Monday, 25 March, 2019

Oil prices rise on ongoing OPEC-led supply cuts

Brittany Sowacke  Bloomberg News Brittany Sowacke Bloomberg News
Laurie Berry | 15 March, 2019, 16:11

Oil futures rallied about 2 percent on Wednesday as USA crude inventories unexpectedly fell and an official forecast of crude oil supply growth from the world's top producer was revised lower.

Brent crude futures were at $65.04 per barrel, up 30 cents, or 0.5 per cent. In 2020, production is expected to reach 13.03 million barrels a day - 170,000 barrels a day lower than last month's estimate.

Oil prices rose on Wednesday, pushed up by ongoing supply cuts from producer cartel OPEC and USA sanctions against Iran and Venezuela.

"This is just the beginning", says Phil Flynn of Price Futures Group.

Brian Hook, the State Department's special representative on Iran, said in remarks at the CERAWeek energy conference that due to a global oil surplus - in part due to record US production - the United States is accelerating its plan of bringing Iranian crude exports to zero. "It looks very supportive as refiners come out of maintenance".

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $57.08 per barrel at 0746 GMT, up 29 cents, or 0.5 percent, from their last settlement.

India, Saudi Arabia to revive work on $44-billion West Coast refinery

On Tuesday, the EIA revised down its estimate for domestic crude production growth in 2019. Saudi Arabia's commitment to OPEC's deal to reduce output supported prices, with the producer said to be planning to supply customers with less oil than requested in April.

India has already built 5.33 million tons of underground reserves in three locations, which can meet 9.5 days of the country's oil needs.

The International Energy Agency said USA shale oil will make up 70pc of the extra global crude supply by 2024, eating into the market share of Opec and Russian Federation.

In Venezuela, oil production and exports have been disrupted by a political and economic crisis that has caused massive blackouts and supply shortages, while Washington has barred USA companies from doing business with the Venezuelan government, including state-owned oil firm PDVSA.

Saudi's participation in the Indian Strategic Petroleum Reserve program was discussed at a meeting between the kingdom's Energy Minister Khalid Al-Falih and his Indian counterpart Dharmendra Pradhan in New Delhi on Saturday, according to a government statement on Sunday.

Bridgewater chooses Saints over Dolphins
According to multiple reports, the Dolphins attempted to land Tyrod Taylor before he signed with the Los Angeles Chargers. Bridgewater, 26, was drafted by the Minnesota Vikings in the first round of the 2014 National Football League draft.

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