Global oil supply falls in January '19: OPEC

Global oil supply falls in January '19: OPEC

USA prices were also supported by a report from the American Petroleum Institute (API) on Tuesday showing that crude inventories fell by 998,000 barrels in the week to 8 February to 447.2 million, compared with analyst expectations for an increase of 2.7 million barrels.

The country's average heavy oil price was $56.29 in January, up 2.6 percent from $54.84 in December 2018.

Oil prices rose 2 percent on Wednesday after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, but swelling USA crude inventories led the market to pare gains.

Further, the Energy Information Administration (EIA) said that Venezuelan output slipped to 1.22 million barrels per day.

The country's average heavy crude price was also reported to be $56.29 since beginning of 2019 up to the report's publishing day.

However, rising United States oil production, fighting near Libya's main oilfield, sanctions on Venezuela and suspense over whether Washington will grant more waivers to import Iranian oil leave markets unsure about broader supply.

Iran's January oil production is the lowest level since October 2014, during the tightest period of previous round of global sanctions (2012-2016), imposed on Iran's oil exports.

The EIA, however, added a note of caution that USA production would be capping oil price gains. Under the deal, OPEC is lowering output by 800,000 bpd from January 1.

Jamie Redknapp: What Ole Gunnar Solskjaer needs to get Man United job
We have had a great run, we came into this game in a great frame of mind, great form, but it's a big step up", said Solskjaer. Nemanja Matic switched off at a corner, allowing Presnel Kimpembe to tap the ball home for his first goal in a PSG shirt.

OPEC says its members reduced production by about 0.8 mb/d to 32.806 mb/d: "Demand for OPEC crude in 2018 stood at 31.6 mb/d, 1.3 mb/d lower than the 2017 level and in 2019 the demand would decrease further 1 mb/d".

Oil prices have struggled to rise amidst an oversupplied market. In quality terms, it is more complicated.

Mars, a medium crude grade from the U.S. Gulf, has moved to a rare premium over Louisiana Light Sweet.

Just months earlier, they had relaxed production caps as prices shot higher on market worries about the impact of U.S. sanctions on Iran. "This is because, in terms of crude oil quantity, markets may be able to adjust after initial logistical dislocations", the group added.

"It is supported by lower prices and the start-up of petrochemical projects in China and the U.S. Slowing economic growth will, however, limit any upside", the agency said.

With the actual loss of Venezuelan and some Middle Eastern crude, and the potential loss of Iranian barrels, the dilemma for Asian refiners becomes more acute. Distillate inventories decreased by 2.481 million barrels versus an expected draw of 1.090 million barrels.

"Global oil demand growth is now pegged at 1.47 mb/d for the previous year".

Related Articles

  • Australia to reopen Christmas Island refugee detention camp

    Australia to reopen Christmas Island refugee detention camp

    This bloc of 75 was enough to pass the bill over the 73 government votes and another vote from Queensland independent Bob Katter. People have died as a result", Ms Nicholls said.
    Malaysia to settle its problem with North Korea, says Dr M | Malaysia

    Malaysia to settle its problem with North Korea, says Dr M | Malaysia

    Malpass also appealed for South Korea's backing for his becoming the next president of the Washington-based lending institution. That follows an unprecedented June 11,2018 summit of the two leaders in Singapore.
    United States  measles outbreak grows

    United States measles outbreak grows

    The Washington State Department of Health keeps track of residents' immunization status so people can see if they need shots. Clark County Public Health has been regularly updating its list of locations where people may have been exposed to measles.
  • Job cuts have gutted Tesla’s delivery team, say former workers

    Job cuts have gutted Tesla’s delivery team, say former workers

    Musk told a Twitter user that the company is "doing everything we can" to drop the Model 3 base price to $35,000, without credits. This is just a month a way, and it is uncertain if Musk himself will be the one to pull the curtains off the new vehicle .
    Kate Middleton was struck by the exquisite dress

    Kate Middleton was struck by the exquisite dress

    Most notably of course, Kate's sapphire engagement ring, given to her by Prince William in 2011, was Princess Diana's . The elegant dress Kate Middleton made a stylish hairstyle and ideal makeup.
    Ole Gunnar Solskjaer: Manchester United not dead in Europe despite PSG defeat

    Ole Gunnar Solskjaer: Manchester United not dead in Europe despite PSG defeat

    United has only scored one goal at home in four Champions League games this season, a 1-0 victory over Young Boys. United was forced to adapt, too, after losing Jesse Lingard and Anthony Martial to injury for the second half.
  • Mayweather Has $80 Million In Exhibition Offers

    Mayweather Has $80 Million In Exhibition Offers

    I'm very confident that I will be more active this year. "Probably so, most likely", Mayweather said. The bout was contested at 147 pounds, far north of the weight Nasukawa typically fights at.
    Activision Blizzard lays off hundreds of staff

    Activision Blizzard lays off hundreds of staff

    Since analyst price targets calculations are subjective, there often can be wide range of targets from various analysts. If Activision Blizzard manages to pull off this near-impossible challenge, it will be a miracle.
    Newborn baby with umbilical cord still attached found lying in freezing road

    Newborn baby with umbilical cord still attached found lying in freezing road

    Ironically, there was a staffed fire station within a mile or two, and Valley Children's Hospital is very nearby. Upon release from the hospital, she will be placed in the custody of Madera County Social Services.
  • Jennifer Lopez faces backlash for Motown tribute

    Jennifer Lopez faces backlash for Motown tribute

    On January 12, 1959, Berry Gordy redefined music when he founded Motown Records at 2648 West Grand Boulevard, Detroit. Jennifer recently set tongues wagging after paying tribute to Motown during her performance at the Grammys .
    'Acting' on world stage as Pentagon's Shanahan makes debut

    'Acting' on world stage as Pentagon's Shanahan makes debut

    Afghanistan and neighbouring countries are also concerned about the effect of a sudden withdrawal of USA forces on the region. Officials have expressed concern that Afghan security forces, already stretched thin, could crumble if USA troops leave.
    Mnuchin hopes for 'productive' trade meetings in China

    Mnuchin hopes for 'productive' trade meetings in China

    Those tariffs now stand at 10 percent, but an additional $50 billion worth of imports has already been hit by a 25 percent tariff. U.S. officials previously said 1 March was a hard deadline for achieving a deal to avert further tariffs.