UAE energy minister says Russian Federation is committed to OPEC supply-cut agreement

11 April, 2019, 13:12 | Author: Mary Valdez
  • Oil climbs to 5-month high amid OPEC cuts, US sanctions, Libya fighting

US sanctions on oil exporters Iran and Venezuela, as well as supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russian Federation, known as OPEC+, also boosted prices. But it said that the market remains oversupplied and warned of slowing demand growth.

The increase report defied market expectation, which forecast a build of 2.29 million barrels of crude oil inventories in the country.

Oil price.com stated: "The situation in Libya escalated surprisingly quickly last week when the Libyan National Army, a formation affiliated with the eastern Libyan government, launched an attack on the UN-recognized cabinet in Tripoli".

Supply cuts by OPEC and allies, and the USA sanctions on China and Venezuela supported oil prices.

As a result, the 11 OPEC members required to cut output achieved 155 percent compliance in March with pledged curbs, according to a Reuters calculation, up from February.

Yet despite generally bullish oil markets, concerns that an economic slowdown this year will hit fuel consumption have been preventing crude prices from rising even higher, traders said.

Overall output from the Organization of the Petroleum Exporting Countries, which has agreed with allies to withhold 1.2 million bpd of crude from the market since the start of 2019, fell 550,000 bpd in March to 30.1 million bpd, the Paris-based IEA said.

An OPEC monthly report released on Wednesday showed that Venezuela's oil output sank last month to a long-term low below 1 million barrels per day, due to US sanctions and blackouts.

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On the demand side, weak global economic growth expectations for 2019 put a downward pressure on oil prices.

Tightening global oil supplies also kept a lid on further price losses.

"Global demand has weakened and existing tariffs on Chinese goods shipments to the US are providing an additional drag, " rating agency Moody's said on Monday, although it added that Chinese stimulus measures would likely support growth over 2019.

It said that US, Brazil, Russia, UK, Australia, Ghana, Sudan and South Sudan will be the main drivers of supply growth this year.

Even so, the report indicates there will be a small 2019 deficit if OPEC keeps pumping at March's rate of just over 30 million bpd and other things remain equal.

"Russia will not increase its output unless in co-ordination with the rest of OPEC and OPEC+ countries", Mazroui said.

In Iran, hit by USA sanctions, output was slight down, falling 28,000 bpd to 2.70 million bpd in March.

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