OPEC stresses need for 2019 oil supply cuts as rivals pump more

15 March, 2019, 05:09 | Author: Mary Valdez
  • EIA: The US imports and exports substantial volumes of petroleum

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. Market shortages have been exacerbated by USA sanctions on oil exports by OPEC members Iran and Venezuela.

American benchmark West Texas Intermediate was at $58.44 a barrel at the same time, posting almost a 0.2 percent increase, after ending the previous session at $58.34 per barrel.

Continued supply reductions would further support oil prices, which are up about 25 per cent this year, and incur the wrath of U.S. President Donald Trump, who has demanded OPEC ease its efforts to bolster the market.

International Brent crude oil futures were at $67.61 a barrel at 0054 GMT, up 6 cents, or 0.1 percent, from their last close.

Two sources told Reuters that the United States also aims to curb Iran's crude exports by about 20% to below 1 million barrels per day (bpd) from May, likely reining in waivers for Tehran's remaining customers.

"Tighter global inventories from OPEC-led supply cuts and".

Production is expected to increase 1.35 million bpd compared to the previous year, but will grow more slowly than the previous forecast of 1.45 million bpd. USA crude oil exports have also increased as domestic production has risen.

EIA: The US imports and exports substantial volumes of petroleum
Tight Market Fears Cause Crude to Climb Again - with $60-Plus Viewed as Inevitable

The United States is now & # 39; the world's largest oil producer thanks to the oil-rock revolution that it is going to form by 2020 a net exporter of crude and refined products.

The EIA said the pace of demand growth could be slower than what was thought just a month ago.

For 2020, the government said it expected U.S. crude oil demand to rise by 220,000 bpd to 21.03 million bpd, unchanged from previous forecasts.

Iraq's State Oil Marketing Organization (SOMO) is looking to expand its crude oil trading activities with more spot sales and with opening offices outside Iraq, the director of SOMO's crude oil and gas marketing division, Ali Nazar Faeq Al-Shatari, said at the at the S&P Global Platts Asian Refining Summit on Thursday.

Crude oil production in the country also fell by 106,000 barrels per day (bpd) to around 12 million bpd, the data showed.

Data from the Petroleum Institute showed that distillate stocks, including diesel and fuel oil, increased by 195,000 barrels, compared to a forecast of 1.9 million barrels.

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