oil supply when they meet in June, a decision likely to keep prices elevated.
The U.S. bank said January global crude oil demand growth was "nearly 2.0 million barrels per day, with strength visible in both emerging markets and developed economies".
In the Middle East, the United States aims to cut Iran's crude exports by about 20 percent to below 1 million barrels per day (bpd) from May by requiring importing countries to reduce purchases to avoid USA sanctions, two sources familiar with the matter told Reuters.
An unexpected dip in USA crude oil inventories and production supported prices, traders said.
This ongoing revolution "will see the United States account for 70pc of the rise in global oil production and some 75pc of the expansion in LNG trade over the next five years, shaking up in the process, the worldwide oil and gas trade flows, with profound implications for the geopolitics of energy", Birol pointed out. The global benchmark crude traded at an US$8.42 premium to WTI for the same month. We will observe the economic-political consequences of the USA cornering Saudi Arabia, Iran and Venezuela in the global oil game.
New survey results indicate that Nigeria has an HIV prevalence of 1.4%
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OPEC calls on oil producers to continue to support oil market stability in 2019, Trend reports citing the OPEC Monthly Oil Market Report.
The U.S. Energy Information Administration (EIA) said U.S. commercial crude oil inventories fell last week as refineries hiked output. Moreover, because of the fall in USA crude oil production, the Brent-WTI spread might have contracted more than $1 in the trailing week.
"At the same time, (OPEC) production cuts have increased the spare capacity cushion". With increasing competition, the global demand for OPEC production will not return to pre-2016 levels during the period in question.
Brent and West Texas Intermediate crude oil futures reached four-months highs on Thursday, as a production curb agreement by OPEC and its partners along with US sanctions on Iran and Venezuela tightened global supplies.
Futures advanced 4.4 per cent this week in NY and settled Friday just pennies off a four-month high, reported Bloomberg.